If you recently started or plan to start a business in New Albany KS or have another taxable entity one of the first things you will want to do is obtain your Tax ID in New Albany KS.
Obtaining a Tax ID Number (EIN)
When starting a business in New Albany 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 New Albany 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
- Buxton, KS
- Fredonia, KS
- Coyville, KS
- Lafontaine, KS
- Buffalo, KS
- Fall River, KS
- Altoona, KS
- Guilford, KS
- Roper, KS
- Benedict, KS
- Hilford, KS
- Buffville, KS
- Neodesha, KS
- Longton, KS
- Elk City, KS
- Sycamore, KS
- Toronto, KS
- Howard, KS
- Independence, KS
- Neal, KS
- Severy, KS
- Climax, KS
- Thayer, KS
- Morehead, KS
- Chanute, KS
- Austin, KS
- Petrolia, KS
- Earlton, KS
- Durand, KS
- Vernon, KS
- Rose, KS
- Yates Center, KS
- Elk Falls, KS
- Cherryvale, KS
- Virgil, KS
- Piqua, KS
- Dennis, KS
- Humboldt, KS
- Moline, KS
- Havana, KS
- Galesburg, KS
- Piedmont, KS
- Liberty, KS
- Mound Valley, KS
- Erie, KS
- Grenola, KS
- Sedan, KS
- Carmean, KS