If you recently started or plan to start a business in Byron NE or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Byron NE.
Obtaining a Tax ID Number (EIN)
When starting a business in Byron NE, 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.
Nebraska State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Byron NE you will also likely need a Nebraska 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 Nebraska State Website at http://www.revenue.nebraska.gov/business/bus_regist.html
Cities in Nebraska
- Deshler, NE
- Chester, NE
- Republic, KS
- Ruskin, NE
- Hardy, NE
- Hebron, NE
- Munden, KS
- Hubbell, NE
- Webber, KS
- Belleville, KS
- Oak, NE
- Courtland, KS
- Carleton, NE
- Gilead, NE
- Belvidere, NE
- Narka, KS
- Davenport, NE
- Nelson, NE
- Nora, NE
- Scandia, KS
- Bruning, NE
- Superior, NE
- Bostwick, NE
- Cadams, NE
- Formoso, KS
- Reynolds, NE
- Cuba, KS
- Alexandria, NE
- Mahaska, KS
- Sedan, NE
- Edgar, NE
- Shickley, NE
- Norway, KS
- Ong, NE
- Strang, NE
- Belle Prairie, NE
- Haddam, KS
- Lawrence, NE
- St Stephens, NE
- Mount Clare, NE
- Agenda, KS
- Ohiowa, NE
- Powell, NE
- Gladstone, NE
- Thompson, NE
- Fairbury, NE
- Fairfield, NE
- Mankato, KS