If you recently started or plan to start a business in Naval Ocean O Graphic MS or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Naval Ocean O Graphic MS.
It’s important to understand that there are 2 different types of Tax ID’s that you will likely need in Naval Ocean O Graphic MS, a Federal Tax ID (also known as an EIN) and a State Level Tax ID.Obtaining a Tax ID Number (EIN)
When starting a business in Naval Ocean O Graphic 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 Naval Ocean O Graphic 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
- Stennis Sp Ct, MS
- Diamondhead, MS
- Pass Christian, MS
- Pass Christin, MS
- Cuevas, MS
- Pass Chris, MS
- Long Beach, MS
- Waveland, MS
- Stennis Ctr, MS
- Bay Saint Louis, MS
- Bay St Louis, MS
- St Louis, MS
- Stennis Space Center, MS
- Mississippi Test Facility, MS
- Bayside Park, MS
- Clermont Harbor, MS
- Clermont Hbr, MS
- Lakeshore, MS
- Ansley, MS
- Kiln, MS
- Orange Grove, MS
- Gpt, MS
- Gulfport, MS
- Belle Isle, MS
- Pearlington, MS
- National Space Technology La, MS
- Stennis Spc Ctr, MS
- N S T L, MS
- Industrial, MS
- Greenbrier Park, MS
- Goodyear, MS
- Cybur, MS
- Richardson, MS
- Picayune, MS
- Caesar, MS
- West Biloxi, MS
- Boloxi, MS
- Airey, MS
- Howison, MS
- Success, MS
- Wortham, MS
- Saucier, MS
- Nicholson, MS
- Keesler Field, MS
- Keesler AFB, MS
- Keesler Air Force Base, MS
- Saint Martin, MS
- St Martin, MS