Tax Law

Are groceries tax exempt in Illinois? CHICAGO (WICS/WRSP) – Governor JB Pritzker, D-Illinois, is working to make groceries in Illinois tax-free. The state currently charges a 1% sales tax on groceries. That means if you spend $100 on groceries you’ll save $1 if his budget is passed. Read more on newschannel20.com The unique culinary culture … Read more

What is Ohio 2020 exemption amount? Personal and Dependent Exemption amounts are indexed for tax year 2020. If Modified Adjusted Gross Income is: ? Less than or equal to $40,000, the exemption amount is $2,400. Greater than $40,000 but less than or equal to $80,000, the exemption amount is $2,150. Greater than $80,000, the exemption … Read more

What is a resale certificate in Washington state? What is a reseller permit? Reseller permits are distributed by the State and allow: Retailers and wholesalers to purchase items for resale without paying sales tax. Manufacturers to purchase ingredients or components that are used to create a new article for sale without paying sales tax. Read … Read more

What is the penalty for filing S-Corp late? When S corporations fail to file Form 1120S by the due date or by the extended due date, the IRS will impose a minimum penalty of $205 for each month or part of the month the return is late multiplied by the number of shareholders. Read more … Read more

Does Pa require a separate S election? The Pennsylvania rule states any federal S corporation is automatically a PA S corporation unless they elect out. Does Act apply to new corporations, existing corporations, or both? The Pennsylvania rule states any federal S corporation is automatically a PA S corporation unless they elect out. Read more … Read more

Can a 501 C 4 endorse candidates? Can a tax-exempt organization endorse candidates for public office? The rating of candidates, even on a nonpartisan basis, is also prohibited. On the other hand, a section 501(c)(4), (5), or (6) organization may engage in political campaigns, provided that such activities are not the organization’s primary activity. Read … Read more

Does a single-member LLC need to file form 8832? No. You do not need to file Form 8832 unless you want your single-member LLC to be classified as an entity disregarded as separate from you (such as a corporation). Read more on ttlc.intuit.com For entrepreneurs and small business owners, a single-member LLC is a common … Read more

Do I need a resale certificate in Nebraska? When a business purchases inventory to resell, they can do so without paying sales tax. In order to do so, the retailer will need to provide a Nebraska Resale Certificate to their vendor. Read more on startingyourbusiness.com You might want a resale certificate if you intend to … Read more

What is Mississippi tax Code 92? 2% Taxpayers should report the 2% prepared food tax using rate code 92, either online or on Form 72-010. The $1 occupancy tax must be remitted separately, in a separate Occupancy Tax account (must be established by). Additional information. Read more on www.avalara.com The state’s sales and use tax … Read more

What did Massachusetts law require of taxpayers? If you were a resident of Massachusetts and your gross income was more than $8,000 – whether received from sources inside or outside of Massachusetts – you are required to file a Massachusetts income tax return. If your gross income was $8,000 or less, you do not need … Read more