Taxation

What qualifies as a casualty loss? Casualty Losses. A casualty loss can result from the damage, destruction, or loss of your property from any sudden, unexpected, or unusual event such as a flood, hurricane, tornado, fire, earthquake, or volcanic eruption. A casualty doesn’t include normal wear and tear or progressive deterioration. Read more on www.irs.gov … Read more

Does Utah have sales tax? The Utah (UT) state sales tax rate is 4.7%. Depending on local jurisdictions, the total tax rate can be as high as 8.7%. Read more on www.avalara.com Utah, a state in the Western region of the US, is well-known for its scenic views, skiing, and outdoor activities. Understanding Utah’s sales … Read more

Does an S Corp need to file a Florida return? There is no Florida corporate income tax filing requirement for an S-corporation unless the S-corporation is liable for federal income tax. This includes an initial or final tax return. The Department continues to have information sharing with the IRS, and receives information as the IRS … Read more

Are Farms tax exempt in Wisconsin? Section 77.54 (30) (a) 5., Stats., exempts the sales price from the sale of fuel sold for use in farming, including but not limited to agriculture, dairy farming, floriculture, silviculture, beekeeping, and horticulture. Read more on docs.legis.wisconsin.gov Wisconsin has approximately 65,000 farms spread out across the state, making it … Read more

Can nails be a business expense? Basically, you can “”keep”” that hair cut or manicure and it will be used even during personal times. Hence, why it’s not a deductible business expense. The personal service no-nos include: Manicures. Read more on tax-queen.com The beauty industry relies heavily on nails, and maintaining healthy nails costs money … Read more

How can you tell the difference between a EIN and a Social Security number? A social security number will have the format of three numbers, a dash, two numbers, a dash, and the final four numbers, so it looks like XXX-XX-XXXX. An EIN number still has nine digits, but it follows a format that has … Read more

Certain businesses and people may be eligible for tax-exempt status in Nebraska. A person or organization with tax-exempt status is often exempt from paying certain taxes, such as state income tax. Who then qualifies for tax exemption in Nebraska? Organizations that are charitable Possibly the most frequent kind of entity that might be eligible for … Read more

How much can you sell on eBay before paying taxes 2021? If you’ve sold at least $20,000 in gross merchandise value and exceeded 200 transactions for goods and services* on eBay in 2021, you will receive a tax Form 1099-K for all your 2021 sales transactions including relevant internet sales tax. Read more on pages.ebay.com … Read more

Are scarves taxable in RI? In Rhode Island, you don’t pay tax on most clothes – from bathing suits to earmuffs, to socks and scarves. Read more on www.golocalprov.com All tangible personal property in Rhode Island is typically subject to the state’s sales tax, according to the general rule. However, some goods, especially apparel, are … Read more

Is there an extra deduction for over 65 in 2021? For 2021, they get the normal standard deduction of $25,100 for a married couple filing jointly. They also both get an additional standard deduction of $1,350 for being over age 65. Read more on www.forbes.com Many people are unsure if there will be an additional … Read more