If you recently started or plan to start a business in Dundee MI or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Dundee MI.
Obtaining a Tax ID Number (EIN)
When starting a business in Dundee MI, 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.
Michigan State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Dundee MI you will also likely need a Michigan 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 Michigan State Website at http://www.michigan.gov/taxes/0,4676,7-238-43519_43521---,00.html
Cities in Michigan
- Duncan, MI
- Rea, MI
- Azalia, MI
- Petersburg, MI
- Ida, MI
- Deerfield, MI
- Maybee, MI
- York Twp, MI
- Mooreville, MI
- Oakville, MI
- Milan Twp, MI
- Milan, MI
- Stony Creek, MI
- Cone, MI
- Augusta Twp, MI
- London Twp, MI
- Britton, MI
- Ridgeway, MI
- Monroe, MI
- Raisinville Twp, MI
- Raisinvl Twp, MI
- Frenchtown, MI
- Samaria, MI
- Temperance, MI
- Riga, MI
- La Salle, MI
- Willis, MI
- Whittaker, MI
- Ottawa Lake, MI
- Tecumseh, MI
- Lambertville, MI
- Blissfield, MI
- Ash Twp, MI
- Carleton, MI
- Palmyra, MI
- Erie, MI
- Saline, MI
- Luna Pier, MI
- Rawsonville, MI
- Ypsilanti, MI
- Clinton, MI
- Sylvania, OH
- Roulo, MI
- Van Buren Twp, MI
- Belleville, MI
- Sumpter Twp, MI
- Bridgewater, MI
- New Boston, MI