Do I need an EIN or is SS sufficient? What are the differences?

[Yutzil0]

This is my first time hosting with Airbnb and I was just wondering if I need an EIN or if I can start with my SS only.

I was also wondering if there are any benefits or limitations of using an EIN compared to just using your SS.

Thank you so much in advance!

[Lorna170 · Accepted solution]

@Yutzil0  You may need an EIN (Employer Identification Number) for several reasons:

1.  Tax Reporting: Most businesses require an EIN to report taxes and file employment tax returns.
2.  Hiring Employees: If you plan to hire employees, you will need an EIN for payroll and tax purposes. 
3.  Business Banking: An EIN is often necessary for opening a business bank account and applying for business licenses.
4.  Protecting Personal Data: Obtaining an EIN can help protect your personal information by allowing you to use the EIN instead of your Social Security number for business transactions.

Check with your accountant.

[Emilie]

Hi @Yutzil0, 

Congratulations on starting your hosting journey! When do you think you will be ready to list your property?

The information Lorna shared will hopefully help you understand why you might need an EIN, however it would be useful to know what you find out from your accountant too. Let us know if you have more questions!

Thanks 🙂

Emilie