If you have a business (e.g. LLC, Corporation) and prefer to receive your commission and/or revenue share payments to your business account, you must update your tax information and banking/payment information in reZEN.
Things to know:
- You may only receive payment to a business account if it's authorized in your state. Not Sure? Ask your Broker.
- You must have a valid EIN.
- You must update your tax information and banking/payment information to reflect your business.
Step-by-Step Instructions (Desktop):
Step 1: Go to My Dashboard and click the Tax & Payout Settings tab. Then, click Start Over to enter your business information.
Step 2: Click Let's Start to go through the tax and payment information.
Step 3: Enter your contact information - this can be for you as an individual.
- Enter your legal address (where you reside)
- If you have a separate mailing address, uncheck the box for "my mailing address is the same as my contact address" and enter your mailing address. We typically send electronic payment, but if we ever need to mail a check, we will use this address.
Step 4: Add your bank information for your business. Please double check this information to avoid delays.
- If you want to send commission payments and revenue share payments to separate accounts, adjust the Purpose. Learn more: How do I add a second bank account to my profile?
Step 5: Complete the tax information for your business. Start by clicking on the form that applies to you, then click Next.
Step 6: Enter this information for your business:
- Enter the name of your business
- Select EIN and enter your EIN (employment identification number)
- Select the tax classification that applies to your business
- Enter your business address.
Step 7: Review the certification statement, type to sign your name, decide whether you want electronic tax forms, then click Next.
That's it! You're done. You added your business entity in reZEN, updated your payment information, and updated your tax form to reflect your business.
Step-by-Step Instructions (Mobile):
Step 1: Open reZEN on your phone. Click the hamburger menu (three lines) in the bottom right corner; then click Tax & Payout Settings.
Step 2: Click Let's Start. Then, enter your personal contact information. This information is used to send information about your payments and your year-end tax information.
- Provide your legal address (where you reside for tax purposes).
- If you have a separate mailing address, please uncheck the "same address as above" box and enter your mailing address separately. We typically send payment electronically but will use this if needed.
Step 3: Enter banking information for your business. We will send all your payments electronically, so please double check all information is correct.
- If you want to send commission payments and revenue payments to different accounts: How do I add a second bank account to my profile?
Step 4: Complete the tax information for your business. Start by scrolling down and selecting the tax form that applies to you. Then click Next.
Step 5: Enter your business tax information.
- Enter the name of your business
- Select EIN as the US tax ID Number
- Select the appropriate tax classification for your business
- Enter your business address
Step 6: Once everything is entered, type your name to electronically sign the document. Check whether you want electronic 1099 forms, then click Next.
That's it! You are done. You updated the tax section of reZEN, your banking information, and your relevant tax form to reflect your business entity.