If you recently started or plan to start a business in Breeding KY or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Breeding KY.
Obtaining a Tax ID Number (EIN)
When starting a business in Breeding KY, 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.
Kentucky State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Breeding KY you will also likely need a Kentucky 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 Kentucky State Website at http://onestop.ky.gov/start/Pages/statetax.aspx
Cities in Kentucky
- Glens Fork, KY
- Gradyville, KY
- Marrowbone, KY
- Beechville, KY
- Sulphur Well, KY
- Randolph, KY
- Edmonton, KY
- Cork, KY
- Subtle, KY
- Goodluck, KY
- Cedar Flat, KY
- Cave Ridge, KY
- Bakerton, KY
- Peytonsburg, KY
- Kettle, KY
- Bow, KY
- Dubre, KY
- Burkesville, KY
- Waterview, KY
- Casey Creek, KY
- Cundiff, KY
- Fairplay, KY
- Montpelier, KY
- Columbia, KY
- Milltown, KY
- Bryan, KY
- Sewellton, KY
- Rowena, KY
- Creelsboro, KY
- Jamestown, KY
- Cane Valley, KY
- Beaumont, KY
- Willow Shade, KY
- Summer Shade, KY
- Center, KY
- Knob Lick, KY
- Seventy Six, KY
- Static, KY
- Aaron, KY
- Albany, KY
- Browns Xroads, KY
- Seminary, KY
- Highway, KY
- Snow, KY
- Browns Crossroads, KY
- Greensburg, KY
- Eighty Eight, KY
- 88, KY