If you recently started or plan to start a business in Knollwood IL or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Knollwood IL.
Obtaining a Tax ID Number (EIN)
When starting a business in Knollwood 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 Knollwood 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
- Green Oaks, IL
- Lake Bluff, IL
- Great Lakes, IL
- Abbott Park, IL
- North Chicago, IL
- Downey, IL
- Selective Service, IL
- Mettawa, IL
- Lake Forest, IL
- Lincolnshire Woods, IL
- Park City, IL
- Libertyville, IL
- Waukegan, IL
- Vernon Hills, IL
- Indian Creek, IL
- Fort Sheridan, IL
- Highwood, IL
- Gurnee, IL
- Half Day, IL
- Prairie View, IL
- Prairieview, IL
- Lincolnshire, IL
- Highland Park, IL
- Deerfield, IL
- Bannockburn, IL
- Riverwoods, IL
- Mundelein, IL
- Buffalo Grove, IL
- Gages Lake, IL
- Grayslake, IL
- Hainesville, IL
- Wildwood, IL
- Third Lake, IL
- Lake Zurich, IL
- Long Grove, IL
- Forest Lake, IL
- Echo Lake, IL
- Hawthorn Wds, IL
- Hawthorn Woods, IL
- Wadsworth, IL
- Beach Park, IL
- Zion, IL
- Wheeling, IL
- Northbrook, IL
- Glencoe, IL
- Fox Lake Hills, IL
- Venetian Village, IL
- West Miltmore, IL