How to Get a Washington Tax ID for Your Business

How to Get a Washington Tax ID for Your Business

Receiving a tax identification number is an important step for any business owner, but can be seemingly overwhelming to do. While the large amount of government paperwork can be deterring, the process can be simply broken down simple steps. In this article you will learn how to mitigate the tax ID process within Washington state so you can legally operate and scale your business further. This articles is merely a help obtaining a washington tax id – not a strict guideline.

 

What is the First Step?

 

The first step in getting a tax ID is filling out the correct documentation for an Employer Identification Number, otherwise known as an EIN. This is a unique set of nine digits attached to your business which are required to open a bank account, file taxes, and hire employees. It serves as a “social security number” to your business. You acquire this by registering your business, which results in it becoming a distinct legal entity with an inherent set of rights and responsibilities. Before initiating this process, it is important to consider the structure of your business and what title it will claim, the individual who will serve as the responsible party, and the physical address that the business will be attached to on record. An easy way to know if your business needs to be registered is if your enterprises’ gross annual income exceeds $12,000 per year.

 

Washington State and Federal Tax ID

 

As the name implies, these tax ID’s correspond to the rate at which your enterprise will pay state and federal taxes. These forms are used by the IRS to place your enterprise in the correct tax bracket. The process of obtaining a federal tax ID is identical to applying for a state one, and you can apply directly online through the IRS’s interactive portal. There are many services online that can funnel you through the application process quickly and seamlessly.

 

Why do I need an EIN?

 

Even if you are not looking to get a tax ID, an EIN is crucial in protecting your business and your personal assets from legal disputes. If you are generating a revenue and do not pay taxes this can put you at risk for incrimination. You can read more on the process of registering your business as a corporation in Washington state via the Washington Secretary of State website and the State of Washington Business Licensing Service here. Once you have acquired all the necessary documentation you can mail, scan, or fax in your submissions. Keep in mind there is a $19 non-returnable fee for processing your application.

 

Washington state has a highly competitive economy and has an active start-up environment. This makes it a very exciting place to start or continue a business. It is home to some of the largest companies in the country such as Amazon and Microsoft. But before you can tap into the market, you must verify your taxable entity (corporation, non-profit, etc.) with the state. By following the steps in this article you will be able to navigate the process of registering and will be setting up shop in no time!

 

.

Looking for a career in a non-profit industry?

There are a lot of college graduates that are looking for a career in the area of nonprofit. There are a plethora of opportunities for people that want to work in this type of environment to engage, but it is good to get an idea of what a non-profit business is actually about.

Funds From Outside Sources for Non-profit

One big thing that people will realize quickly about non-profit jobs is that these companies depend on funds from people that want to donate to a particular cause. A church, for example, functions as a nonprofit organization. There are instances where people invest their time instead of their money because they have skills in certain areas. This is the type of work that goes into the nonprofit environment.

People that want to make sure that they are helping a specific calls may go as far as donating time on a regular basis to help with certain things that need to be done for a non-profit. Typically there going to be companies that provide some type of service without any expectation of money from these people that have received the service. That is often the case for things like counseling and job training. Companies that offer these free services are essentially looking for a way to give back to the community.

Getting Connected to Non-profit

The most common way for people to get connected to a nonprofit organization is through volunteering. That is the most common approach where people will give some of their time in order to learn what the organization is about.

There are different organizations that also allow some people to do interns. Typically, a nonprofit organization is going to need volunteers all the time. These organizations are not seeking payment for the services that are provided so it is going to function primarily by way of support from volunteers and sponsors.

Getting Sponsors in Place

Just getting people that want to donate money or time is a full-time job. There are always organizations in the nonprofit rims that are going to need someone to handle these types of tasks. This is a big part of what the organization does. If there are no volunteers of sponsors it can be hard for organizations like this to function.

Grant Writing

Another thing that plays a very big part in what nonprofit organizations can accomplish is the money that is connected to grants. A lot of people have a part to play in helping these organizations get the grants that are needed to fund many of the activities.

Taking on grant writing is a huge responsibility when it comes to getting things in motion for a new nonprofit organizations. Some organizations depend so heavily on grants that the organization cannot hire workers without funding from the grants. In other words, grant writing is the foundation of some nonprofit organizations. People that have grant writing skills will easily acquire positions to connect with potential companies that offer grants to various non-profit organizations that are serving the community.

