Taxation

Idaho’s Online Sales Tax and Related Questions

by

Does Idaho have online sales tax? A new Idaho law went into effect on that affects online retailers and marketplace facilitators. According to this new legislation, retailers without a physical presence in Idaho must collect and remit sales tax when they reach the threshold of $100,000 in Idaho sales during the current or previous year. … Read more

LLCs and Taxes in Nevada: What You Need to Know

by

Do LLCs pay taxes in Nevada? Nevada is one of only a very few states that does not have a personal income tax or a corporation income tax. Consequently, for most LLCs, including those that may have elected to be taxed as corporations, no state income taxes are due. Read more on www.nolo.com Due to … Read more

Is a Boat Listed Property? Exploring the Tax Implications of Owning a Boat

by

Is a boat listed property? Here’s a list of assets that generally qualify as listed property: Passenger vehicles, airplanes, boats and other vehicles used for transportation. Computers and other office-related equipment. Read more on www.investopedia.com For millennia, people have used boats as a means of transportation and entertainment. Many boat owners, however, might not be … Read more

Does S Corp Pay Federal Taxes? Explained

by

Does S corp pay federal taxes? S corp shareholders report income, gains, and losses from the corporation on their individual tax returns, and pay taxes at their ordinary income tax rates. Since the money comes to them free of corporate tax, o they avoid double taxation on any income or earnings. Read more on www.investopedia.com … Read more

Nonprofits and VAT Numbers: What You Need to Know

by

Do nonprofits have VAT numbers? Charities are not VAT exempt. Just like non-charitable organisations, a charity must register for VAT with HMRC if its VATable sales are over the VAT threshold. You can find out more about registering in our guide on how to register for VAT. Read more on www.freeagent.com Organizations classified as nonprofits … Read more

Self Employment Tax in Missouri: What You Need to Know

by

How much is self employment tax in Missouri? The current self-employment tax rate is 15.3 percent. You’ll be able to deduct some of your business expenses from your income when calculating how much self-employment tax you owe. Read more on www.incfile.com Self-employed people must pay self-employment tax to offset Social Security and Medicare costs. The … Read more

How Much Is a Tax ID Number in Iowa?

by

How much is a tax ID number in Iowa? Every Iowa LLC should have a unique Employer Identification Number (EIN). These are provided by the Internal Revenue Service, and you use them when filing taxes, opening a business bank account and paying employees. You can get one yourself at no cost from the IRS or … Read more