If you are planning to establish a business in the state of Wisconsin, you will need to get registered on both a state and federal level. On the state level, you’ll need the appropriate business forms and permits- depending on the nature of your business. Once you file with your state, you are ready to get your federal IRS-EIN-Tax-ID. Here is what you need to know about getting an IRS-EIN-Tax-ID in Wisconsin:
Who Needs An EIN number?:
You will need an EIN number if you are running a business, charity or establishing a Trust or Estate. The only entities who are not required to have an EIN are sole proprietorships and LLCs who do not plan to hire employees or submit excise tax or pension. If you own a business that meets these qualifications, you’ll be using your own SSN, or Social Security Number, to file taxes for your company. In all other cases, you will need an EIN number.
Where To Apply For An EIN Number Wisconsin:
There are several ways to apply for your EIN. The fastest and easiest way to obtain your EIN is to do so online through a trusted website. You also have the option of submitting your EIN by mail or fax. If you mail your application, you may wait as long as a full month for a response and faxing will mean waiting about two weeks for approval.
EIN Tips For Wisconsin Business Owners:
Filling out your EIN application online is the easiest way to complete this important step. Before you fill out your application, prepare all of your paperwork to ensure a swift and easy process. Recently, Wisconsin business owners have been required to switch to the NAICS, or the North American Industry Classification System classification for tax purposes. If you are starting out, make sure that you are coding correctly.
Starting a business is challenging but applying for an EIN can be easy allowing you to get back to other aspects of building your company.
