Revenue from LLC

[ehughes1120]

Revenue from LLC is $1,500.  Expenses were $3,000.  What is the revenue threshold for needing an EIN.  Can you have expenses that exceed revenue?

[ColeenD3]

Yes, you can. That has nothing to do with needing an EIN. the IRS expects you to make a profit in 3 out of every five years.

A tax ID number is not required if you operate a sole proprietorship or an LLC with no employees, in which case you would simply use your own Social Security Number as a tax ID. But you must obtain an EIN if you are a sole proprietor who files pension or excise tax return.