If you recently started or plan to start a business in Union NJ or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Union NJ.
Obtaining a Tax ID Number (EIN)
When starting a business in Union 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 Union 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
- Chestnut, NJ
- Townley, NJ
- Union Center, NJ
- Kenilworth, NJ
- Hillside, NJ
- Ind Hillside, NJ
- Industrial Hillside, NJ
- Vauxhall, NJ
- Roselle Park, NJ
- North Elizabeth, NJ
- Township Of Irvington, NJ
- Irvington, NJ
- Roselle, NJ
- Maplecrest, NJ
- Maplewood, NJ
- Cranford, NJ
- Weequahic, NJ
- Springfield, NJ
- Millburn, NJ
- Vailsburg, NJ
- South Orange, NJ
- Elmora, NJ
- Parkandbush, NJ
- Bayway, NJ
- Garwood, NJ
- Short Hills, NJ
- Tremley, NJ
- Tremley Point, NJ
- Winfield Park, NJ
- Linden, NJ
- Mountainside, NJ
- Elizabeth, NJ
- Betsytown, NJ
- Peterstown, NJ
- Union Square, NJ
- Westfield, NJ
- Elizabethport, NJ
- Va Hospital, NJ
- Summit, NJ
- Orange, NJ
- Clark, NJ
- Midtown, NJ
- Washington Park, NJ
- Academy, NJ
- Bank Of America, NJ
- Bank Of New York, NJ
- Cenlar Bank, NJ
- Newark, NJ