If you recently started or plan to start a business in West Virginia or have another taxable entity one of the first things you will want to do is obtain your Tax ID in West Virginia.
Obtaining a Tax ID Number (EIN)
When starting a business in West Virginia, 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.
West Virginia State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in West Virginia you will also likely need a West 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 West Virginia State Website at http://tax.wv.gov/Business/BusinessRegistration/Pages/BusinessRegistration.aspx
Cities in West Virginia
- Wheeling, WV
- Fairmont, WV
- Beckley, WV
- Clarksburg, WV
- Parkersburg, WV
- Saint Albans, WV
- Huntington, WV
- Hurricane, WV
- Weirton, WV
- Bluefield, WV
- Buckhannon, WV
- Morgantown, WV
- Charles Town, WV
- Moundsville, WV
- Martinsburg, WV
- Elkins, WV
- Bridgeport, WV
- Hedgesville, WV
- Keyser, WV
- Harpers Ferry, WV
- Barboursville, WV
- Berkeley Springs, WV
- Oak Hill, WV
- Elkview, WV
- Grafton, WV
- Inwood, WV
- Dunbar, WV
- Chapmanville, WV
- Weston, WV
- Summersville, WV
- Milton, WV
- Ripley, WV
- Falling Waters, WV
- Lewisburg, WV
- Point Pleasant, WV
- New Martinsville, WV
- Nitro, WV
- Wellsburg, WV
- Ravenswood, WV
- Fayetteville, WV
- Kearneysville, WV
- Beaver, WV
- Scott Depot, WV
- Spencer, WV
- Philippi, WV
- Bunker Hill, WV
- Shepherdstown, WV
- Bruceton Mills, WV