If you recently started or plan to start a business in Hettick IL or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Hettick IL.
Obtaining a Tax ID Number (EIN)
When starting a business in Hettick 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 Hettick 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
- Barr, IL
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- Fayette, IL
- Greenfield, IL
- Chesterfield, IL
- Hagaman, IL
- Modesto, IL
- Scottville, IL
- Rockbridge, IL
- Lake Centralia, IL
- Enos, IL
- Carlinville, IL
- Comer, IL
- Womac, IL
- Wrights, IL
- Medora, IL
- Kemper, IL
- Summerville, IL
- Standard City, IL
- Mcvey, IL
- Girard, IL
- Shipman, IL
- Plainview, IL
- Royal Lakes, IL
- Roodhouse, IL
- Athensville, IL
- Barrow, IL
- Fidelity, IL
- Murrayville, IL
- Nortonville, IL
- Piasa, IL
- Franklin, IL
- Rees, IL
- Clements, IL
- Nilwood, IL
- Waverly, IL
- Lowder, IL
- Manchester, IL
- Kane, IL
- Old Kane, IL
- Mount Clare, IL
- Gillespie, IL
- Dorchester, IL
- East Gillespie, IL
- Carrollton, IL
- Woodson, IL
- White Hall, IL
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