Posted by Matham on 5/18/11 3:01pm
Msg #383567

Now or Never; SS vs EIN

Hi there,

2 questions.

1) I received an assignment for a re-fi yesterday for an appointment 2 hours away (through rush hour) tonight at 7. I received the docs at 12. I am most likely departing around 4:30. Based on my last loan signing where the docs arrived late, and then 15 minutes later, a new grant deed was email, should I wait and bide my time to see if newer, revised docs will come? Or should I start a printing.

2) Additionally, this company I am already registered with is asking for my social with my W9 instead of my EIN in order for me to get paid, but I would rather give them my EIN in lieu of my social. Are there companies out there that absolutely must have my social in order to pay me?

Thanks in advanced!

Reply by Linda_H/FL on 5/18/11 3:07pm
Msg #383570

1. First off I think you're nuts to drive 2 hours for a signing - I sure hope you're getting paid well for all that time and distance.

Secondly, you should make it clear to the hiring party that you MUST leave by 4:30 to ensure timely arrival. No, don't bide your time waiting on revisions that probably may not happen - leave as scheduled - but again, make sure the company is aware that after 4:30pm you will not be able to accept revised docs. I'd let them know that all final docs MUST be in hand by 4:00pm...

2. Do NOT give your social - tell them they must accept your EIN...

JMHO

Reply by JanetK_CA on 5/18/11 3:07pm
Msg #383571

ALWAYS use EIN, regardless of what they ask for

I wouldn't ask, just use EIN automatically. They should be fine with it. Just think of it as a different label, and when you see request for SSN, mentally translate that to EIN and move on.

As for the docs, I wouldn't wait around unless you have a specific reason to believe that new docs might be coming. You'll make yourself crazy otherwise. With experience, you'll also get a better feeling of when there might be problems with some docs or if something is missing, but most of the time, we have no way of knowing. They should give you a heads up if things are changing. In theory at least (), you have other appointments and things to do and shouldn't have to be sitting around waiting just in case. It'll just potentially make you late and that could be worse.

Keep in mind how much time they're paying you for... Probably just enough to get the job done; not enough for they to control the rest of your day!

Reply by Stamper_WI on 5/18/11 3:29pm
Msg #383576

Ask them for their SS, see how that goes n/m

Reply by HisHughness on 5/18/11 3:58pm
Msg #383577

Re: ALWAYS use EIN, regardless of what they ask for

Don't have an EIN. Have never had an EIN for any unincorporated business I owned, including my law practice. With an EIN, you have to file quarterly returns; at least, that's what my last tax accountant told me. With an SS, no quarterly returns as long as you pay your taxes in full when you file. I understand you are <supposed> to file quarterly regardless of SS or EIN, if you have an income stream with no withholding, but my experience is that IRS won't hassle you with an SS.

Never had a problem.

Well, never had a problem with IRS and SS. I do have a problem with excessive nose hair, but my guess is that's too much information for this thread.

Reply by Linda_H/FL on 5/18/11 4:06pm
Msg #383579

I have an EIN - have never filed a quarterly return n/m

Reply by Marian_in_CA on 5/18/11 4:13pm
Msg #383580

Re: ALWAYS use EIN, regardless of what they ask for

"With an EIN, you have to file quarterly returns; at least, that's what my last tax accountant told me. "


That's not necessarily true. When you request an EIN from the IRS, you have to tell them the organization of your business. They are more lenient with sole-props... since they tend to earn less money over all. You only have to send payments if you have income subject to the tax. Basically, I beleive that the threshold is $1000... if you'll owe $1,000 or more, then you need to send payments. Everybody's situation is different so that $1,000 threshold can hit at varying levels of income.

I've never made quarterly payments and never had an issue. However, if your income is high enough then you should make the payments to avoid a penalty.


See: http://www.irs.gov/publications/p505/ch02.html#en_US_2011_publink10007325


From the page:

"General Rule

In most cases, you must pay estimated tax for 2011 if both of the following apply.

You expect to owe at least $1,000 in tax for 2011, after subtracting your withholding and refundable credits.

You expect your withholding and refundable credits to be less than the smaller of:

90% of the tax to be shown on your 2011 tax return, or

100% of the tax shown on your 2010 tax return. Your 2011 tax return must cover all 12 months."

