If you recently started or plan to start a business in Durant IA or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Durant IA.
Obtaining a Tax ID Number (EIN)
When starting a business in Durant IA, 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.
Iowa State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Durant IA you will also likely need a Iowa 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 Iowa State Website at https://tax.iowa.gov/businesses
Cities in Iowa
- Wilton, IA
- Lime City, IA
- Stockton, IA
- Walcott, IA
- Maysville, IA
- Plain View, IA
- Moscow, IA
- New Liberty, IA
- Blue Grass, IA
- Bennett, IA
- Atalissa, IA
- Big Rock, IA
- Dixon, IA
- Buffalo, IA
- Illinois City, IL
- Donahue, IA
- Andalusia, IL
- Muscatine, IA
- Taylor Ridge, IL
- Tipton, IA
- Buchanan, IA
- Cedar Bluff, IA
- Rochester, IA
- Calamus, IA
- Toronto, IA
- Wheatland, IA
- Centerdale, IA
- West Liberty, IA
- Buffalo Prairie, IL
- Buffalo Pr, IL
- Davenport, IA
- Montpelier, IA
- Massillon, IA
- Lowden, IA
- Rock Island Arsonal, IL
- Park View, IA
- Eldridge, IA
- Fruitland, IA
- Springdale, IA
- Oasis, IA
- West Branch, IA
- Cedar Valley, IA
- Herbert Hoover National Hist, IA
- Downey, IA
- Rock Island, IL
- Clarence, IA
- Nichols, IA
- Grand Mound, IA