7 Things You Should Be Aware of Before Selling Your House

When it comes to selling your home to either look for a bigger one or change states due to work, you have to ensure you have the right information. The best time to sell your house is mostly during spring, which is when you are most likely to cash in well. Different people have various reasons for selling their homes. However, it’s important to ensure that you are aware of the following before you put it on sale.

  1. Find a Realtor

The first thing you should do once you make the final decision to sell your house is getting a realtor. For a trustworthy realtor, you need to ensure that they are certified and possibly registered under the National Association of Realtors. Get somebody who you can easily relate with and who won’t give you a hard time.

  1. Do not Overprice

One mistake most people do is overpricing their homes. The reason why some houses stay up for years without getting a buyer is that the price may be too exaggerated such that it drives willing people away. Do some research and know the current market value and price your house around it. Proper listing price leads to a fast house sale.

  1. Have Insurance

Ensure that you have insurance for unforeseen accidents. This is because accidents do occur and the affected may sue you for any possible damages. However, make sure that there are no obvious hazards. Also, you can find ways to mitigate the risks like having an enclosed perimeter wall so that your potential buyers’ children don’t find their way there.

  1. Have the house renovated

You need to know the latest exterior and interior design on the market. Make the necessary renovation so that your home’s value may be higher and appealing for clients. The landscaping design is also crucial to making the first impression for potential buyers.

  1. Do a calculation of the estimated profit or loss

The overall gain or loss is determined by your listing price. Do estimates of the expected expenses like realtor fees, any debt regarding mortgage if any, title charges and so on. All these costs will help you come up with a figure that will be favorable for both sides.

  1. Get Listing Photos

Most buyers skim through the internet to search for homes. Ensure that the photos to your house are clear and attractive. Customers click on homes that have clear pictures more than those with unclear ones. This is one of the tricks of getting buyers interested in your home.

  1. It could take a while before you sell the house

Before the sale of a house, know that you may take a while before closing the deal. Prepare yourself in advance because the sale may take longer than you expected even with the best realtor. Ensure that the house is in the best conditions to attract buyers.

All in all, selling a house is a process where you learn along the way. Whether it’s your first time or you have experienced it before, always research on the emerging trends of attracting buyers to close the deal more quickly.

How To Financially Make It Until Payday

There are many people who work full-time jobs and still find themselves financially struggling to pay their household bills. There are even people who end up working more than 40 hours a week just to be able to cover their bills and still not have anything left over to spend or keep. It is very unfortunate that people work so hard only to pay for bills and not have anything to enjoy in the end. If you find yourself financially struggling and never get to see any money from your paychecks, you may want to think about pursuing alternative resources. There are many different types of alternative resources available online. The internet is full of online loan lenders (exp. finance district) willing to give you a loan at a rapid pace. Many of their qualifications are extremely lenient and almost anyone with a full-time job can qualify for an online loan. If you find yourself being short on cash, consider taking out an online loan.

 

The internet is filled with thousands and thousands of online loan lenders ready and willing to offer you a loan. No matter how bad your credit is, you may still be able to qualify for an online loan. Instead of going through the hassles of driving to a loan lenders offices to apply for a loan, you can easily apply for a loan all at the convenience of your own home on your own laptop or computer. You no longer have to face being embarrassed standing in a long line trying to apply for a payday loan. Online loans are extremely popular and more and more working people are opting for applying for an online loan then and in store loan. Applying for an online loan also offers you a very easy application process that is again, all done online. There are even many online loan lenders that do not require to see any type of documentation. Their systems may have an algorithm setup in detecting whether or not you are going to qualify for documentation verification request or not.

 

When you decide that you want to take an online loan out, not the type of online loan you are looking for. There are online payday loans, online installment loans and lines of credit. Many times these lenders online process your application as quickly as possible, and you are able to see the money in your account the very next day. However, you want to keep in mind that many online loan lenders also charge extremely high interest rates. Not all of them do, but most of them who are the ones who happen to be a lot more lenient with the credit requirements charge quite a bit of interest in exchange for a loan. Depending on the amount of interest that is charged, you could be possibly paying back more than double the amount of the loan. It can take you many years to even affect the total balance since you will be paying only the interest every month.

 

Take time to think about what you can’t really afford to pay back. You never want to take out more than what you can handle. Taking out an online loan isn’t that convenient and quick, but if you are not in the situation to take one out, you may want to think about alternative sources.

