If you recently started or plan to start a business in Gibson MS or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Gibson MS.
Obtaining a Tax ID Number (EIN)
When starting a business in Gibson MS, 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.
Mississippi State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Gibson MS you will also likely need a Mississippi 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 Mississippi State Website at https://tap.dor.ms.gov/_/
Cities in Mississippi
- Aberdeen, MS
- Binford, MS
- East Aberdeen, MS
- Muldon, MS
- New Wren, MS
- Centralgrove, MS
- Darracott, MS
- Strongs, MS
- Lackey, MS
- Wren, MS
- Becker, MS
- Prairie, MS
- Old Hamilton, MS
- Hamilton, MS
- Hatley, MS
- Amory, MS
- Bigbee, MS
- South Amory, MS
- Colsub, MS
- Bartahatchie, MS
- White Sand, MS
- Kolola Springs, MS
- Caledonia, MS
- Egypt, MS
- Okolona, MS
- Gattman, MS
- Greenwood Spg, MS
- Greenwood Spr, MS
- Greenwood Springs, MS
- Splunge, MS
- Trebloc, MS
- Turon, MS
- Smithville, MS
- Nettleton, MS
- Cardsville, MS
- Carolina, MS
- Van Buren, MS
- Tibbee, MS
- Abbott, MS
- Mary Holmes, MS
- West Point, MS
- Whites, MS
- Shannon, MS
- Old Union, MS
- Brewer, MS
- Steens, MS
- Richmond, MS
- Padenville, MS