If you recently started or plan to start a business in Sagle ID or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Sagle ID.
Obtaining a Tax ID Number (EIN)
When starting a business in Sagle 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 Sagle 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
- Dover, ID
- Cocolalla, ID
- Ponderay, ID
- Kootenai, ID
- Careywood, ID
- Sandpoint, ID
- Laclede, ID
- Cabinet, ID
- Clark Fork, ID
- Colburn, ID
- Priest Lake, ID
- Priest River, ID
- Athol, ID
- Belmont, ID
- Granite, ID
- Chilco, ID
- Bayview, ID
- East Hope, ID
- Hope, ID
- Oldtown, ID
- Spirit Lake, ID
- Blanchard, ID
- Hayden, ID
- Hayden Lake, ID
- Garwood, ID
- Twin Lakes, ID
- Rathdrum, ID
- Heron, MT
- Naples, ID
- Newport, WA
- Huetter, ID
- Dalton Gardens, ID
- Dalton Gdns, ID
- Elk, WA
- Coolin, ID
- Hauser, ID
- State Line, ID
- Post Falls, ID
- Newman Lake, WA
- East Farms, WA
- Cda, ID
- Usk, WA
- Milan, WA
- Chattaroy, WA
- Noxon, MT
- Nordman, ID
- Copeland, ID
- Bonners Ferry, ID