Thank you for taking time out to read my latest Blog Post.
This blog post forms part of a of a sequence on Starting A Business which I shall be running over the next couple of days.
Please bookmark or feel free to share if you find it useful.
If you missed any of my previous blog posts you can read them at starting-your-business
Taxes are a very serious concern for any business owner.
There isn’t a for-profit business owner anywhere who doesn’t have to take taxes into consideration. Almost every location in the world taxes businesses. As a business owner, you may be responsible for a wider variety of taxes than ever before. You need to consider not only your own state and federal taxes, but also sales taxes, payroll taxes, and many others. You will need to apply for an Employer Identification Number, or EIN. This is your federal tax ID number (sort of like your social security number, if you’re American) and it will be how you file your federal taxes to the IRS. It will also be used if your company applies for credit and for other purposes. It’s best to be sure your organisation is formed legally before you apply for an EIN. Nearly all organisations are subject to automatic revocation of their tax-exempt status if they fail to file a required return or notice for three consecutive years. When you apply for an EIN, the assumption is made that you’re a legally formed company and the clock starts running on this three-year period.
Change of Ownership or Structure
Generally, businesses need a new EIN when their ownership or structure has changed. To determine if this applies to your business you can refer to the “Do You Need a New EIN?” section of the irs.gov website listed below.
For general enquiries or to find out if you need an EIN just visit the link:
It is highly recommended that you consult with a tax professional on a regular basis to be sure you’re complying with all federal, state and local tax laws, as it could cost you far more down the road than a tax professional will cost you now.
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