If you are looking to establish a business in Minnesota, we guess that you have heard of a tax ID. But what is a tax ID, and how can you apply for one? This Minnesota tax id application guide will help you.
What is a tax ID in Minnesota?
A tax ID is mandatory for any business based in Minnesota. The seven digit identification number helps entrepreneurs to file their taxes, as well as avoid the compliance issues associated with tax evasion. Furthermore, a tax ID in Minnesota is necessary for businesses that have changed their name and business operations.
Minnesota tax ID might not be necessary for entrepreneurs who are exempted from federal taxes, and not-for-profit organizations.
What credentials do you need to apply for a tax ID in Minnesota?
Before you start the application process, make sure that you have your business’ legal name, the business’ physical address, and the social security numbers of the business owner and partners. Furthermore, you would need your contacts, and the federal employer identification number (FEIN).
How do you apply for a tax ID in Minnesota?
There are two primary ways to apply for a tax ID in Minnesota. First, you can apply online through the Minnesota Department of Revenue’s official website. You will need to complete and submit an online application form with your FEIN, business information, North American Industry Classification System code, as well as your SSN.
The online application is ideal for tech-savvy individuals who would want to complete the process from the comfort of their home or office. The straightforward process takes a few minutes to complete.
Secondly, you can download and fill a printout of the tax ID application form, and then send it to the Minnesota Department of Revenue through email or mail. The downloadable forms are available on the Minnesota Department of Revenue’s official website.