If you recently started or plan to start a business in Sterling NE or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Sterling NE.
Obtaining a Tax ID Number (EIN)
When starting a business in Sterling 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 Sterling 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
- Saint Mary, NE
- Burr, NE
- Douglas, NE
- Tecumseh, NE
- Graf, NE
- Crab Orchard, NE
- Adams, NE
- Cook, NE
- Panama, NE
- Firth, NE
- Filley, NE
- Elk Creek, NE
- Syracuse, NE
- Palmyra, NE
- Unadilla, NE
- Bennet, NE
- Hickman, NE
- Holland, NE
- Lewiston, NE
- Steinauer, NE
- Pickrell, NE
- Highland, NE
- Cortland, NE
- Virginia, NE
- Talmage, NE
- Brock, NE
- Johnson, NE
- Lorton, NE
- Dunbar, NE
- Saltillo, NE
- Roca, NE
- Julian, NE
- Cheney, NE
- Walton, NE
- Table Rock, NE
- Otoe, NE
- Sprague, NE
- Princeton, NE
- Martell, NE
- Centerville, NE
- Eagle, NE
- Holmesville, NE
- Riverside, NE
- Rockford, NE
- Beatrice, NE
- Ellis, NE
- Hoag, NE
- Glenover, NE