If you recently started or plan to start a business in Morris IL or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Morris IL.
Obtaining a Tax ID Number (EIN)
When starting a business in Morris 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 Morris 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
- Carbon Hill, IL
- Diamond, IL
- Eileen, IL
- Coal City, IL
- Mazon, IL
- Seneca, IL
- Stavanger, IL
- Minooka, IL
- Verona, IL
- Nettlecreek, IL
- Newark, IL
- Helmar, IL
- Lisbon, IL
- Braceville, IL
- Godley, IL
- Channahon, IL
- Braidwood, IL
- Gardner, IL
- Shorewood, IL
- Danway, IL
- Marseilles, IL
- South Wilmington, IL
- S Wilmington, IL
- East Brooklyn, IL
- Kinsman, IL
- Millington, IL
- Plattville, IL
- Yorkville, IL
- Millbrook, IL
- Rockdale, IL
- Elwood, IL
- Sheridan, IL
- Norway, IL
- Ransom, IL
- Serena, IL
- Wedron, IL
- Wilmington, IL
- Symerton, IL
- Ballou, IL
- Ritchie, IL
- Lorenzo, IL
- Custer Park, IL
- Essex, IL
- Dwight, IL
- Plainfield, IL
- Stateville, IL
- Cresthill, IL
- Oswego, IL