Some of the content on this website requires JavaScript to be enabled in your web browser to function as intended. While the website is still usable without JavaScript, it should be enabled to enjoy the full interactive experience.

Skip to Main Navigation. Each navigation link will open a list of sub navigation links.

Skip to Main Content

News

Wyoming Business Tips for July 8-July 14


July 2, 2012 — A weekly look at Wyoming business questions from the Wyoming Small Business Development Center (WSBDC), part of WyomingEntrepreneur.Biz, a collection of business assistance programs at the University of Wyoming.

By Margie Rowell, WSBDC regional director

“My banker said I need a ‘tax ID’ to open a bank account for my new business. What is that, and where do I get one? Sabrina, Jackson

Many times bankers will tell a new business owners that they need tax IDs, but there are different types of tax IDs.

Do they mean an Employer Identification Number (EIN) or a Wyoming Sales Tax Number? What are the differences?

An Employer Identification Number (EIN) also is known as a Federal Tax Identification Number and is used to identify a business entity. This is normally what the bankers mean when they say “tax ID.”

If you answer “yes" to any of the following questions, you will need an EIN: Do you have employees? Do you operate your business as a corporation or a partnership? Do you file any of these tax returns: employment, excise, or alcohol, tobacco and firearms? Do you withhold taxes on income, other than wages, paid to a nonresident alien? Do you have a Keogh plan?

Wyoming Sales/Use Tax License Number also can be referred to as a Tax ID number. This normally is not what the banker is referring to when he says you need a tax ID. This ID number is needed for any person who meets the definition of vendor and must license to collect and remit sales tax.

For more information about a Wyoming Sales Tax Identification Number, contact Terri Lucero, Wyoming Department of Revenue, Education and Taxability Services manager, at (307) 777-5293, or email terri.lucero@wy.gov.

Information also is available on the WyomingEntrepreneur.biz website at www.WyomingEntrepreneur.biz. Free and confidential meeting with an adviser is available.

A blog version of this article and an opportunity to post comments is available at http://www.wyomingentrepreneur.typepad.com/blog/.

The WSBDC is a partnership of the U.S. Small Business Administration, the Wyoming Business Council and the University of Wyoming. To ask a question, call 1-800-348-5194, email wsbdc@uwyo.edu or write 1000 E. University Ave., Dept. 3922, Laramie, WY, 82071-3922.

Share This Page:

Footer Navigation

University of Wyoming Medallion
 
1000 E. University Ave. Laramie, WY 82071 // UW Operators (307) 766-1121 // Contact Us // Download Adobe Reader