Tax Law

Does Indiana allow the 300 charitable deduction? Thanks to the federal coronavirus relief legislation, taxpayers are now able to take advantage of a new deduction for donating to Hear Indiana! Individual filers can deduct up to $300 even if they don’t itemize, which is good news for many! Read more on www.hearindiana.org The history of … Read more

Does New York accept out of state resale certificates? Exemption certificates of other states or countries are not valid to claim exemption from New York State and local sales and use tax. Read more on www.tax.ny.gov Especially if you conduct business across state borders, it’s crucial for business owners to be aware of the rules … Read more

What qualifies as an exemption? Individual taxpayers can claim an exemption from tax withholding on their paychecks if they had no income tax liability in the previous tax year and expect the same in the current tax year. That’s not really a tax break, though – if you make more money than you expect, you … Read more

How do I get a sales tax exemption in South Carolina? Read more on dor.sc.gov You might be wondering if there is a method to get a sales tax exemption if you operate a business in South Carolina. There are numerous ways to accomplish this, which is good news. The many kinds of sales tax … Read more

Do I need a resale certificate in Illinois? Illinois businesses may purchase items tax free to resell. Sales tax is then collected and paid when the items are sold at retail. To document tax-exempt purchases of such items, retailers must keep in their books and records a certificate of resale. Read more on www2.illinois.gov One … Read more

Is pet food taxed in Wisconsin? This sale is subject to Wisconsin sales tax. Pet Food: Food for dogs, cats, or other pets, if the food is not a drug. Pet Supplies, Except Drugs: Collars, leashes, shampoo and other pet supplies, unless they are drugs. Example 1: Veterinarian sells a bottle of regular shampoo to … Read more

What money Can the IRS not touch? A common way that the IRS goes after your money is with a bank levy. When a bank levy is initiated, it freezes your bank account, which means you can’t touch whatever money is in there. Even though the account is still in your name, the bank levy … Read more

How are LLCs taxed in Tennessee? By default, LLCs themselves do not pay federal income taxes, only their members do. Tennessee, however, imposes a franchise tax and an excise tax on most LLCs. You must register for this tax through the Department of Revenue (DOR). You can register by mail or in person at a … Read more

Something is excused or excluded from a specific duty or condition when it is exempt, according to the dictionary. Exemptions are typically provided by law, rule, or policy. Exemptions may apply to particular transactions, people, companies, or organizations. Exemptions in the context of taxation can refer to a reduction or deletion of taxes that would … Read more

Does Wisconsin recognize federal S election? (Note that a shareholder’s share of the S corporation’s income need not actually be distributed to the shareholder in order for the shareholder to owe tax on that amount.) Wisconsin recognizes the federal S election, and Wisconsin S corporations generally are not required to pay corporation franchise tax to … Read more