How to Get an EIN (Tax ID) Number in Oklahoma
Known for its cowboy culture, wind sweeping down plains, and its unique panhandle shape, Oklahoma can be a great place to start a business. The state offers a wide variety of rural and urban areas, and it has a relatively supportive business climate. While its main industries are agriculture and bioscience, the state also needs a wide variety of other businesses.
However, to get started with your new endeavor, you will need a state tax ID and a federal Employer Identification Number (EIN). Wondering how to get an Oklahoma EIN number? Then, you’ve come to the right corner of the internet. This guide outlines the basics.
How To Apply For A Tax ID Number In Oklahoma
To get an EIN number Oklahoma residents should start by determining if they need this number. Then, they should gather details for the application. Finally, they can complete the process online or through the mail.
Here are the signs you need an EIN. If any of the following apply to your situation, you need this number:
● If you’re hiring an employee, you need the number for payroll tax forms.
● If you’re withholding taxes from contractors, you need an EIN.
● If you’re forming a partnership or a C-corporation, you need this number for federal business income tax forms.
● If you need to pay excise tax, you need this number for excise returns.
● If you want to do banking in your business’s name, the bank will generally require this number.
In other words, if you need to file any standalone federal tax forms, you need an EIN. If you don’t have any employees and you only file a Schedule C, you may not need this number. Unsure? Then, consult with an accountant, a business attorney, or a business formation specialist. Now that you know the requirements, take a deeper look at the steps involved.
Prepare The Required Information
To get an EIN number Oklahoma residents need to share several details about their business with the IRS. The application asks for contact details about your business, its structure, its principal line of merchandise or services, and the name of a responsible party.
It also asks about how many employees you plan to hire and if you think you will owe more than $1,000 in payroll tax over the next year. Don’t worry. These are only estimates. The government understands that the business world changes quickly, and as long as your contact details and the name of the responsible person are correct, the other information can change.
Apply Online
The online EIN application is easy to complete as long as you take the time to prepare the information. Once you complete the process, you should receive your number right away, and you can start using it on tax and banking forms instantly. The IRS will also send you a hard copy in the mail.
Submit Your Application Via Mail
If you don’t mind waiting six to eight weeks for your number, you can apply for the EIN through the mail. Just fill out a paper application, and then send it to the government. They will respond by mail with your number.
Frequently Asked Questions
When considering an EIN number Oklahoma residents often have a lot of questions. Take a look at the following if you want more details about the differences between EINs and state tax IDs.
An Oklahoma EIN number and state ID are unique numbers generated by the government and used to identify your business on tax forms. You need a tax ID number to take care of corporate and partnership taxes, excise taxes, and employee taxes.
The Secretary of State does not issue federal or state tax numbers. Instead, if you need an Oklahoma tax ID number, you should contact the revenue department, and if you need a federal number, you should reach out to the IRS.
An EIN works like an Oklahoma tax ID number in that you put both of these numbers on tax forms. However, an EIN is a federal number for federal tax forms, and in contrast, you use the OK number for state tax issues.