If you recently started or plan to start a business in Dunellen NJ or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Dunellen NJ.
Obtaining a Tax ID Number (EIN)
When starting a business in Dunellen NJ, 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.
New Jersey State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Dunellen NJ you will also likely need a New Jersey 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 New Jersey State Website at http://www.nj.gov/treasury/revenue/gettingregistered.shtml
Cities in New Jersey
- Green Brook, NJ
- Middlesex, NJ
- Warren, NJ
- Muhlenberg, NJ
- N Plainfield, NJ
- North Plainfield, NJ
- Plainfield, NJ
- Bound Brk, NJ
- Bound Brook, NJ
- Piscataway, NJ
- Watchung, NJ
- Martinsville, NJ
- S Bound Brook, NJ
- South Bound Brook, NJ
- South Plainfield, NJ
- S Plainfield, NJ
- Millington, NJ
- Stirling, NJ
- Fanwood, NJ
- Berkeley Heights, NJ
- Berkeley Hts, NJ
- Zarephath, NJ
- Liberty Cor, NJ
- Liberty Corner, NJ
- Basking Ridge, NJ
- Scotch Plains, NJ
- Manville, NJ
- Gillette, NJ
- Bridgewater, NJ
- Edison, NJ
- East Millstone, NJ
- Somerset, NJ
- Franklin Twp, NJ
- Middlebush, NJ
- Zarepath, NJ
- Highland Park, NJ
- Kilmer Gmf, NJ
- Murray Hill, NJ
- New Providence, NJ
- New Providnce, NJ
- Johnson & Johnson, NJ
- Merrill Lynch, NJ
- New Brunswick, NJ
- Metuchen, NJ
- Lyons, NJ
- Westfield, NJ
- Raritan, NJ
- E Millstone, NJ