If you recently started or plan to start a business in Shady Grove IL or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Shady Grove IL.
Obtaining a Tax ID Number (EIN)
When starting a business in Shady Grove 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 Shady Grove 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
- Brookport, IL
- New Liberty, IL
- Hamletsburg, IL
- Unionville, IL
- Ledbetter, KY
- Kentucky Oaks Mall, KY
- Lone Oak, KY
- Avondale, KY
- Barkley Regional Airport, KY
- Massac, KY
- Fremont, KY
- Paducah, KY
- Paducah Mall, KY
- Reidland, KY
- Saint Johns, KY
- Oakdale, KY
- Hendron, KY
- Bargerville, IL
- Metropolis, IL
- Round Knob, IL
- Rosebud, IL
- Brownfield, IL
- Golconda, IL
- Temple Hill, IL
- Camelia, KY
- Heath, KY
- High Point, KY
- Grahamville, KY
- West Paducah, KY
- Carrsville, KY
- Smithland, KY
- Calvert City, KY
- Burna, KY
- Symsonia, KY
- Boaz, KY
- Joy, KY
- Hampton, KY
- Tiline, KY
- Joppa, IL
- Lake City, KY
- Iuka, KY
- Grand Rivers, KY
- Lovelaceville, KY
- Dixon Springs, IL
- Reevesville, IL
- Samoth, IL
- Ganntown, IL
- Grantsburg, IL