If you recently started or plan to start a business in Desmet ID or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Desmet ID.
Obtaining a Tax ID Number (EIN)
When starting a business in Desmet ID, 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.
Idaho State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Desmet ID you will also likely need a Idaho 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 Idaho State Website at https://tax.idaho.gov/
Cities in Idaho
- Sanders, ID
- Tensed, ID
- Potlatch, ID
- Onaway, ID
- Farmington, WA
- Belmont, WA
- Plummer, ID
- Garfield, WA
- Princeton, ID
- Tekoa, WA
- Viola, ID
- Oakesdale, WA
- St Maries, ID
- Saint Maries, ID
- Palouse, WA
- Latah, WA
- Harvard, ID
- Thornton, WA
- Steptoe, WA
- Waverly, WA
- Santa, ID
- Worley, ID
- Fairfield, WA
- Fernwood, ID
- Troy, ID
- Plaza, WA
- Rosalia, WA
- University Of Idaho, ID
- Helmer, ID
- Deary, ID
- Moscow, ID
- University, ID
- Albion, WA
- Malden, WA
- Washington State University, WA
- Rockford, WA
- Bovill, ID
- Medimont, ID
- Colfax, WA
- Diamond, WA
- Harrison, ID
- Pullman, WA
- Spangle, WA
- Clarkia, ID
- Valleyford, WA
- Mica, WA
- Saint John, WA
- Calder, ID