Before you can get your Georgia business up and running, you’ll likely need to get a tax ID number in place. However, you might be confused about why tax ID numbers exist, and how you can get one quickly for your business. A tax ID number (EIN) is required of most businesses in the United States, including sole proprietorships, partnerships, corporations, nonprofits, and limited liability companies (LLCs). Accordingly, you’ll want to get one as quickly as possible so you can operate legally, including in the state of ohio and florida. This article will tell you everything you need to know to evaluate your tax ID number needs and receive your tax ID in a fast, efficient way.
Steps to Getting a Georgia Tax ID (EIN) Number
- Gathering Personal Information
- Obtain Your Georgia Tax ID With an Online Application
- Obtain Your Georgia Tax ID Through Phone, Mail or Fax
- What’s the Best Way to Get a Tax ID Number for a Georgia Business?
- Does Georgia Have a State Tax ID Number?
- Georgia State Tax ID Number: What It Is and How to Get One
Getting a tax ID number requires your business to register with the government. Accordingly, you’ll need to provide some personal details on yourself and your business’s other founding members (i.e., your partners). Though several application methods exist, every application format will require you to provide the same types of information on your key personnel. Gathering this information proactively can greatly expedite the time it takes to finish the application. Make sure you jot down their full legal names, the addresses of their legal residences, and their social security numbers (SSNs). This should be all you need.
You’ll have your choice of methods when trying to obtain your tax ID number. Several application methods exist, many of which developed before the internet became popular. Accordingly, they don’t offer any efficient advantages over the online application method.
Applying online is better for Georgia entrepreneurs in every conceivable way. It’s much more accessible, since you can use any device with an internet connection to access it. It’s also more convenient, since it’s available 24/7, and because the form itself is simple and easy to understand. If you’ve gathered all the right information on yourself and your business partners, you can typically finish this application in just 5 minutes.
After submitting your application, you’ll have to wait to receive your tax ID number. However, the online application processing time is lightning-quick. You should receive your tax ID number via email in an hour or less.
All business owners in Georgia should rely on the online application method to receive their tax ID number. However, there are some traditional methods that are still available. For example, there’s the mail-based application, where you fill out a paper application and mail it in. You can also fax in your application, or call a representative and answer questions about your business partners over the phone.
These methods still help you obtain a tax ID number, but they take a long time and are inconvenient. Most entrepreneurs end up waiting 4 to 6 weeks to get their tax ID after using one of these methods.
As a Georgia business owner or aspiring entrepreneur, you’re probably wondering about the best way to get a tax ID number, since there are several distinct application methods.
There are a few different ways to think about the "best" method. For example, you could try to find the method that’s most convenient, or the method that’s easiest to understand. You could also try to find the method with the fastest turnaround time.
In every category, the best application method for your tax ID number is applying online. The online application is more convenient, it’s ridiculously easy to understand, and best of all, it’s the fastest method in terms of turnaround speed. With it, you can access the application anywhere, at any time, and finish the main application in just a few minutes. After that, you can expect to receive your tax ID number via email in an hour or less.
Your tax ID usually refers to a federal tax ID number. This number is 9 digits long and uniquely assigned to your business by the federal government. It’s also sometimes called an employer identification number, or EIN. You’ll need it if your business is going to have multiple members or if it’s going to hire employees. You’ll also need one if you’re going to apply for financial products like loans, lines of credit, or even basic business bank accounts. Most business license and permit applications also require this federal-level number.
However, there are also state-level tax ID numbers, which are distinct from the federal tax ID number. These, as their name implies, apply at the state level. Georgia has a state-level tax ID number, and you’ll need one if you’re going to hire employees (so you can handle state-level withholdings), or if you’re selling taxable goods and services in the state. You’ll also need to have one if you’re going to sell regulated goods like alcohol or tobacco, for which you’ll owe excise taxes.
Does your business need a Georgia state tax ID number? The shortest answer is probably. You’ll need a Georgia state tax ID number if you’re selling taxable goods and services in the state, if you’ll owe state-level excise taxes, or if you’re going to hire employees in Georgia. To get one, your first step will be getting a federal tax ID number; if you apply online, you should be able to get yours in less than an hour.
When you’ve gotten your federal tax ID number, you can fill out the Georgia state tax ID number application in full. Like with the EIN application, you’ll have several methods to choose from. Traditional methods like phone-based and mail-based applications still exist, but you’re much better off applying online. The online application is simpler to understand and more convenient to access, and with it, you can get your Georgia state tax ID number in 4 to 6 weeks.