If you recently started or plan to start a business in Hillisburg IN or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Hillisburg IN.
Obtaining a Tax ID Number (EIN)
When starting a business in Hillisburg IN, 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.
Indiana State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Hillisburg IN you will also likely need a Indiana 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 Indiana State Website at http://www.in.gov/sos/business/3793.htm
Cities in Indiana
- Frankfort, IN
- Boyleston, IN
- Michigantown, IN
- Sedalia, IN
- Mulberry, IN
- Forest, IN
- Kirklin, IN
- Cutler, IN
- Rossville, IN
- Russiaville, IN
- Burlington, IN
- Bringhurst, IN
- Kempton, IN
- Colfax, IN
- Clarks Hill, IN
- Flora, IN
- W Middleton, IN
- West Middleton, IN
- Dayton, IN
- Thorntown, IN
- Stockwell, IN
- Goldsmith, IN
- Sheridan, IN
- Sharpsville, IN
- Nevada, IN
- Young America, IN
- Lebanon, IN
- Ulen, IN
- Colburn, IN
- Buck Creek, IN
- Darlington, IN
- Oakford, IN
- Delphi, IN
- Kokomo, IN
- Whitestown, IN
- Deer Creek, IN
- Camden, IN
- Shadeland, IN
- Tipton, IN
- Galveston, IN
- Linden, IN
- Rockfield, IN
- La Fayette, IN
- Lafayette, IN
- Battle Ground, IN
- Hemlock, IN
- Advance, IN
- Romney, IN