If you recently started or plan to start a business in Palisades WA or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Palisades WA.
Obtaining a Tax ID Number (EIN)
When starting a business in Palisades 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 Palisades 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
- Rock Island, WA
- Quincy, WA
- Winchester, WA
- Trinidad, WA
- E Wenatchee, WA
- East Wenatchee, WA
- Malaga, WA
- Withrow, WA
- Waterville, WA
- Douglas, WA
- Farmer, WA
- Ephrata, WA
- Adco, WA
- Lakeview Park, WA
- Soap Lake, WA
- Adrian, WA
- Orondo, WA
- Mission Square, WA
- West Wenatchee, WA
- Pearcot, WA
- Wenatchee Heights, WA
- Grant Road Addition, WA
- Kenroy, WA
- Wenatchee, WA
- Appleyard, WA
- George, WA
- Monitor, WA
- Chelan Falls, WA
- Coulee City, WA
- Stratford, WA
- Cashmere, WA
- Ardenvoir, WA
- Dryden, WA
- Raugust, WA
- Mae, WA
- Moses Lake, WA
- Wheeler, WA
- Krupp, WA
- Marlin, WA
- Ruff, WA
- Wilson Creek, WA
- Lucerne, WA
- Chelan, WA
- Holden Village, WA
- Lakeside, WA
- Royal City, WA
- Ellensburg, WA
- Thrali, WA