What is an EIN or Federal Tax ID and do I need one? 

Every financial institution has reporting requirements that it must abide by, including attaching all deposits and financial transactions to a Tax identification number (“Tax ID”).  Unless you want to use your own social security number for banking purposes in any business venture you enter into you will want to obtain an EIN or Tax ID.  This unique number will be used in your accounting, banking and on your business tax returns.