If you recently started or plan to start a business in Pagosa Springs CO or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Pagosa Springs CO.
Obtaining a Tax ID Number (EIN)
When starting a business in Pagosa Springs CO, 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.
Colorado State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Pagosa Springs CO you will also likely need a Colorado 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 Colorado State Website at https://www.colorado.gov/revenue
Cities in Colorado
- Pagosa Lakes, CO
- Pagosa Spgs, CO
- Chromo, CO
- Piedre Park, CO
- Navajo State Park, CO
- Arboles, CO
- Bayfield, CO
- Gem Village, CO
- Chimney Rock, CO
- Vallecito, CO
- Chama, NM
- Creede, CO
- Spar City, CO
- South Fork, CO
- Masonic Park, CO
- Alpine, CO
- Wagon Wheel Gap, CO
- Tiffany, CO
- Oxford, CO
- So Ute Indian Res, CO
- Southern Ute Indian Reservat, CO
- S Ute Indian, CO
- Allison, CO
- Ignacio, CO
- Indian Agency, CO
- Summitville, CO
- Freeman, CO
- Plaza, CO
- Del Norte, CO
- Aqua Ramon, CO
- Baxterville, CO
- Brazos, NM
- Los Ojos, NM
- Rutheron, NM
- San Antonio, CO
- San Miguel, CO
- San Rafeal, CO
- Antonito, CO
- Ortiz, CO
- Paisaje, CO
- Florida, CO
- Fox Creek, CO
- Track City, CO
- Los Pinas, CO
- Mogote, CO
- Espinoza, CO
- La Isla, CO
- Las Mesitas, CO