The Oregon Tax ID Application Manual has a creation point with an organizational leader in mind. When you start an organization, you do not have a lot of free time. You need professional assistance in a succinct manner, to get what you need and quickly. Every organization, even Corporations and limited liability companies, needs a Tax ID (EIN) Number in Oregon and the application manual can help get you there. By helping teach you how to apply for an EIN online, you will be up and running with your official IRS Tax ID Number in no time.
Steps to Obtain your Tax ID (EIN) Number in Oregon :
- Prepare Required Information
- Apply for a Oregon Tax ID Online
- Apply for a Oregon Tax ID by Phone, Mail or Fax
- Is a Business ID Number (BIN) the Same as a Tax ID Number?
- Do I Need an Oregon BIN?
- How Do I Get an Oregon State Tax ID Number?
The first step you should take is preparing the required information for the application. Since you’ll be filling out an application for your tax ID, and you’ll want to complete that application as quickly as possible, it’s prudent to gather the details you’ll need in advance.
You’ll need at least the following details:
- Legal names and addresses. You’ll need to gather the full legal names and legal addresses of all your founding members, including you and your business partners.
- Social security numbers. You’ll also need to gather all your social security numbers (SSNs) for tax purposes.
- Your business name. Finally, you’ll need to choose a business name to serve as its legal name (if you haven’t already).
You’ll have a few options when applying for your tax ID, including some traditional methods like applying over the phone, by physical mail, or by fax. However, the fastest and easiest way to apply for a tax ID is online.
Applying online is distinctly more convenient; you can access the online application with any device that has an internet connection, rather than relying on a paper application. It’s also incredibly easy to understand, since you’ll be walked through the steps of the application. Most business owners are able to complete the application in 5 minutes or less, especially if they’ve already gathered all the right details. After that, you’ll need to wait to receive your tax ID- but here’s where the online application gets even better. If you apply online, you should be able to receive your tax ID via email in less than an hour, so you can get your business started faster.
Even though the online application method is universally better, there are other, more traditional methods you could use to apply for your tax ID. If you’re willing to take the time to fill out a paper application, you can- and you can then mail or fax it in. You could also answer the application questions over the phone with a live representative. All of these methods take considerably longer and are less convenient. Plus, you may have to wait up to 4 to 6 weeks to receive your tax ID via mail, making it far more time consuming and putting a delay on your business.
You may have heard that you need a business ID number (BIN) in the state of Oregon to operate your business legally. This may be correct, but it’s first important to understand the distinction between the different types of tax ID that exist.
When people use the phrase “tax ID,” they’re almost certainly referring to the federal tax ID, also called an employer identification number (EIN). This is a unique identifying number assigned to your business when you register it with the federal government. You’ll need this number for several different functions; you’ll need it if your business has more than one member, if you’re going to hire employees, or if you’re going to apply for business bank accounts, business credit, or various licenses and permits.
Your business ID number (BIN) in Oregon is essentially your state tax ID number. It’s another unique, identifying number, but one assigned at the state level when you register your business with the state government. This serves a similar, but distinct purpose, so your business may need both a federal tax ID and a state tax ID (BIN).
Does your business need an Oregon BIN? Your BIN is used for many tax purposes, and is needed for inclusion on several forms and types of payments.
Basically, if you have employees in the state of Oregon, even if your business isn’t physically located in the state of Oregon, you’ll need an Oregon BIN. If you’re a corporation, you’ll also need a BIN so you can compensate your corporate officers. Ordinarily, you’d need a state tax ID to register your business for state-level sales taxes, but because there’s no sales tax in the state of Oregon, this rule doesn’t apply.
In other words, if you’re going to hire Oregon employees or have paid members of your company in Oregon, you’ll need to have a BIN. This is likely in addition to your federal tax ID number, which you’ll also need if you’re hiring employees.
Because most businesses in Oregon will be hiring employees, or at least compensating partners and business founders, most businesses will need both a federal tax ID and an Oregon state tax ID number (BIN). To get a BIN, you’ll first need to obtain a federal tax ID number for a small business, which you can follow the above steps to do.
From there, you’ll have two main options, just like you had with your federal tax ID number; you can either apply online, or you can apply through one of a few different traditional methods. As you might suspect, applying online is simpler, faster, and more convenient. Through the online application, you’ll answer several questions about your business, which shouldn’t take long, and you can access that application from any device with an internet connection. Though the application won’t take long, it may take longer to receive your BIN than it did your federal tax ID- up to 4 to 6 weeks, even if you apply online.