If you recently started or plan to start a business in Bountiful UT or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Bountiful UT.
Obtaining a Tax ID Number (EIN)
When starting a business in Bountiful UT, 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.
Utah State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Bountiful UT you will also likely need a Utah 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 Utah State Website at http://tax.utah.gov/business
Cities in Utah
- Val Verda, UT
- W Bountiful, UT
- West Bountiful, UT
- Woods Cross, UT
- N Salt Lake, UT
- North Salt Lake, UT
- Nsl, UT
- Centerville, UT
- Fort Douglas, UT
- Emigration Canyon, UT
- Emigratn Cyn, UT
- Farmington, UT
- First Security Bank, UT
- American Express Co, UT
- Beneficial Life Insurance, UT
- Questar Gas Company, UT
- Salt Lake County Complex, UT
- Wells Fargo Bank, UT
- Church Of Jesus Christ/lds, UT
- University Medical Ctr, UT
- Utah State Tax Commission, UT
- Veterans Administration Hosp, UT
- Key Bank, UT
- Lds Hospital, UT
- Salt Lake City, UT
- Salt Lake Cty, UT
- Slc, UT
- S Salt Lake, UT
- Millcreek, UT
- South Salt Lake, UT
- Stoddard, UT
- Richville, UT
- Peterson, UT
- Porterville, UT
- Morgan, UT
- Mountain Green, UT
- Mtn Green, UT
- Milton, UT
- Littleton, UT
- Kaysville, UT
- Fruit Heights, UT
- West Kaysville, UT
- Granger, UT
- Granger Hunter, UT
- Layton, UT
- East Layton, UT
- Holladay, UT
- Holladay Cottonwood, UT