If you recently started or plan to start a business in Preston NE or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Preston NE.
Obtaining a Tax ID Number (EIN)
When starting a business in Preston 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 Preston 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
- Falls City, NE
- Barada, NE
- Fortescue, MO
- Corning, MO
- Craig, MO
- Bigelow, MO
- Rulo, NE
- Verdon, NE
- Shubert, NE
- Salem, NE
- Stella, NE
- Nemaha, NE
- Fairfax, MO
- Dawson, NE
- Morrill, KS
- Mound City, MO
- White Cloud, KS
- Forest City, MO
- Hamlin, KS
- Reserve, KS
- Hiawatha, KS
- Willis, KS
- Humboldt, NE
- Brownville, NE
- Robinson, KS
- Leona, KS
- Rock Port, MO
- Rockport, MO
- Maitland, MO
- Fairview, KS
- Sabetha, KS
- Tarkio, MO
- Highland, KS
- Glenrock, NE
- Auburn, NE
- Rohrs, NE
- North Auburn, NE
- Howe, NE
- Watson, MO
- New Point, MO
- Nw Point, MO
- Oregon, MO
- Bern, KS
- Peru, NE
- Graham, MO
- Quitman, MO
- Skidmore, MO
- Table Rock, NE