Washington Electrical/Telecommunications Contractor Assignment of Savings Account is a type of financial account that allows contractors in the electrical or telecommunications industries to assign their savings to a third party for tax purposes. This type of account is beneficial for contractors since it allows them to take advantage of tax credits and deductions available to them as small business owners. There are two types of Washington Electrical/Telecommunications Contractor Assignment of Savings Account: the Traditional Assignment of Savings Account (TASK) and the Simplified Assignment of Savings Account (NASA). The Traditional Assignment of Savings Account allows contractors to assign up to 50% of their net profits to a third party for tax purposes. The Simplified Assignment of Savings Account allows contractors to assign up to 100% of their net profits for tax purposes. Both accounts offer tax advantages for both the contractor and the third party, such as reduced taxable income and an increase in the contractor’s deductions.