Reply by JulieD/KS on 5/18/11 4:46pm
Msg #383586

Re: ALWAYS use EIN, regardless of what they ask for

I think people are mixing up 'quarterly returns' with 'estimated payments'. Quarterly returns are what employers file with the IRS to report and remit the FICA and FIT withheld from employees' salaries. Estimated payments, on the other hand, are for people who expect to owe taxes and have no withholding. If you have a job plus a business, you can increase your withholding to compensate for self-employment taxes. If you have no job and are 100% self-employed, you only need to make estimated payments if you expect to owe tax. Furthermore, you may have no federal income tax due but still owe self-employment tax. Self-employment tax is calculated on your net, not gross, income. With the low, low fees being offered these days, I can't imagine anyone making a profit doing loan signings.

As far as the SS# is concerned, it's got nothing to do with taxation that I refuse to provide it to title companies and signing services. It's because of privacy issues and the knowledge that my SS# can easily fall into the wrong hands if I give it to every Tom, Dick and Signing Service that asks for it. For that reason, I provide my company EIN rather than my personal SS#. I've never had a problem doing so.

Reply by parkerc/ME on 5/19/11 8:39am
Msg #383650

ALWAYS use EIN, regardless of what they ask for n/m

Reply by C. Rivera Chicago Notary Services on 5/18/11 4:21pm
Msg #383581

DO give your EIN and NOT SS...AND closing, 2 hours away??

WOW....you must either be bored to death or just happy to waste your time driving for 2 hours?!

I truly hope you're getting paid at least $200 or more for this one pal...

Good Luck!

Reply by Marian_in_CA on 5/18/11 5:13pm
Msg #383591

Re: DO give your EIN and NOT SS...AND closing, 2 hours away??

A two hour drive isn't all that unusual for some of us who live out in the middle of nowhere... I do it all the time, especially with ServiceLink assignments. I'm one of the only ones on their list in my area, and one of the only ones willing to travel out near Death Valley to get it done. A 2-hour drive through the desert is nothing. And yes, I charge (and get paid) accordingly. Shoot, I have to drive 15 miles just to get to the nearest grocery store.

Reply by Linda_H/FL on 5/18/11 5:22pm
Msg #383594

Re: DO give your EIN and NOT SS...AND closing, 2 hours away??

"Shoot, I have to drive 15 miles just to get to the nearest grocery store."

Me too - and that's a half hour one way all by itself providing there's no school zone slowdowns.

I limit my one-way travel to 45-60 minutes....60 being the rarest of rare occasions - I have no desire to travel like that - there's no way it can pay off in the long run.

JMO

Reply by Marian_in_CA on 5/18/11 5:49pm
Msg #383601

Re: DO give your EIN and NOT SS...AND closing, 2 hours away??

Well, in my case, I can do other work for my other business on the road, too... so it works for me. I wouldn't get much work as a notary if I refused to drive no more than 45-60 minutes.

Reply by BrendaTx on 5/18/11 5:54pm
Msg #383603

Agree, Marian.

The rural notary...no limits. But, one must be paid well and accordingly.

Reply by Claudine Osborne on 5/18/11 5:15pm
Msg #383592

AND closing, 2 hours away??

2 hours away..I sure hope its worth the money..This will take up most of your evening..I dont see how people can make money driving that far with the gas prices and lowered fees ! I have heard of others doing this..Why?

Reply by Moneyman/TX on 5/18/11 6:06pm
Msg #383605

Re: AND closing, 2 hours away??

I have had assignments that far away before (East TX). But I charge accordingly for it.

Reply by LKT/CA on 5/18/11 7:46pm
Msg #383622

2 hour drive in RUSH HOUR traffic.....

A normal 30 minute drive can easily turn into a 2 hour drive during RUSH HOUR. The OP said the signing appointment is at 7pm. Freeway traffic starts clogging up from about 3pm as people get off work.......and at 4:30pm - when the OP plans to leave home......I guarantee you traffic is at a crawl.

I work about 38 miles one way from home which normally takes 40 minutes in clear traffic. If I leave work after 2pm, I MAY make it home in an hour and if I leave at 2:30pm or later - forget it!! It's a 1.5 hour minimum drive to home.

Leaving at 4:30pm for a 7pm appointment is very wise.

Reply by JanetK_CA on 5/18/11 11:45pm
Msg #383637

Re: AND closing, 2 hours away??

When you're very rural, it likely also means that you don't have much competition and the hiring co may have to take it or leave it, when it comes to fees. It's the old supply and demand concept at work.

Reply by ReneeK_MI on 5/18/11 6:58pm
Msg #383614

Just an echo ...never give out your SS, give the EIN. n/m