If you recently started or plan to start a business in Overton AL or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Overton AL.
Obtaining a Tax ID Number (EIN)
When starting a business in Overton AL, 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.
Alabama State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Overton AL you will also likely need a Alabama 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 Alabama State Website at https://revenue.alabama.gov/salestax/register.cfm
Cities in Alabama
- Irondale, AL
- Rose Hill, AL
- Jefferson Park, AL
- Liberty Highlands, AL
- Ruffner, AL
- Alton, AL
- Crestline, AL
- Crestline Hts, AL
- Crestline Heights, AL
- Mountain Brook, AL
- English Village, AL
- Leeds, AL
- Huffman, AL
- Grayson Valley, AL
- Roebuck Plaza, AL
- Tarrant, AL
- Center Point, AL
- State Farm Insurance, AL
- Regions Bank, AL
- Business Reply Mail, AL
- Wells Fargo, AL
- Al Power Co, AL
- Univ Of Alabama Hospital, AL
- Compass Bank, AL
- Dept Of Treas Bur Accts, AL
- Univ Of Alabama Bir, AL
- Caller Boxes, AL
- Al Gas Corp, AL
- S S Payment Ctr, AL
- Homewd, AL
- Centerpoint, AL
- Blue Cross Shield, AL
- Birmingham, AL
- Cahaba Heights, AL
- Mtn Brook, AL
- Cahaba Hts, AL
- South Highlands, AL
- Samford University, AL
- Bham, AL
- Whites Chapel, AL
- Trussville, AL
- New Castle, AL
- Homewood, AL
- Vestavia, AL
- Mountain Brk, AL
- Coalburg, AL
- Fulton Springs, AL
- Fultondale, AL