If you recently started or plan to start a business in Beresford SD or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Beresford SD.
Obtaining a Tax ID Number (EIN)
When starting a business in Beresford SD, 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.
South Dakota State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Beresford SD you will also likely need a South Dakota 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 South Dakota State Website at https://apps.sd.gov/rv23cedar/main/main.aspx
Cities in South Dakota
- Alsen, SD
- Emmet, SD
- Centerville, SD
- Dalesburg, SD
- Alcester, SD
- Big Springs, SD
- Nora, SD
- Norway Center, SD
- Moe, SD
- Hudson, SD
- Wakonda, SD
- Worthing, SD
- Burbank, SD
- Davis, SD
- Chatsworth, IA
- Fairview, SD
- Greenfield, SD
- Westerville, SD
- Vermillion, SD
- Meckling, SD
- Hub City, SD
- Naomi, SD
- Lennox, SD
- Hawarden, IA
- Canton, SD
- Volin, SD
- Viborg, SD
- Hooker, SD
- Center Point, SD
- Swan Lake, SD
- Midway, SD
- Turkey Ridge, SD
- Hurley, SD
- Flyger, SD
- Mayfield, SD
- Irene, SD
- Junction City, SD
- Elk Point, SD
- Richland, SD
- Spink, SD
- Akron, IA
- Ruble, IA
- Rock Valley, IA
- Carmel, IA
- Gayville, SD
- Inwood, IA
- Harrisburg, SD
- Lake Alvin, SD