If you recently started or plan to start a business in Cottonwd Fls KS or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Cottonwd Fls KS.
Obtaining a Tax ID Number (EIN)
When starting a business in Cottonwd Fls KS, 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.
Kansas State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Cottonwd Fls KS you will also likely need a Kansas 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 Kansas State Website at http://ksrevenue.org/forms-btreg.html
Cities in Kansas
- Cottonwood Falls, KS
- Strong City, KS
- Matfield Green, KS
- Matfield Grn, KS
- Elmdale, KS
- Clements, KS
- Cedar Point, KS
- Olpe, KS
- Cassoday, KS
- Emporia, KS
- Americus, KS
- Wilsey, KS
- Burdick, KS
- Burns, KS
- Florence, KS
- Dunlap, KS
- Council Grove, KS
- Marion, KS
- Hamilton, KS
- Antelope, KS
- Lincolnville, KS
- Hartford, KS
- Neosho Rapids, KS
- Reece, KS
- Eureka, KS
- Lamont, KS
- Madison, KS
- Bushong, KS
- Allen, KS
- Lost Springs, KS
- Admire, KS
- Herington, KS
- Latimer, KS
- Delavan, KS
- Reading, KS
- Peabody, KS
- El Dorado, KS
- Ramona, KS
- Potwin, KS
- Rosalia, KS
- White City, KS
- Dwight, KS
- Elbing, KS
- Virgil, KS
- Gridley, KS
- Alta Vista, KS
- Lebo, KS
- Olivet, KS