If you recently started or plan to start a business in Richmond TX or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Richmond TX.
Obtaining a Tax ID Number (EIN)
When starting a business in Richmond TX, 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.
Texas State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Richmond TX you will also likely need a Texas 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 Texas State Website at https://comptroller.texas.gov/taxes/permit/
Cities in Texas
- Crabb, TX
- Pleak, TX
- Booth, TX
- Rosenberg, TX
- Clodine, TX
- Sugar Land, TX
- Weston Lakes, TX
- Fulshear, TX
- Stafford, TX
- Meadows Place, TX
- Orchard, TX
- Alief, TX
- Howellville, TX
- Thompsons, TX
- Fairchilds, TX
- Needville, TX
- Long Point, TX
- Missouri City, TX
- Sienna Plant, TX
- Sienna Plantation, TX
- Barker, TX
- Simonton, TX
- Valley Lodge, TX
- Beasley, TX
- Sharpstown, TX
- Addicks, TX
- Wallis, TX
- Kendleton, TX
- Powell Point, TX
- Park Row, TX
- Katy, TX
- Fresno, TX
- Addicks Barker, TX
- Guy, TX
- Bellaire, TX
- Piney Point Village, TX
- Piney Point, TX
- Spring Valley, TX
- Memorial Park, TX
- Hunters Creek Village, TX
- Hedwig Village, TX
- Bunker Hill Village, TX
- Trammells, TX
- Astrodome, TX
- Astroworld, TX
- Damon, TX
- Hungerford, TX
- Gridiron, TX