If you recently started or plan to start a business in Huntingtn Wds MI or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Huntingtn Wds MI.
Obtaining a Tax ID Number (EIN)
When starting a business in Huntingtn Wds 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 Huntingtn Wds 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
- Huntington Woods, MI
- Huntington Wd, MI
- Oak Park, MI
- Pleasant Ridge, MI
- Pleasant Rdg, MI
- Royal Oak, MI
- Berkley, MI
- Ferndale, MI
- Royal Oak Twp, MI
- Madison Hts, MI
- Madison Heights, MI
- Lathrup Vlg, MI
- Lathrup Village, MI
- Hazel Park, MI
- Clawson, MI
- Birmingham, MI
- Bham, MI
- Highland Park, MI
- Bingham Farms, MI
- Beverly Hills, MI
- Southfield Township, MI
- Franklin, MI
- Southfield, MI
- Center Line, MI
- Bloomfield Twp, MI
- Bloomfld Hls, MI
- Bloomfield Township, MI
- Bloomfield Hills, MI
- Bloomfield, MI
- Bloomfld Twp, MI
- Bloomfield Village, MI
- Sterling Heights, MI
- Sterling Hts, MI
- St Heights, MI
- Troy, MI
- Hamtramck, MI
- Redford, MI
- Redford Twp, MI
- Warren, MI
- Detroit, MI
- East Detroit, MI
- Eastpointe, MI
- Fraser, MI
- W Bloomfield, MI
- West Bloomfield, MI
- Roseville, MI
- Comerica Incorporated, MI
- Dte Energy, MI