If you recently started or plan to start a business in Lewisburg KY or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Lewisburg KY.
Obtaining a Tax ID Number (EIN)
When starting a business in Lewisburg 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 Lewisburg 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
- Quality, KY
- Penrod, KY
- Dunmor, KY
- Belton, KY
- Sharon Grove, KY
- Cave Spring, KY
- Oakville, KY
- Gordonsville, KY
- Russellville, KY
- Cooperstown, KY
- Daysville, KY
- Clifty, KY
- Beechmont, KY
- Browder, KY
- Beech Creek, KY
- Auburn, KY
- South Union, KY
- Richelieu, KY
- Dunbar, KY
- Drakesboro, KY
- Rochester, KY
- Elkton, KY
- Allegre, KY
- Greenville, KY
- Brooklyn, KY
- Provo, KY
- Morgantown, KY
- Huntsville, KY
- Logansport, KY
- Welchs Creek, KY
- Petros, KY
- Rockfield, KY
- Blue Level, KY
- Browning, KY
- Cavehill, KY
- Cleaton, KY
- Olmstead, KY
- Powderly, KY
- Woodbury, KY
- Rockport, KY
- Allensville, KY
- Keysburg, KY
- Adairville, KY
- Aberdeen, KY
- Fairview, KY
- Woodburn, KY
- Tiny Town, KY
- Guthrie, KY