If you recently started or plan to start a business in Whites Addition IL or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Whites Addition IL.
Obtaining a Tax ID Number (EIN)
When starting a business in Whites Addition IL, 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.
Illinois State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Whites Addition IL you will also likely need a Illinois 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 Illinois State Website at http://www.revenue.state.il.us/Businesses/register.htm
Cities in Illinois
- E Moline, IL
- Merry Oaks, IL
- South Moline, IL
- East Moline, IL
- Meersman, IL
- Babcock, IL
- Watertown, IL
- Campbells Island, IL
- Carbon Cliff, IL
- Barstow, IL
- Silvis, IL
- Hampton, IL
- Pleasant Valley, IA
- Pleasant Vly, IA
- Green Rock, IL
- Cleveland, IL
- Colona, IL
- Rapids City, IL
- Bettendorf, IA
- Riverdale, IA
- Panorama Park, IA
- Quad City Airport, IL
- Moline, IL
- Mobet Meadows, IL
- Coe, IL
- Port Byron, IL
- Byron Hills, IL
- Coal Valley, IL
- Le Claire, IA
- Leclaire, IA
- Hillsdale, IL
- Rock Island Arsonal, IL
- Rock Island, IL
- Sunny Hill Estates, IL
- Warner, IL
- Sunny Hill, IL
- Western, IL
- Orion, IL
- Osco, IL
- Princeton, IA
- Geneseo, IL
- Hanna, IL
- Milan, IL
- Oak Grove, IL
- Park View, IA
- Eldridge, IA
- Cordova, IL
- Mc Causland, IA