If you recently started or plan to start a business in South Granville NY or have another taxable entity one of the first things you will want to do is obtain your Tax ID in South Granville NY.
Obtaining a Tax ID Number (EIN)
When starting a business in South Granville NY, 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.
New York State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in South Granville NY you will also likely need a New York 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 New York State Website at https://www.tax.ny.gov/pubs_and_bulls/tg_bulletins/st/how_to_register_for_nys_sales_tax.htm
Cities in New York
- Hebron, NY
- Granville, NY
- Slateville, NY
- Truthville, NY
- North Hebron, NY
- Hartford, NY
- West Pawlet, VT
- Middle Granville, NY
- Mdl Granville, NY
- Comstock, NY
- Rupert, VT
- Spankerton, VT
- Pawlet, VT
- Brimstone Corners, VT
- North Rupert, VT
- N Pawlet, VT
- North Pawlet, VT
- East Rupert, VT
- Wells, VT
- West Rupert, VT
- North Granville, NY
- N Granville, NY
- E Greenwich, NY
- East Hebron, NY
- West Hebron, NY
- Belcher, NY
- Salem, NY
- East Greenwich, NY
- Hampton, NY
- South Bay Village, NY
- West Fort Ann, NY
- Fort Ann, NY
- North Argyle, NY
- South Argyle, NY
- Argyle, NY
- Sandy Hill, NY
- Kingsbury, NY
- Hudson Falls, NY
- Poultney, VT
- East Poultney, VT
- Cossayuna, NY
- Cossayuna Lake, NY
- Middletwn Spg, VT
- Middletown Springs, VT
- South Poultney, VT
- Lake St Catherine, VT
- Blissville, VT
- Rareville, VT