If you recently started or plan to start a business in Moorhead MN or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Moorhead MN.
Obtaining a Tax ID Number (EIN)
When starting a business in Moorhead MN, 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.
Minnesota State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Moorhead MN you will also likely need a Minnesota 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 Minnesota State Website at http://www.revenue.state.mn.us/businesses/withholding/Pages/HowdoIgetaMinnesotawithholdingtaxIDnumber.aspx
Cities in Minnesota
- Kragnes, MN
- Dilworth, MN
- Moorhead State University, MN
- Concordia College, MN
- Blue Cross, ND
- Sanford, ND
- Bank Of The West, ND
- Wells Fargo, ND
- Glyndon, MN
- Averill, MN
- North River, ND
- Fargo, ND
- Reiles Acres, ND
- Briarwood, ND
- Prairie Rose, ND
- Frontier, ND
- West Fargo, ND
- Riverside, ND
- Sabin, MN
- Baker, MN
- Wild Rice, ND
- Oxbow, ND
- Hickson, ND
- Horace, ND
- Comstock, MN
- Prosper, ND
- Georgetown, MN
- Barnesville, MN
- Downer, MN
- Felton, MN
- Warren, ND
- Davenport, ND
- Dale, MN
- Rollag, MN
- Hawley, MN
- Argusville, ND
- Durbin, ND
- Mapleton, ND
- Christine, ND
- Wolverton, MN
- Kindred, ND
- Casselton, ND
- Perley, MN
- Harwood, ND
- Gardner, ND
- Hitterdal, MN
- Borup, MN
- Walcott, ND