Uses of Business Cards

It is factual that that the advent of technology has driven us to the automatic use of digital machinery. From emailing to signing contracts and even just attending meetings or networking in business, we have demystified the value of communication outside these gadgets. Even so, a business card is one of the most vital aspects that shall not be easily replaced. In fact, it is evident that we shall clearly not replace it any time soon. Why, you may ask? Here are a few answers to that question.

Swapping Contact Information

Networking is not a personal affair. Therefore, for you to make strong entrepreneurial networks, consider making genuine business connections as sending your contact information via email or text is impersonal. Moreover, engaging in eye contact as well as actual conversation fosters the beginning of a real relationship.

Effective in Direct Marketing

Without a doubt, email marketing, video marketing and search engine optimization perform a great task in attracting leads as well as prospective clients. However, they are not as effective because they do not provide a personal touch to the business deal. With business cards, a meeting and hand shake are involved.

Creating the First Impression

When you meet an individual who can probably make a great customer prospect or connection, you clearly want the person to have a good impression of your brand. Therefore, a memorable card comes in handy at such moments. With that said, it is also true that the card will be more instrumental than an email or phone number.

A Road Map to Viable Opportunities

A business card is your roadmap to viable opportunities. With that said, a business card can lead you to a new job or a perfect business partnership. Even better, a business card can help your emerging business make money. Perhaps you can think of it like getting your networking dockets on while looking to benefit your business at the same time.

Promoting a Professional Look

A business card looks extremely professional compared to your writing. Actually, a business card shows that you took your time to come up with a tailored card that explains the type of services you provide. Moreover, think of an official event where people have business cards and while at it, they are exchanging their cards. You will definitely feel the need to be part of the interactive session and create a few entrepreneurial networks.

The Outline

Even though the internet has provided faster and convenient communication channels for business professionals, without a doubt, they still need a business card to perfect the art of one-on-one communication. Moreover, a business card provides you with the chance to get to know your ideal partner by having face-time interactions. As such, it is clearly vital to own a business card. So, as you go about your businesses and wondering if a business card is a necessity, consider the highlighted points above as your major reference point.

 

How To Manage A Company

The first thing that you should know is that you don’t have to be a fortune 500 company for using these tips. There are a lot of small businesses that could flourish if they were to just make use of these tips.

Having The Know-How is Not Going to be Enough

Even though you may be an expert within the field your working in, but that does not mean that you are going to have everything that it takes for you to become the owner of a business. The time that you hang out the open sign you are going to realize that customers are not just going automatically start circling your doors even if you know what you are doing. You are going to find out really quickly that you will be needing marketing along with administration in order to start up your company.

You may have run into or heard of many chefs and others who have started a restaurant just because they love to cook and be around food, only to have to close up business a couple of months or some odd amount of years later. You must realize that making great food is not going to be enough for you to manage a company. People are going to have to know about the food in order to experience it. On top of all of this, you are going to have to make sure that you are running your business really tight financially, and that means that you are going to need tax and financial experts backing you. Also, you will be in need of a general manager that has a lot of experience.

Finding The Right Employees

For those of you that are great in your own field, but are finding yourself lacking in marketing knowledge and expertise, you are going to have to hire people that are fit for that job. Of course, that means that pretty soon people are going to be knocking at your door because their friends referred them.

Never Hire A Friend

Even though this one may seem as though it is an obvious statement to some people, it is a mistake that you will see everyone make in business. Not only will you find that this often leads to friendships being ruined, but it can ruin your business as well. How much of your personal situations do your friends know about? A friend who gets fired could easily turn into the main enemy of your business and ultimately cause the destruction of your business.

Planning is Everything – Don’t Go with The Flow

It is important to make sure that you are planning for everything, such as needing insurance, taxes, property taxes, overhead costs, and so much more. It is much easier if you plan ahead for these types of things, rather than just saying that you have the expertise in your field and some money, so you can do anything! Let’s just get one thing straight, you are not going to be able to do this on your own. You are going to have to hire people, and you are going to have to plan a lot. Even though managing a company may seem complicated, it doesn’t have to be. If you follow these steps, your business has a huge chance of succeeding.

For another interesting in-depth article on the difficulties that come with managing large companies, check out the interview of Peter Lowy on a High.

4 Of The Best Personal Loans Of 2018

When it comes to personal loans, there really is no specific use for them. Put in other words, one can look for a personal loan for almost anything they want. For instance, one can look for a personal loan for any medical expenses that need to be paid, an unexpected car repair, or, a personal loan can be used in a very irresponsible way such as using that loan to pay off another loan. Needless to say, personal loans include almost everything and are certainly not limited to almost anything as well. Also, it goes without saying that learning how to properly handle personal loans is a must. Improper handling of personal loans can be really damaging to things like credit which is an essential piece of getting more loans.

