Taxation

Connecticut Resale Certificate: All You Need to Know

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Does Connecticut have a resale certificate? To use a Connecticut resale certificate (sometimes called a reseller’s permit) you must already be registered to collect sales tax in the state of Connecticut. This registration also allows you to buy items from retailers tax-free if you intend to resale them. Read more on www.taxjar.com One of the … Read more

Does an S Corp Avoid Self-Employment Tax?

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Does an S Corp avoid self-employment tax? S-Corp distributions. If you organize your business as an S-corporation, you can classify some of your income as salary and some as a distribution. You’ll still be liable for self-employment taxes on the salary portion of your income, but you’ll just pay ordinary income tax on the distribution … Read more

The 183 Day Rule: Understanding Residency for Tax Purposes

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What is the 183 day rule? The so-called 183-day rule serves as a ruler and is the most simple guideline for determining tax residency. It basically states, that if a person spends more than half of the year (183 days) in a single country, then this person will become a tax resident of that country. … Read more

Bottled Water Taxation in West Virginia: What You Need to Know

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Is bottled water taxable in West Virginia? West Virginia’s soft drinks tax is a curious corner of the state’s tax code, but the excise tax celebrates its 70th anniversary this year. Since 1951, the state has levied the tax of one cent per 16.9 fluid ounces, 80 cents per gallon of syrup, and one cent … Read more

The 7 Types of Taxes: A Comprehensive Guide

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What are the 7 types of taxes? Here are seven ways Americans pay taxes. Income taxes. Income taxes can be charged at the federal, state and local levels. Sales taxes. Sales taxes are taxes on goods and services purchased. Excise taxes. Payroll taxes. Property taxes. Estate taxes. Gift taxes. Read more on www.usatoday.com The economic … Read more

LLC Taxation as a Partnership: What You Need to Know

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Can an LLC be taxed as a partnership? A domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and elects to be treated as a corporation. Read more on www.irs.gov Due to its adaptability, Limited Liability Companies (LLCs) are a common company … Read more

Why Nevada Doesn’t Have State Tax: Explained

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Why doesn’t Nevada have state tax? Unlike other states such as California, Nevada does not have a corporate or personal income tax. Because of the gaming industry in Nevada, many of the additional taxes imposed on individuals and businesses in other states are not imposed in Nevada. Some of these taxes include: Personal income tax. … Read more

Property Tax Rate in King County and Other Tax Rates in Washington State

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What is the property tax rate in King County? 0.93% King County, Washington’s average effective property tax rate is 0.93%. That’s exactly equal to the state of Washington’s overall average effective property tax rate. Read more on smartasset.com One of Washington State’s largest counties, King County has a broad economy that includes a number of … Read more

How to Look Up a Business Name with the IRS

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It’s critical to register a new business with the Internal Revenue Service (IRS) in order to receive a tax identification number. Employer identifying Number (EIN), also used to identify a corporate organization for tax purposes, is the name of this identifying number. Business owners must first search for their company name with the IRS in … Read more