If you recently started or plan to start a business in Newkirk OK or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Newkirk OK.
Obtaining a Tax ID Number (EIN)
When starting a business in Newkirk OK, 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.
Oklahoma State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Newkirk OK you will also likely need a Oklahoma 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 Oklahoma State Website at https://www.ok.gov/tax/Online_Services/Online_Business_Registration.html
Cities in Oklahoma
- Peckham, OK
- Kaw, OK
- Kaw City, OK
- Parkerfield, KS
- Arkansas City, KS
- Silverdale, KS
- Kildare, OK
- Ponca City, OK
- Geuda Springs, KS
- Ashton, KS
- Maple City, KS
- Blackwell, OK
- Braman, OK
- Burbank, OK
- Shidler, OK
- Foraker, OK
- Webb City, OK
- Dexter, KS
- Winfield, KS
- New Salem, KS
- Oxford, KS
- Sieboldt, KS
- South Haven, KS
- Hunnewell, KS
- Tonkawa, OK
- Nardin, OK
- Marland, OK
- Ralston, OK
- Deer Creek, OK
- Burden, KS
- Red Rock, OK
- Fairfax, OK
- Riverdale, KS
- Wellington, KS
- Lamont, OK
- Udall, KS
- Billings, OK
- Cedar Vale, KS
- Hewins, KS
- Rock, KS
- Cambridge, KS
- Belle Plaine, KS
- Medford, OK
- Jefferson, OK
- Renfrow, OK
- Caldwell, KS
- Corbin, KS
- Mayfield, KS