Establishing your own tech company is not an easy challenge. There are bumpy roads ahead and hurdles you must conquer before you can finally start your operation. One of these tasks is learning how to apply for a Washington tax ID or also known as EIN number. There are many big players in the region’s industry therefore you must get things in order such as your tax information.
First of all, why do you need a tax ID? This is a requirement in order to be able to pay your taxes as a business. You will be given a unique ID to use wherein you don’t have to use your personal social security number when needed.
The direct process is to go straight to IRS but if you are busy with other aspects of the business then you might not have the time to do. There are a number of agencies that are willing to process on your behalf for an affordable fee. This way you can focus your time and energy on other important matters.
You just have to fill out a form with information regarding your business. The third party firm will send the form to IRS and handle the processing. You just need to wait until you have your ID number which can be as fast as 24 hours. You don’t have to go through the hassle of the processing and the turnaround time is also faster as these firms are already experts when it comes to tax ID application.
How do you know if your tech business requires a tax ID? Businesses operating under sole proprietorship, partnerships, trusts, LLCs, non-profit organizations, corporations and even estates are required to have one. This is also required if you hired employees, are opening a bank account for your business or are filing for tax returns. If you still don’t know how to apply for Washington tax ID or if you do not have the time, you can always hire a third party firm as long as you have all the requirements needed.