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Should I obtain a Federal Tax ID number for my business if am the only employee?

You do not need to get an EIN (federal tax ID or Employer Identification Number) from the IRS if you are a sole proprietor without employees. You can open your business bank account with your DBA name using your social security number (SSN). You will file Schedule C at the end of the year with your personal tax return, and if you have made a profit, Schedule SE (for self-employment tax) as well.

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