If you recently started or plan to start a business in Thomas Junction ID or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Thomas Junction ID.
Obtaining a Tax ID Number (EIN)
When starting a business in Thomas Junction ID, serving as the administrator or executor of an estate, creator of a Trust or operating a Non Profit Organization obtaining a Tax ID (EIN) is a key responsibility. A Tax ID also known as an Employer ID Number (EIN) is a unique nine digit number that identifies your business or entity with the IRS for tax purposes, essentially like a Social Security Number for the entity. A Tax ID (EIN) is used for opening a business bank account, filing business tax returns and in many cases is required when applying for business licenses. In most cases it is helpful to apply for a Tax ID (EIN) as soon as your start planning a business to ensure that there are no delays in obtaining the correct licenses, financing and opening a business bank account that would be needed to operate.
Information to Consider Prior to Applying
Before applying for your Tax ID (EIN) you may want to consider a few things before starting the application including:
- Determine which structure your business or organization will operate as
- Determine the individual or organization that will serve as the responsible party
- Determine the physical address the business/entity will use – A physical address is required for all Tax ID (EIN)’s and a separate mailing address can be specified
Definition of Entities
- Sole Proprietor – An individual who owns a company that is not incorporated or registered with the state as a limited liability company (LLC).
- Limited Liability Company (LLC) – A LLC is a structure formed by filing articles of organization which allows members limited liability protection and pass through taxation.
- Corporation – A person or group of people who establish a legal entity by filing articles of incorporation with the state’s secretary of state.
- Estate of Deceased – An estate (or decedent estate) or succession is a legal entity created as a result of a person’s death.
- Trusts – All types of trusts including conservatorships, custodianships, guardianships, irrevocable trusts, revocable trusts, and receiverships.
- Partnership – An unincorporated organization in which two or more individuals share the profits and liabilities of a business venture.
- Church – For tax purposes, a “church” refers to any organization claiming to be a church including temples, mosques, and other houses of worship.
- Non-Profit Organization – Includes public charities, educational organizations, PTA/PTO Organizations, Community Sports Teams, Homeowners/Condo Associates, etc.
Idaho State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Thomas Junction ID you will also likely need a Idaho State Tax ID. This ID is needed to pay business taxes, state income tax and/or sales tax on items you sell. Generally the State Tax ID is used for the follow:
- Sales and Use Tax
- Employee Income Tax Witholding
- Sales Tax Exemption Permits
- Excise Taxes for items like Alcohol, Tobacco, Firearms, Oil & Gas, heavy machinery, etc.
For specific detail refer to the Idaho State Website at https://tax.idaho.gov/
Cities in Idaho
- Blackfoot, ID
- Groveland, ID
- Riverside, ID
- Rockford, ID
- Rose, ID
- Taber, ID
- Thomas, ID
- Wapello, ID
- Moreland, ID
- Atomic City, ID
- Pingree, ID
- Eagle Rock, ID
- Basalt, ID
- Springfield, ID
- Sterling, ID
- Aberdeen, ID
- Lower Presto, ID
- Firth, ID
- Kimball, ID
- Scoville, ID
- Idaho National Lab, ID
- Chubbuck, ID
- Roberts, ID
- Terreton, ID
- Mud Lake, ID
- Fort Hall, ID
- Fort Hall Indian Reservation, ID
- Ft Hall, ID
- Gibson, ID
- Ucon, ID
- Lewisville, ID
- Howe, ID
- Clyde, ID
- Pocatello, ID
- Tyhee, ID
- Isu, ID
- Westwood Village, ID
- Idaho State Univ, ID
- Menan, ID
- Iona, ID
- Jamestown, ID
- Goshen, ID
- Shelley, ID
- Woodville, ID
- Arco, ID
- Butte City, ID
- Craters Of The Moon National, ID
- Monteview, ID