If you recently started or plan to start a business in Fruitland NM or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Fruitland NM.
Obtaining a Tax ID Number (EIN)
When starting a business in Fruitland NM, 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 Mexico State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Fruitland NM you will also likely need a New Mexico 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 Mexico State Website at http://www.tax.newmexico.gov/Businesses/register-your-business.aspx
Cities in New Mexico
- Waterflow, NM
- Kirtland, NM
- Flora Vista, NM
- La Plata, NM
- Little Water, NM
- Biklabito, NM
- Shiprock, NM
- Tocito, NM
- Farmington, NM
- Farmington Municipal Airport, NM
- Bisti, NM
- Cedar Hill, NM
- Aztec, NM
- Sanostee, NM
- Marvel, CO
- Towaoc, CO
- Ute Mountain Indian Reservat, CO
- Mesa Verde, CO
- Mesa Verde National Park, CO
- Kline, CO
- Breen, CO
- Redmesa, CO
- Hesperus, CO
- Newcomb, NM
- Red Valley, AZ
- El Huerfano, NM
- Bloomfield, NM
- Chaco Canyon National Monume, NM
- Gobernador, NM
- Blanco, NM
- Turley, NM
- Mancos, CO
- Navajo Dam, NM
- Hovenweep National Monument, CO
- Arriola, CO
- Cortez, CO
- Sheep Springs, NM
- Upper Greasewood Trading Pos, AZ
- Upper Wheatfields, AZ
- Lukachukai, AZ
- Greasewood Springs, AZ
- S Ute Indian, CO
- Ignacio, CO
- Indian Agency, CO
- So Ute Indian Res, CO
- Southern Ute Indian Reservat, CO
- Oxford, CO
- Allison, CO