If you recently started or plan to start a business in Eau Claire WI or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Eau Claire WI.
Obtaining a Tax ID Number (EIN)
When starting a business in Eau Claire 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 Eau Claire 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
- Caryville, WI
- Altoona, WI
- Hallie, WI
- Eleva, WI
- Cleghorn, WI
- Elk Mound, WI
- Fall Creek, WI
- Brackett, WI
- Mason Shoe, WI
- Eagle Point, WI
- Chippewa Falls, WI
- Chippewa Fls, WI
- Bateman, WI
- Tilden, WI
- Lafayette, WI
- Lake Hallie, WI
- Lake Wissota, WI
- Strum, WI
- Modena, WI
- Mondovi, WI
- Rock Falls, WI
- Augusta, WI
- Downsville, WI
- Osseo, WI
- Foster, WI
- Gilmanton, WI
- Durand, WI
- Cedar Falls, WI
- North Menomonie, WI
- Menomonie, WI
- Rusk, WI
- Albertville, WI
- Colfax, WI
- Crescent, WI
- Cadott, WI
- Eau Galle, WI
- Elk Creek, WI
- Independence, WI
- Eagleton, WI
- Bloomer, WI
- Jim Falls, WI
- Fairchild, WI
- Pigeon Falls, WI
- Whitehall, WI
- Edson, WI
- Boyd, WI
- Cream, WI
- Alma, WI