I have just set up my first real estate investing company in Washington state and among the many things I had to do to get going was registering with the State Department of Revenue. I got a letter back saying that I had to file state taxes every month.
While this may be simple at first, as I am getting started and have not made any revenue yet, I was quite surprised that Washington State requires me to file EVERY month. Is this normal?
Any advice and recommendations of any tax accountants would be much appreciated.
Thanks in advance.
@Pat Foy get in touch with three CPAs and interview them. They are the most valuable person on your team. any advice you get from BP concerning legal or taxes should be taken with a grain of salt.
Most of the time the DOR is looking for Sales tax filings. I you aren't generating sales taxable sales, then you can easily log on to the DOR webpage and file a no business return in about 30 seconds. The reason they require monthly filing is if you put down on your application that you will be generating over X amount of revenue per annum.