Applying for a Tax ID (EIN) Number in Mississippi? Learn more about how to apply online using this short Mississippi Tax ID Application Guide. You will need to provide some personal information about each of your partners, even if you’re a Non-Profit, Corporation, Estate of Deceased, Trust, Partnership or multi-member LLC. Get more guidance on applying for your official Tax ID (EIN) Number in Mississippi.
Apply Online by Choosing Your Entity Type
Steps to Obtain your Tax ID (EIN) Number in Mississippi:
- Prepare Required Information
- Apply for a Mississippi Tax ID Online
- Apply for a Mississippi Tax ID by Phone, Mail or Fax
- How Do You Apply for a State Tax ID Number?
- How to Get a State Tax ID Number for a Small Business
- How Do I Get a Mississippi State Tax ID Number?
Getting a tax ID is an application process, so to fill out that application, you’ll need to have the pertinent information on your business prepared. For starters, you’ll need to decide on a business name. Your application will register your business with the government, so you’ll need a legal name in place.
Next, you’ll need to gather the full legal names, social security numbers, and addresses of all founding members of the business (including yourself). You probably know all your own information, and it shouldn’t take long to get this information from your partners- so this should be one of the fastest steps on the list.
The application process can unfold in a few different ways, depending on your preferences and what resources you have accessible to you. For the vast majority of new business owners, the easiest application strategy is to apply online.
In this version of the application process, you’ll need to answer a short questionnaire about your business (including questions that prompt you for the information we described in the previous section). This part of the process should only take you a few minutes, especially if you came prepared with the right information.
When you’re done applying for a Mississippi tax ID online, you’ll need to wait for the application to process. Fortunately, this is fast; in most cases, your application will finish processing in an hour or less, at which point you’ll receive your tax ID over email, and your business will be officially registered with the federal government.Apply for a Mississippi Tax ID Number
If for some reason you don’t want to apply online, there are a few alternative application strategies you can use. The more traditional avenues include applying via phone, mail, or fax. In all of these methods, you’ll be answering questions, just like you would in the online application. The only real difference here is the medium; you can answer those questions in an interview-style format over the phone, or fill out an application by hand and send it in via mail or fax. In all of these methods, the real downside is the amount of time it takes for the application to process. Instead of getting done in the span of an hour, it could take up to 4 to 6 weeks to finish processing. Then, you’ll need to wait for your tax ID to be delivered in the mail.
Your business may also need a Mississippi state tax ID number, which is different from a standard tax ID number (also known as a federal tax ID, employer tax ID number, or EIN). You’ll need a Mississippi state tax ID number for a variety of functions, including hiring Mississippi employees and withholding taxes, and filing for state-level taxes like sales tax.
The application for your state tax ID will share many similarities with the application process you used for your federal tax ID. You’ll need the same pieces of information, and you’ll be answering a similar set of questions (with more questions regarding what you’ll be selling and how you’ll be operating). Like with the federal tax ID application, you’ll have your choice on where to apply. You can apply online, or use a more traditional method like applying via phone, mail, or fax.
Again, the advantage comes down to time. It’s much faster to apply online, and though it may take a few days or weeks, it’s still much faster than applying via any other method.
Not every small business in Mississippi is going to need a Mississippi state tax ID, but many of them will. You can determine whether you need a state tax ID based on the functions you’ll be performing, and where you’ll be performing them.
If your small business plans on hiring employees in Mississippi, you’ll almost certainly need a Mississippi state tax ID. Your small business will also need a state tax ID if you’re going to sell taxable goods and services in the state of Mississippi, or if you plan on owing excise taxes (which apply to some regulated goods and services, like gasoline).
Once you determine that your small business needs a Mississippi state tax ID, the most convenient channel to apply is online. You can complete the online application in a matter of minutes, then wait a few days to a few weeks for the application to fully process.
How can you tell which tax ID, if any, your business needs? The two main tax IDs you’ll need to worry about are federal (your EIN), and state. You’ll need a federal tax ID if your business has more than one person- in other words, all partnerships, LLCs with more than one member, and corporations will need a federal tax ID. You’ll also need an EIN if you plan on opening a business bank account or using a business line of credit. Federal tax IDs are also useful for filling out applications for licenses, permits, and other contracts.
You’ll need a state tax ID number in Mississippi if you’re hiring employees or selling taxable goods in the state. Most Mississippi businesses will, accordingly, need both a federal tax ID and Mississippi state tax ID.