If you recently started or plan to start a business in Bristow VA or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Bristow VA.
It’s important to understand that there are 2 different types of Tax ID’s that you will likely need in Bristow VA, a Federal Tax ID (also known as an EIN) and a State Level Tax ID.Obtaining a Tax ID Number (EIN)
When starting a business in Bristow VA, 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.
Virginia State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Bristow VA you will also likely need a Virginia 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 Virginia State Website at https://www.ireg.tax.virginia.gov/VTOL/Login.seam
Cities in Virginia
- Nokesville, VA
- Manassas, VA
- Sudley Springs, VA
- Sudley Spgs, VA
- Manassas Park, VA
- Gainesville, VA
- Catharpin, VA
- Catlett, VA
- Clifton, VA
- Sully Station, VA
- Centreville, VA
- Calverton, VA
- Casanova, VA
- Vint Hill Farms, VA
- Vint Hill Frm, VA
- New Baltimore, VA
- Broad Run, VA
- Haymarket, VA
- South Riding, VA
- Chantilly, VA
- Fairfax, VA
- Dalecity, VA
- Dale City, VA
- Fx Station, VA
- Fairfax Station, VA
- Fairfax Sta, VA
- Lake Ridge, VA
- Prince Wm, VA
- Prince William, VA
- Midland, VA
- Quantico Naval Hospital, VA
- Mcb Quantico, VA
- Quantico, VA
- Montclair, VA
- Dumfries, VA
- Dulles International Airp, DC
- The Plains, VA
- Fairfax County Government, VA
- Somerville, VA
- Burke, VA
- Oak Hill, VA
- Triangle, VA
- Stone Ridge, VA
- Aldie, VA
- Dulles Air Transfer Office, VA
- Oakton, VA
- Occoquan, VA
- Ruby, VA