If you recently started or plan to start a business in Rockholds KY or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Rockholds KY.
Obtaining a Tax ID Number (EIN)
When starting a business in Rockholds 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 Rockholds 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
- Meadow Creek, KY
- Kayjay, KY
- Jarvis, KY
- Bailey Switch, KY
- Swanpond, KY
- Woollum, KY
- Gausdale, KY
- Crane Nest, KY
- Himyar, KY
- Barbourville, KY
- Tedders, KY
- Baughman, KY
- Corbin, KY
- Keavy, KY
- Woodbine, KY
- Cumberlnd Clg, KY
- Nevisdale, KY
- Williamsburg, KY
- Cumberland College, KY
- Bryants Store, KY
- Emlyn, KY
- Siler, KY
- Gray, KY
- Heidrick, KY
- Artemus, KY
- Bimble, KY
- Trosper, KY
- Lily, KY
- Bush, KY
- Frakes, KY
- Laurel Fork, KY
- Fonde, KY
- Girdler, KY
- Cannon, KY
- Ingram, KY
- Hinkle, KY
- Flat Lick, KY
- Mills, KY
- Salt Gum, KY
- Jellico, TN
- Green Road, KY
- Fourmile, KY
- Elys, KY
- Ivy Grove, KY
- Pruden, TN
- Calvin, KY
- Pine Knot, KY
- Eagan, TN