If you recently started or plan to start a business in Plymouth MA or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Plymouth MA.
Obtaining a Tax ID Number (EIN)
When starting a business in Plymouth MA, 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.
Massachusetts State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Plymouth MA you will also likely need a Massachusetts 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 Massachusetts State Website at https://mtc.dor.state.ma.us/mtc/_/#2
Cities in Massachusetts
- Cedarville, MA
- South Carver, MA
- Manomet, MA
- White Horse Beach, MA
- Wht Horse Bch, MA
- Carver, MA
- East Carver, MA
- North Carver, MA
- E Wareham, MA
- East Wareham, MA
- Wareham, MA
- Sagamore Bch, MA
- Sagamore Beach, MA
- Onset, MA
- Sagamore, MA
- Rocky Nook, MA
- Silver Lake, MA
- Kingston, MA
- W Wareham, MA
- West Wareham, MA
- Bourne, MA
- Buzzards Bay, MA
- Monument Bch, MA
- Monument Beach, MA
- Plympton, MA
- Duxbury, MA
- Marion, MA
- Pocasset, MA
- Sandwich, MA
- Rochester, MA
- Halifax, MA
- Forestdale, MA
- Aetna Life & Casualty Co, MA
- Ocean Spray, MA
- Talbots, MA
- Middleboro, MA
- Middleborough, MA
- Green Harbor, MA
- Cataumet, MA
- E Sandwich, MA
- East Sandwich, MA
- Monponsett, MA
- Brant Rock, MA
- Otis AFB, MA
- Otis Air National Guard, MA
- Otis Ang, MA
- Otis Angb, MA
- Ocean Bluff, MA