If you recently started or plan to start a business in Gilead IL or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Gilead IL.
Obtaining a Tax ID Number (EIN)
When starting a business in Gilead IL, 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.
Illinois State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Gilead IL you will also likely need a Illinois 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 Illinois State Website at http://www.revenue.state.il.us/Businesses/register.htm
Cities in Illinois
- Batchtown, IL
- Beechville, IL
- Hardin, IL
- Foley, MO
- Fieldon, IL
- Nutwood, IL
- East Hardin, IL
- Rosedale, IL
- Hamburg, IL
- Winfield, MO
- Michael, IL
- Elsberry, MO
- New Hope, MO
- Auburn, MO
- Brussels, IL
- Meppen, IL
- Deer Plain, IL
- Chain Of Rocks, MO
- Ethlyn, MO
- Old Monroe, MO
- Maryknoll, MO
- Grafton, IL
- Otterville, IL
- Quarry, IL
- Annada, MO
- Mozier, IL
- Golden Eagle, IL
- Fountain N Lakes, MO
- Moscow Mills, MO
- Woodville, IL
- Eldred, IL
- Kampsville, IL
- Saint Paul, MO
- O Fallon, MO
- Ofallon, MO
- Dardenne, MO
- Dardenne Pr, MO
- Dardenne Prairie, MO
- Davis, MO
- Old Alexandria, MO
- Briscoe, MO
- Troy, MO
- Old Kane, IL
- Kane, IL
- Jersey, IL
- Jerseyville, IL
- Otter Creek, IL
- Mcclusky, IL