Does your Wisconsin business need a tax ID number? Are you even sure what a tax ID number is? If you’re like most Wisconsin entrepreneurs, you understand that you probably need a tax ID number, but you may not know the best way to get one, or the exact requirements for Wisconsin businesses. Regardless of whether you’re running a partnership, a corporation, an LLC, a nonprofit, or some other business entity, it’s important to know the most efficient strategies for applying for a tax ID number. Just like our Tennessee Tax ID Number Guide, this Winconsin Tax ID Guide will teach you those strategies, and all the requirements for tax ID numbers relevant to your Wisconsin business.
Steps to Applying for a Tax ID (EIN) Online
- All Required Information for Tax ID Applications
- Get a Wisconsin Tax ID Online: Faster and More Efficient
- Get a Wisconsin Tax ID by Phone, Mail or Fax
- How Do I Get a Wisconsin Tax ID Number?
- Do You Need a Business License in Wisconsin?
- The Application Process for a Wisconsin State Tax ID Number
Before you complete the tax ID number application, you’ll need to provide some information on you, your business partners, and your business overall. The tax ID application isn’t complicated, but it goes much faster if you know all the information required in advance. To complete the application successfully, you’ll need to collect the full legal names, full legal addresses, and social security numbers (SSNs) of all your business’s founding members. It shouldn’t take you much time to collect all this information, and once you have it, you’ll be able to complete the tax ID questionnaire much faster.
Most business owners are interested in getting their tax ID number as quickly and as stress-free as possible. They’ll be pleased to know that while there are several methods available for applying for your tax ID number, one stands above the rest in terms of accessibility and speed: applying online.
The online application can be accessed and completed using any digital device, automatically making it more convenient than its obsolete counterparts. Traditional application methods tend to be more time-consuming, and sometimes come with more obstacles. If you have all the correct information on your business and its founding partners, you should be able to finish the application in a matter of minutes.
When you’re done with the application, you’ll get an email in less than an hour, providing you with your tax ID number. Compare this turnaround time to the turnaround associated with traditional methods; with any other application method, you could be forced to wait 4 to 6 weeks to obtain your tax ID number by mail.
Though applying online is vastly superior and recommended for all business owners, there are some traditional tax ID number application methods that are still available to interested parties. For example, you can complete the questionnaire on paper, then mail or fax it in. You could also answer the relevant questions about your company over the phone, speaking with a live representative in a kind of interview. These methods are typically less convenient, but the bigger problem is that they’re time consuming; it often takes 4 to 6 weeks to receive your tax ID by mail when using these methods.
If you need to get a tax ID number for your business (also called an employer identification number, or EIN), there are several methods you could use to attain one, but they all follow the same basic formula. You’ll need to register your business with the federal government, which you can do by filling out a simple application and answering questions about your business and its founding members.
You could use a traditional method to apply, like applying with a paper application or over the phone. However, it’s in your best interest to use the online application. The online application is faster and more convenient; in fact, most people can complete it in a matter of minutes. When you’re done, you’ll receive your tax ID by email in an hour or less.
You’ll need a tax ID number for several reasons. For example, you’ll need one if you’re going to hire employees, or if your business has multiple members. You’ll also need one to apply for most financial products, like business bank accounts, loans, or lines of credit. You may need one for other various purposes, such as for completing business license applications.
You may need to obtain a business license, permit, or other form of certification before you can operate legally in the state of Wisconsin. Unfortunately, there isn’t a singular, catch-all license that covers all business types in all locations. Instead, there are several governmental departments, frequently operating at the state or local level, which dictate which types of businesses need a license and why.
It’s common for businesses dealing with public health, or those that pose safety risks to require licensure. For example, most businesses in the realm of healthcare, construction, and food service will need at least one type of license. Since local laws vary wildly, it’s best to check with your local Chamber of Commerce to determine whether you need documentation. If you do need a business license or permit, you’ll need to provide a federal tax ID number to complete the application.
You may also be required to have a Wisconsin state tax ID number for your business. This is similar to your federal tax ID number, since it uniquely identifies your business, but it functions at the state level, rather than the federal level.
You’ll need one of these if you’re going to hire employees in the state of Wisconsin. You’ll also need one if you’re going to sell taxable goods and services in the state, or if you’ll owe excise taxes on regulated goods like alcohol, gasoline, or tobacco.
If you need a Wisconsin state tax ID number, you’ll first need to get a federal tax ID number, which you can get in less than an hour with the online application. Once you have it, you’ll follow a similar process to get your Wisconsin state tax ID number. Again, traditional methods (like applying by phone, mail, or fax) are available, but it’s much faster and more convenient to apply for your Wisconsin state tax ID number online. When complete, you’ll receive your Wisconsin state tax ID number in 4 to 6 weeks.