If you recently started or plan to start a business in N Chesterfld VA or have another taxable entity one of the first things you will want to do is obtain your Tax ID in N Chesterfld VA.
It’s important to understand that there are 2 different types of Tax ID’s that you will likely need in N Chesterfld 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 N Chesterfld 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 N Chesterfld 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
- North Chesterfield, VA
- Forest Hill, VA
- Ampthill, VA
- Defense General Supply Ct, VA
- Richmond Main, VA
- Saunders, VA
- Vcu/mcv East, VA
- County Of Henrico, VA
- Nationsbank Mortgage, VA
- Anthem/blue Cross Blue Shiel, VA
- Rich, VA
- Va Dept Tax, VA
- Main Office, VA
- Div Motor Veh, VA
- Richmnd, VA
- Vcu/west, VA
- Dominion Virginia Power, VA
- Suntrust Bank, VA
- Mcguire Veterans Hospital, VA
- Dept Public Utilities, VA
- Central Sta, VA
- Capital One, VA
- Richmond Newspapers, VA
- Richmond Brm, VA
- Capitol, VA
- Stewart, VA
- Bon Air, VA
- University Of Rich, VA
- Univ Of Rich, VA
- Richmond, VA
- University Of Richmond, VA
- Koger Executive Ctr, VA
- Air Mail Facility, VA
- Rich Int Ap, VA
- Richmond Int Airport, VA
- Tuckahoe, VA
- Regency, VA
- Westbury, VA
- Staples Mill, VA
- Highland Springs, VA
- Highland Spgs, VA
- Henrico, VA
- Chesterfield, VA
- Beach, VA
- Chesterfld, VA
- Varina, VA
- Millers, VA
- Montrose Heights, VA