If you recently started or plan to start a business in Oacoma SD or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Oacoma SD.
Obtaining a Tax ID Number (EIN)
When starting a business in Oacoma SD, 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.
South Dakota State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Oacoma SD you will also likely need a South Dakota 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 South Dakota State Website at https://apps.sd.gov/rv23cedar/main/main.aspx
Cities in South Dakota
- St Joseph Indian School, SD
- Lyman, SD
- Reliance, SD
- Grass Rope, SD
- Bijou Hills, SD
- Ola, SD
- Chamberlain, SD
- Pukwana, SD
- Shelby, SD
- Fort Thompson, SD
- Crow Creek, SD
- Hamill, SD
- Houston, SD
- Iron Mountain, SD
- Kennebec, SD
- Kimball, SD
- Lyonville, SD
- Gann Valley, SD
- Bailey, SD
- Lower Brule, SD
- Carlock, SD
- Gregory, SD
- Iona, SD
- Stephan, SD
- Ideal, SD
- Hilmoe, SD
- Edna, SD
- Presho, SD
- Sweeney, SD
- Eagle, SD
- Platte, SD
- Academy, SD
- Lucas, SD
- Burke, SD
- Robey, SD
- White Lake, SD
- Witten, SD
- Dixon, SD
- Paxton, SD
- Dallas, SD
- Wessingtn Spg, SD
- Wessington Springs, SD
- Ree Heights, SD
- Keyapaha, SD
- Clearfield, SD
- Millboro, SD
- Mosher, SD
- Weaver, SD