Taxation

Is VAT allowed on entertainment expenses? Going out for a meal with clients is called ‘entertainment’ and as such, you can claim it as a business expense, but you cannot claim the VAT on it. Read more on www.bcas.co.za At every stage of production, distribution, and sale, products and services are subject to the Value … Read more

What’s the difference between franchise tax and sales tax? You are expected to collect sales tax for all taxable revenue and pay state income or franchise tax in the distant state. If your business is an online business, you are generally required to collect sales tax and pay franchise or income tax on revenues from … Read more

Do you have to pay taxes on personal items you sell? Sold goods aren’t taxable as income if you are selling a used personal item for less than the original value. If you flip it or sell it for more than the original cost, you have to pay taxes on the surplus as capital gains. … Read more

Are quarterly taxes delayed 2021? Taxpayers who paid too little tax during 2021 can still avoid a surprise tax-time bill and possible penalty by making a quarterly estimated tax payment now, directly to the Internal Revenue Service. The deadline for making a payment for the fourth quarter of 2021 is Tuesday,. Read more on www.irs.gov … Read more

Are bakery items taxable in Maine? The Maine Sales and Use Tax Law provides that sales of prepared food are taxable at a separate rate that is higher than the generally applicable sales tax rate. Examples of prepared food are doughnuts, muffins and other bakery items, sandwiches, pizza, steamed hot dogs, rotisserie chicken, and convenience … Read more

Are property taxes high in Idaho? The State of Idaho doesn’t receive any property tax. Property tax applies to all nonexempt property including: Homes (including manufactured housing) Idaho property tax rates for the past five years. Year Average urban rate Average rural rate 2019 1.327% 0.893% 2018 1.438% 0.951% 2017 1.511% 0.994% 2016 1.542% 1.012% … Read more

What is the 2020 Indiana income tax rate? 3.23% Indiana Tax Brackets for Tax Year 2020. Indiana has an adjusted gross income flat tax rate of 3.23%. Read more on www.efile.com Residents and non-residents who earn money in Indiana must pay taxes on that income. Depending on the individual’s income level, the tax rate changes. … Read more

Can a husband and wife LLC file a Schedule C? Each spouse must file a separate Schedule C (or Schedule F) to report profits and losses and, if otherwise required, a separate Schedule SE to report self-employment tax for each spouse. Read more on www.irs.gov You might be unsure about how to file your taxes … Read more

Franchise tax is a sort of tax levied to companies doing business in Arkansas. It imposes restrictions on the ability of a business to utilize its brand name or trademark in the state. This tax is normally paid once a year and is based on the total state revenue the business earned. Corporate Income Tax … Read more

What is the GST for food items? GST Rates on Eating Out from 1st October 2019 S No Type of Restaurants GST Rate 1 Railways/IRCTC 5% without ITC 2 Standalone restaurants 5% without ITC 3 Standalone outdoor catering services or food delivery service 5% without ITC 4 Restaurants within hotels (Where room tariff is less … Read more