If you recently started or plan to start a business in Sidney MT or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Sidney MT.
Obtaining a Tax ID Number (EIN)
When starting a business in Sidney MT, 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.
Montana State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Sidney MT you will also likely need a Montana 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 Montana State Website at http://sos.mt.gov/business
Cities in Montana
- Crane, MT
- Savage, MT
- Cartwright, ND
- Enid, MT
- Lambert, MT
- Fairview, MT
- Alexander, ND
- Charbonneau, ND
- Rawson, ND
- Trenton, ND
- Mccabe, MT
- Culbertson, MT
- Bainville, MT
- Arnegard, ND
- Richey, MT
- Froid, MT
- Round Prairie, ND
- Bonetraill, ND
- Buford, ND
- Williston, ND
- Bloomfield, MT
- Rhoades, ND
- Grassy Butte, ND
- Glendive, MT
- Watford City, ND
- Watford Cty, ND
- Watford Cy, ND
- Brockton, MT
- Wibaux, MT
- Trotters, ND
- Beach, ND
- Homestead, MT
- Medicine Lake, MT
- Epping, ND
- Spring Brook, ND
- Dagmar, MT
- Vida, MT
- Lindsay, MT
- Gorham, ND
- Fairfield, ND
- Reserve, MT
- Marmon, ND
- Zahl, ND
- Hanks, ND
- Poplar, MT
- Ray, ND
- Wheelock, ND
- Westby, ND