If you recently started or plan to start a business in Silver City SD or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Silver City SD.
Obtaining a Tax ID Number (EIN)
When starting a business in Silver City 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 Silver City 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
- Pactola Lake, SD
- Hisega, SD
- Keystone, SD
- Black Hawk, SD
- Summerset, SD
- Rapid City, SD
- Old Town, SD
- Jolly Acres, SD
- Rockerville, SD
- Bethlehem, SD
- Tilford, SD
- Grashul, SD
- Piedmont, SD
- Nemo, SD
- Ellsworth AFB, SD
- Deerfield, SD
- Mystic, SD
- Hill City, SD
- Rochford, SD
- Hermosa, SD
- Hayward, SD
- Red Shirt, SD
- Folsom, SD
- Pluma, SD
- Roubaix, SD
- Deadwood, SD
- Box Elder, SD
- Fairburn, SD
- Fleming, SD
- Sanator, SD
- Game Lodge, SD
- Bakerville, SD
- Bluebell, SD
- Harney Peak, SD
- Crazy Horse, SD
- Sylvan Lake, SD
- Custer, SD
- Fort Meade, SD
- Pringle, SD
- Farmingdale, SD
- Caputa, SD
- Lead, SD
- Central City, SD
- Hereford, SD
- Clough, SD
- Bear Butte, SD
- Fairpoint, SD
- Marcus, SD