If you recently started or plan to start a business in Fife WA or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Fife WA.
Obtaining a Tax ID Number (EIN)
When starting a business in Fife WA, serving as the administrator or executor of an estate, creator of a Trust or operating a Non Profit Organization obtaining a Tax ID (EIN) is a key responsibility. A Tax ID also known as an Employer ID Number (EIN) is a unique nine digit number that identifies your business or entity with the IRS for tax purposes, essentially like a Social Security Number for the entity. A Tax ID (EIN) is used for opening a business
bank account, filing business tax returns and in many cases is required when applying for business licenses. In most cases it is helpful to apply for a Tax ID (EIN) as soon as your start planning a business to ensure that there are no delays in obtaining the correct licenses, financing and opening a business bank account that would be needed to operate.
Information to Consider Prior to Applying
Before applying for your Tax ID (EIN) you may want to consider a few things before starting the application including:
- Determine which structure your business or organization will operate as
- Determine the individual or organization that will serve as the responsible party
- Determine the physical address the business/entity will use – A physical address is required for all Tax ID (EIN)’s and a separate mailing address can be specified
Definition of Entities
- Sole Proprietor – An individual who owns a company that is not incorporated or registered with the state as a limited liability company (LLC).
- Limited Liability Company (LLC) – A LLC is a structure formed by filing articles of organization which allows members limited liability protection and pass through taxation.
- Corporation – A person or group of people who establish a legal entity by filing articles of incorporation with the state’s secretary of state.
- Estate of Deceased – An estate (or decedent estate) or succession is a legal entity created as a result of a person’s death.
- Trusts – All types of trusts including conservatorships, custodianships, guardianships, irrevocable trusts, revocable trusts, and receiverships.
- Partnership – An unincorporated organization in which two or more individuals share the profits and liabilities of a business venture.
- Church – For tax purposes, a “church” refers to any organization claiming to be a church including temples, mosques, and other houses of worship.
- Non-Profit Organization – Includes public charities, educational organizations, PTA/PTO Organizations, Community Sports Teams, Homeowners/Condo Associates, etc.
Washington State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Fife WA you will also likely need a Washington State Tax ID. This ID is needed to pay business taxes, state income tax and/or sales tax on items you sell. Generally the State Tax ID is used for the follow:
- Sales and Use Tax
- Employee Income Tax Witholding
- Sales Tax Exemption Permits
- Excise Taxes for items like Alcohol, Tobacco, Firearms, Oil & Gas, heavy machinery, etc.
For specific detail refer to the Washington State Website at http://dor.wa.gov/content/doingbusiness/registermybusiness/
Cities in Washington
- Milton, WA
- Edgewood, WA
- Meeker, WA
- Maplewood, WA
- Summit, WA
- Alderton, WA
- Jovita, WA
- Firwood, WA
- Puy, WA
- Puyallup, WA
- Dash Point, WA
- Browns Point, WA
- Tacoma, WA
- University Place, WA
- Joint Base Lewis Mcchord, WA
- Madigan Hosp, WA
- Jblm, WA
- Jb Lewis Mcchord, WA
- Lewis Mcchord, WA
- Veterans Hospital, WA
- Madigan Hospital, WA
- Oakbrook, WA
- Madigan Army Medical Center, WA
- World Vision Brm, WA
- University Pl, WA
- World Vision, WA
- Lakewood, WA
- Pacific, WA
- University Of Puget Sound, WA
- Dieringer, WA
- Recreational Equipment Inc, WA
- Sumner, WA
- Rei, WA
- South Hill, WA
- Algona, WA
- Federal Way, WA
- Auburn, WA
- Pacific Lutheran University, WA
- Parkland, WA
- Ruston, WA
- Fircrest, WA
- Mcchord AFB, WA
- Lakeridge, WA
- Bonney Lk, WA
- Inlet Island, WA
- Rhododendron Park, WA
- Cedarview, WA
- Bonney Lake, WA