As an example of a bad way to handle a personal loan, using personal loans for things like shopping sprees or other forms of direct purchases can be catastrophic to a user of that loan. For reasons such as this is why people need to be more informed on what are the best personal loans for them. Ultimately, it can mean the difference between being able to have certain privileges or not. In extreme cases, improper handling of loans can even result in a large fine and possibly some time served in jail. Furthermore, when looking into personal loans, one needs patience and research to find the most suitable for your financial situation. With that said, here are 4 of the best personal loans that may be suitable for you.

#4: Prosper Personal Loan

Since its dispatch in 2006 as the primary commercial center loaning stage in the U.S., over $9 billion in advances have been subsidized by Prosper. With millions of individuals that they serve, Prosper commercial center loaning stage associates customers who need to acquire with people and foundations who need to contribute. Trusted by many, one cannot go wrong when choosing Prosper for a personal loan.

#3: Even Financial Personal Loan

Indeed, even Financial is an online advance coordinating administration that instructs and helps buyers hunting down individual advances. The organization gives a fast and basic online application that conveys a client’s best advance offers from contending advance suppliers. Borrowers are coordinated with the credit suppliers destined to support their application, sparing them time and cash.

#2: Lending Club Personal Loan

Loaning Club is a shared loaning administration that gives an elective answer for conventional bank credits. With Lending Club, moneylenders are coordinated with financial specialists who give funding to individual credits, business advances, and elective therapeutic methods. Loaning Club offers settled regularly scheduled installments and even enables prepayment alternatives to diminish expenses of your own credit.

#1: SoFi Personal Loan

SoFi is the second biggest commercial center moneylender around today, giving understudy advance renegotiating, home loans, and individual credits. With over $14 billion in credits issued to date, SoFi offers probably the most alluring rates in the business. They can do this given their nontraditional guaranteeing approach that considers legitimacy and work history, among different variables.

An Overview of Settlement Risk

Settlement risk can be defined as the possibility of a loss that arises when one party fails to honor its end of the deal. Therefore, the settlement in a transfer system will not be completed as expected. It can be as a result of defaulted payments or timing difference in a settlement. Parties to a contract ought to fulfill their promises during the settlement period. This is the period between the transaction and the settlement dates.

Types of Settlement Risk

Settlement risk is made up of credit and liquidity risks. Credit risk is whereby one party is unable to fulfill their promise on the agreed date or later because they are insolvent. Liquidity risk, on the other hand, is the risk that one party to a contract is unable to honor the promise at the agreed date but could fulfill their end of the bargain later. Therefore the main difference between credit risk and liquidity risk is that for liquidity risk the defaulting counterparty can honor their promise at a later date.

How to Mitigate Settlement Risk

Settlement risk can be mitigated in three ways

– Delivery versus payment: This is a mitigation measure where parties to the contract honor their promises simultaneously. For instance, in securities, the parties exchange documents for the transfer and the agreed payment amount simultaneously. With simultaneous delivery, the risk of one party failing to honor their promise is eliminated.

– Settlement via special purpose entities: Special purpose entities are legal entities used by companies to mitigate settlement risk. Example of special purpose entity is the CLS Group. CLS group caters for settlements in the foreign exchange market. Since the foreign exchange market does not have a central clearing platform, most traders use CLS to settle their transactions so as to mitigate risk.

– Settlement through settlement risk solution services.

Settlement Risk Example

A good example of a settlement risk is the case of Herstatt Bank that failed causing a huge financial crisis. The bank was opened in 1956 by Iwan Herstatt and Hans Gerling. The investment grew and became the 35th largest bank in Germany. The bank had a foreign exchange department that operated without the control and collaboration with other divisions.

In 1974, Herstatt Bank failed causing failures in other banks that relied on them for delivery of foreign currencies. The cause of the problem was attributed to the huge foreign exchange exposure which was eight times higher than the limit. Consequently, the bank’s license was withdrawn in June 1974 as the bank lacked assets to cover the liabilities.

