Applying for a Washington Tax Identification Number
Becoming an entrepreneur is a huge step to take in life. It takes many goals to reach the point in a business where you can call yourself successful. Everyone in this world has had a dream of working for themselves and making tons of money. To be able to be your own boss and not have to work for a boss that you can’t stand working for. In the State of Washington, you must apply for a state tax identification number. This is the number that the state will use to identify your business when it comes to doing your taxes. This number is just like having a social security number except it is for your business. The tax ID is a nine-digit number that will remain with you throughout the lifetime of your business. So lets get to it on how to apply for a washington tax id.
First you must figure out if you are going to be a sole proprietorship, a partnership, or a corporation. A sole proprietorship is when you are running the business all by yourself. A partnership is where you equally share the business and its entireties with one other person. A corporation is when your business is run by three or more people. Once you figure out what business entity you are going to have, you are ready to apply.
The application is going to ask you several different questions pertaining to the business such as the name of the business, the address, phone number, email address, and any other question that may be pertaining to the name of the business. Then after you fill out the form, you will be able to review it to make sure everything is correct and spelled correctly. After it is submitted you will have to pay a fee of $185.00. As soon as you have submitted the application online and pay the fee, you will receive an email that states the tax identification number for your business. It takes about two weeks for the information from your online application to permanently go through the Internal Revenue Services files, but they do not make you wait that long to generate your number. Since you might need that number to finalize other things for your business such as licensing or insurance, they want to make sure you have it available. If you apply for your tax identification number by fax, mail, or telephone, it could take up to four weeks to get your number back.
Applying for your businesses tax identification number in Washington is not a very long process. Filling out the application is the easy part. Once that is done it is just a waiting game. Once you have your number, you are ready to get the show on the road. You are ready to get your business rolling. It is all up hill from her on out. Once your business is up and running, you can watch your income start to flow in. Being your own boss can be difficult, but it can be very rewarding in the end.
And to end the article, here’s a quick reminder of what taxes are and why we even have to pay them (awesome video!):