If you recently started or plan to start a business in Bulls Gap TN or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Bulls Gap TN.
Obtaining a Tax ID Number (EIN)
When starting a business in Bulls Gap TN, 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.
Tennessee State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Bulls Gap TN you will also likely need a Tennessee 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 Tennessee State Website at https://apps.tn.gov/bizreg/
Cities in Tennessee
- Whitesburg, TN
- Mosheim, TN
- Mohawk, TN
- Midway, TN
- Russellville, TN
- Mooresburg, TN
- Tusculum, TN
- Rogersville, TN
- Bybee, TN
- Eidson, TN
- Lowland, TN
- Morristown, TN
- Afton, TN
- Tusculum Coll, TN
- Greeneville, TN
- Baileyton, TN
- Parrottsville, TN
- Bean Station, TN
- Tate Springs, TN
- Surgoinsville, TN
- Treadway, TN
- Thorn Hill, TN
- Kyles Ford, TN
- White Pine, TN
- Baneberry, TN
- Chuckey, TN
- Chucky, TN
- Sneedville, TN
- Newport, TN
- Church Hill, TN
- Limestone, TN
- Fall Branch, TN
- Talbott, TN
- Blackwater, VA
- Telford, TN
- Jeff City, TN
- Jefferson Cty, TN
- Jefferson City, TN
- Mt Carmel, TN
- Mount Carmel, TN
- Rutledge, TN
- Del Rio, TN
- Jonesville, VA
- Dandridge, TN
- Tazewell, TN
- Rose Hill, VA
- Kingsport, TN
- Jonesborough, TN