How to Get an EIN in Idaho: A Step-by-Step Guide

One of the first steps you should do if you’re beginning a business in Idaho is to apply for an Employer Identification Number (EIN) with the IRS. An EIN is a special nine-digit number given to your company for tax-related reasons. A step-by-step tutorial for obtaining an EIN in Idaho is provided below.

Not all companies require an EIN. Your Social Security number may be used for tax purposes if you operate as a lone proprietor without any workers. However, you will require an EIN if you have workers or run your company as a partnership, corporation, or LLC. If you file specific tax forms, such as those for employment taxes or excise taxes, you’ll additionally need an EIN.

Gather information about your company, such as its legal name, postal address, and entity type, before applying for an EIN. The names and Social Security numbers of any owners or partners must also be disclosed.

Step 3: Register for an EIN In Idaho, there are various options for applying for an EIN. The IRS website is the best and quickest place to submit an application. Using Form SS-4, you can also apply by mail or fax. Call the IRS Business and Specialty Tax Line at 1-800-829-4933 if you need assistance with the application process.

Step Four: Obtain Your EIN If you apply online, you’ll have your EIN right away when you’ve finished the process. Your EIN may not be available for up to four weeks if you submit your application by mail or fax. Your EIN can be used to open a bank account, recruit staff, and submit taxes now that you have it.

You must also request a sales tax identification number from the Idaho State Tax Commission if you intend to offer tangible items or specific services in Idaho. You can fill out Form ST-101 by mail or the Taxpayer Access Point (TAP) online to register for a sales tax number. You must submit details about your company, such as its legal name, address, and entity type.

In Idaho, labor services like repairs or installations are typically exempt from the sales tax. However, sales tax might be imposed on the entire transaction if the work is a component of a broader contract that also calls for the sale of physical items.

You can mail a payment to the Idaho State Tax Commission at the following address if you need to: PO Box 56, Boise, Idaho 83756-0056

Write your account number on your cheque or money order and don’t forget to include your payment coupon.

Therefore, do I have to pay taxes when I sell things again? You often do not have to pay sales tax on purchases made for resale if you later sell the things to customers. Instead, when you make a transaction, you will be collecting sales tax from your customers. However, you might need to pay use tax on the purchase price if you use the things for personal purposes first before selling them. To guarantee that you are adhering to Idaho’s tax regulations, it is crucial to keep accurate records of all transactions and sales.