What are the requirements for filing taxes for a new business?
Starting a new business in Washington requires filing taxes with the Washington State Department of Revenue. To file taxes, you must provide information about the business, such as the legal structure and contact information, as well as the business’s federal tax identification number. Registration for a business license is also required, which will give the business common privileges like collecting sales tax and hiring employees. If the business is a corporation, limited partnership, or limited liability company, you must register with the Secretary of State. You must also register for a Washington unemployment insurance (UI) account, and pay unemployment taxes to the Washington State Employment Security Department. The taxes are calculated based on the wages you pay your employees. You must also register for a business and occupation (B&O) tax account with the Washington State Department of Revenue. The B&O tax is based on your gross receipts or gross income, and is used to fund public services in Washington. It is important to keep accurate records of your income and expenses to make filing taxes easier. You must also keep track of wages paid to employees, and keep records on the size of your workforce, to ensure you are paying the correct amount of taxes. By following these steps, you can successfully file taxes for your new business in Washington. These steps ensure that your business is legally established and taxes are paid to the state, so your business can remain in good standing with the state.
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