Conclusion

The huge liability was as a result of flawed methods applied by the bank when speculating the dollar movement. On the day the bank’s license was withdrawn, some other banks had paid Deutsche Mark to the Herstatt with the hope of getting US dollars later in the day. However, Herstatt stopped all dollar transactions at 3.30pm, that is 10.30 am in New York, and thus counterparties did not receive their dollars. This kind of risk is today referred to as Herstatt risk. The bank’s crisis resulted in a number of regulations. For instance, the banking act was amended, and a deposit protection scheme was set up for German banks.

These Tips Will Help You Avoid Getting Into Trouble With Your Credit Card

Owing a large amount of debt on a credit card can feel like quicksand, the longer you sit still the deeper you slide into a bottomless hole. Honestly, using a credit card shouldn’t leave you feeling bogged down, but it’s important to realize that there are responsible and irresponsible ways to use a credit card. Here are four tips you should follow to keep your credit card debt free and safe.

 

Don’t charge frivolous items to credit

 

Have you ever seen an amazing pair of sunglasses at a store that you didn’t need but still wanted?

Well, you might be tempted to charge those sunglasses to your credit card, however, you shouldn’t, as charging frivolous expenditures to your credit card could leave you with unmanageable debt. Your credit card should be available when you really need it, such as paying for the tow truck after your car battery dies, or when you need to pay an outstanding electricity bill. Buying luxury items on credit could leave you with a mountain of unnecessary, interest collecting debt.

 

Pay more than the minimum each month

 

You used your credit card only for emergency expenses, but now the bill is here, and you aren’t sure how much you should pay. You might be tempted to only pay the minimum, and use the extra money to buy those sunglasses, but the reality is that paying only the minimum you owe will end up costing you more money because of the incurring interest. Aim to pay the full balance you owe every month, and you can avoid ever playing catch up with interest again.

 

Don’t miss a payment

 

You try to be responsible, and pay the full amount each month, however, if one month you can’t afford the full payment, then you might be tempted to skip the payment, and try to catch up next month, but this isn’t something you should consider doing. The consequences of skipping a payment could be a damaged credit score, a late fee on top of your monthly bill, and an increased interest rate. If you can’t make the full payment, then be sure to try to pay at least the minimum as the consequences for missing a credit card payment can be catastrophic.

 

Watch out for credit card fraud

 

Credit card fraud affects millions of people each year, and everyone is a potential victim. With people using their credit cards more often, it can be convenient to reach for the plastic and type or swipe almost anywhere, but this is something you should avoid doing flippantly. How and where you use your credit card matters, so be careful to guard yourself against credit card fraud. There are many steps you can take to prevent credit card fraud:

  • Keep your credit cards secure on you at all times.
  • Choosing a bank that also allows foreign payment, like mach, the best bank in Malaysia.
  • Only use your credit card in places you trust.
  • Destroy any documents that reveal information about your credit card.
  • Set up a push notification system on your smartphone to alert you when your credit card is being used.

Are Gold and Silver Bars A Good Investment?

Gold and silver bars are a good investment for anyone who believes they must begin investing today. The bars are one of the simplest ways you may choose to invest, and they will help you begin to stow away money that you may use in the future for a number of other things. You have many choices to make, and you deserve to make choices that will reflect well on you and all the investments you plan to make. You should start to invest in gold because you know it will protect you, and this article explains the level of care you feel with gold.

#1: Gold and Silver Bars Are Something Everyone Knows

You may buy silver and/or gold bars because they are a common practice in the modern day. You may choose to invest in them simply because they are easy to use, and you will notice how easy they are to use when you have one or two in your possession. You will have something of high value that other people want to use or buy, and you may sell them at any time because they are popular enough for you to use for profit. You simply need to know when the right time to sell is.

#2: Choosing To Sell

You may sell the bars today to make money, and you will have a large profit waiting for you. You will continue to earn money when you sell other bars, and each of the bars you sell will be much easier to manage as you will see the price on the market rise. You may not realize how much money there is to be made, and you may leave the bars for the future.

#3: Allowing Them To Mature

You may let the bars to mature simply because you can, and they will rise in value quite a lot because you waited for them to mature. You will save money on the gold bars, and you will feel as though you are saving money that you will get back in the future. This is a common investment strategy that you may use, and you will find that you are getting all your money back when you sell your coins many years down the road. The money that is spent now on gold bars will represent a multiplied earning that you get in the future.

The future of your investments must rest on the gold and silver bars that you have purchased, and you will find many of them are helpful as you begin to build your nest egg. You will find there are many things you may do when you are ready to invest, and the first must be buying gold bars that you will keep for many years to come. Each gold bar will give you a rising value that is easy to cash in on when you come to a broker to sell.