If you recently started or plan to start a business in Linefork KY or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Linefork KY.
Obtaining a Tax ID Number (EIN)
When starting a business in Linefork KY, 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.
Kentucky State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Linefork KY you will also likely need a Kentucky 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 Kentucky State Website at http://onestop.ky.gov/start/Pages/statetax.aspx
Cities in Kentucky
- Hallie, KY
- Skyline, KY
- Oven Fork, KY
- Hiram, KY
- Chad, KY
- Cumberland, KY
- Lynch, KY
- Roxana, KY
- Gilly, KY
- Gordon, KY
- Partridge, KY
- Cornettsville, KY
- Daisy, KY
- Ulvah, KY
- Leatherwood, KY
- Wentz, KY
- Delphia, KY
- Letcher, KY
- Carbon Glow, KY
- Blackey, KY
- Carcassonne, KY
- Benham, KY
- Premium, KY
- Slemp, KY
- Jeremiah, KY
- Closplint, KY
- Holmes Mill, KY
- Eolia, KY
- Farler, KY
- Fusonia, KY
- Viper, KY
- Totz, KY
- Van, KY
- Oscaloosa, KY
- Whitesburg, KY
- Crown, KY
- Day Rural, KY
- Kings Creek, KY
- Kona, KY
- Democrat, KY
- Dongola, KY
- Isom, KY
- Redfox, KY
- Carr Creek, KY
- Andover, VA
- Ermine, KY
- Scuddy, KY
- Exeter, VA