If you recently started or plan to start a business in Meridian ID or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Meridian ID.
Obtaining a Tax ID Number (EIN)
When starting a business in Meridian 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 Meridian 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
- Ustick, ID
- Garden City, ID
- Boise State University, ID
- Nampa, ID
- Boise, ID
- Boise Cascade, ID
- Federal Bldg, ID
- Dept Of Transportation, ID
- Albertsons, ID
- Washington Group, ID
- Id State Dept Of Employ, ID
- Idaho State House, ID
- Idaho State Tax Commission, ID
- Intermountain Gas Co, ID
- Star, ID
- Bowmont, ID
- Mora, ID
- Kuna, ID
- Eagle, ID
- Pearl, ID
- Doles, ID
- Enrose, ID
- Caldwell, ID
- Sunnyslope, ID
- Knowlton Heights, ID
- Weitz, ID
- Hidden Spgs, ID
- Hidden Springs, ID
- Middleton, ID
- Melba, ID
- Guffey, ID
- Stoddard, ID
- Givens Hot Springs, ID
- Wilson, ID
- Huston, ID
- Letha, ID
- Greenleaf, ID
- Notus, ID
- Mayfield, ID
- Marsing, ID
- Wilder, ID
- Montour, ID
- Emmett, ID
- Homedale, ID
- Sweet, ID
- Parma, ID
- Roswell, ID
- Apple Valley, ID