Applying for a Tax Id For the State of Illinois
What is an EIN? The Employer Identification Number (EIN), or Federal Tax Identification Number, it has many names but the usage of it, is all the same. Your business Ein/ Tax Identification number is how you will be reporting you businesses income/losses to Uncle Sam for the payment of taxes.
Do I Really Need a Ein?
The short answer is yes, if you plan on running a legit business it is important to have a business ein so that you are able to properly get a record of annual earnings, to prevent a audit from the IRS.
Other benefits if having a Ein/ Tax id
To open a bank account for the company
For federal and state tax purposes
To hire employees for the company
Where can I get a Ein From? An EIN is obtained from the IRS (free of charge) by the business owner after they form their business. This can be done by one of two ways:
Print and mail the appropriate form
2. Register for State Tax
Do I need to register for State taxes? You will need to register for State taxes if:
you have employees
you are selling a physical product that requires sales tax within your State
Texas Online Tax Registration Application
Obtain Business Licenses & Permits
Do I need business licenses & permits and how do I obtain them?
For certain types of industries it will be important to have specific permits to operate your business, for instance if you are planing on selling liquor you will need to obtain a liquor license from the state of Illinois.
Find out what types of special licensing you need by doing the following:
Fees for business licenses and permits will vary depending on what sort of license you are seeking to obtain.
for more information on getting proper business permits please vist