do I need a washington tax registration number? On Fri, 27 Jan 2012 06:02:55 GMT starting greg l key cpa. a         Services Bookkeeper with 0 employees in Seattle, WA  , 98116, WA King County              

vii - You need a business tax registration and a fictitious business name registration.  In lieu of registering a ficitious business name, You could become an S  or C corporation or set up an LLC.

           

As mentioned above, partnership need a federal IRS business tax ID and because you have partners, you need to get one. Even if your assumed business name includes your family name you still need to file a dba because your business name connotes additional ownership stakes. Suffixes such as "& Sons" or & Associates require a filing of a trade fictitious business name. Remember that if you lease personal property, leasing it is taxable on the amount of the lease and you need to obtain a sales tax resale number to collect and pay taxes. All corporation at formation are C corporations unless they elect to be S corporations. An LLC can be a C corporation and taxed as one if it decides so. Keep in mind that even if you are just a service man, you still need to get a sales tax id number if your service includes the installation or building of parts. How much capital do I need to set up my LLC? You qualify as an independent contractor because you work with your own tools and you work unsupervised. In that case you will need a federal IRS tax ID because most larger company clients they will ask you for it before they issue a check for services.

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Frequently Asked Questions:

Q: I started a business as a partnership but never really took off. Do I still need to file an IRS return?
A: If you filed for a a partnership but never started a business, you need to file a tax return anyway and just fill out the gross business income as zero. Otherwise the IRS will charge you with a penalty for non filing the return.

Q: What if the independent contractor is an LLC or corporation, do I still need to send them a 1099 form?
A: To be safe, yes, send everyone that does any work for you for more than $600 a 1099 form.

Q: What is the threshhold before I am required to file a business tax return?
Even if you made $0 dollars, you still need to file a business tax return.

Q: What is an EIN Used For?
A: You can use an EIN to pay employment taxes withheld and use it as a corporation, LLC or business tax ID number as a sole proprietor or partnership or you can combine any of the previous uses of an EIN.