If you recently started or plan to start a business in Burlington WI or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Burlington WI.
Obtaining a Tax ID Number (EIN)
When starting a business in Burlington WI, 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.
Wisconsin State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Burlington WI you will also likely need a Wisconsin 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 Wisconsin State Website at https://www.revenue.wi.gov/Pages/Businesses/home.aspx
Cities in Wisconsin
- Lyons, WI
- New Munster, WI
- Powers Lake, WI
- Springfield, WI
- Bassett, WI
- Pell Lake, WI
- Genoa City, WI
- Silver Lake, WI
- Twin Lakes, WI
- Rochester, WI
- Salem, WI
- Paddock Lake, WI
- Honey Creek, WI
- Kansasville, WI
- Camp Lake, WI
- Wilmot, WI
- Lake Geneva, WI
- Wind Lake, WI
- Waterford, WI
- Richmond, IL
- Solon Mills, IL
- East Troy, WI
- Union Grove, WI
- Spring Grove, IL
- Zenda, WI
- Williams Bay, WI
- Bristol, WI
- Elkhorn, WI
- Trevor, WI
- Benet Lake, WI
- Hebron, IL
- Woodworth, WI
- Ringwood, IL
- Fontana, WI
- Old Mill Creek, IL
- Old Mill Crk, IL
- Antioch, IL
- Alden, IL
- Wonder Lake, IL
- Big Bend, WI
- Walworth, WI
- Mukwonago, WI
- Mount Pleasant, WI
- Franksville, WI
- Mt Pleasant, WI
- Sturtevant, WI
- Fox Lake, IL
- Volo, IL