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How much does an EIN cost if I apply through the IRS?
I believe it's free but I want to be sure. And is it risky? I do plan on starting a business and the sba.gov thing told me to get an EIN number first. But what happens if I fail?
I plan on applying over the phone.
I forgot to mention I don't have the business yet I'm just starting everything now..
Yes, it is free. An EIN is basically for the purpose of recording your business taxes. Just like an individual has a social security number, a business has an EIN.
If you never end up starting the business, then no worrries. It would just be like a person who did not work for that year, they do not pay taxes either.
You do need the EIN when you apply for a business bank account as well, that is probably why the SBA told you to get that first. You should pay for everything you need for your business through your business account. Keeping good records is very important.
Hope that helps in clearing things up for you.