In Indiana, the sales tax is 7%. However, because of additional local taxes in some counties, the rate might be greater. Although the state’s sales tax rate has not recently increased, it is always prudent to check the current rate before making any purchases.
So, if you don’t have any income, do you still file business taxes? Businesses must submit taxes even if they have no income, thus yes. This is necessary so that the state and federal governments can monitor every company that operates under their purview. To avoid fines and penalties, a firm must still file a tax return even if it is losing money. Businesses in Indiana that generate zero revenue must submit a zero tax return. As a result, they must declare no income and pay no taxes. It is crucial to remember that even if a firm does not make any money, other taxes like sales tax, unemployment tax, and property tax may still be due.
In conclusion, there are a few exceptions to Indiana’s standard taxation of apparel. It is wise to confirm the current sales tax rate and any applicable exemptions before making any purchases. Additionally, even if a firm has no revenue, it is still obligated to submit taxes; failing to do so could result in penalties and fines.