If you recently started or plan to start a business in Glen WV or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Glen WV.
Obtaining a Tax ID Number (EIN)
When starting a business in Glen WV, 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 Glen WV 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
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- Lizemores, WV
- Indore, WV
- Bomont, WV
- Pond Gap, WV
- Amelia, WV
- Dixie, WV
- Fola, WV
- Bickmore, WV
- Mt Olive Crrctnl Complex, WV
- Mount Olive, WV
- Belva, WV
- Blount, WV
- Quick, WV
- Clendenin, WV
- Clio, WV
- Corton, WV
- Mammoth, WV
- Swiss, WV
- Jodie, WV
- Cannelton, WV
- Maysel, WV
- Hugheston, WV
- Ovapa, WV
- Procious, WV
- Pigeon, WV
- Cedar Grove, WV
- Gauley Bridge, WV
- Brownsville, WV
- London, WV
- Falling Rock, WV
- Glasgow, WV
- Smithers, WV
- Longacre, WV
- Pratt, WV
- Handley, WV
- Boomer, WV
- Glen Ferris, WV
- Drennen, WV
- Amma, WV
- Blue Creek, WV
- Pinch, WV
- Tad, WV
- Standard, WV
- Mahan, WV
- Burnwell, WV
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