Which State Has the Highest Property Taxes 2020?

Which state has the highest property taxes 2020? New Jersey A. New Jersey had the highest property taxes in the U.S. again in 2020, according to a report this week from WalletHub. The state has a 2.49% effective tax rate, and the median home value is $335,600, according to the report. That means homeowners there … Read more

South Dakota: The State with No Income Tax

What state has no income tax? Alaska Nine states – Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming – have no income taxes. New Hampshire, however, taxes interest and dividends, according to the Tax Foundation. It has passed legislation to begin phasing out that tax starting in 2024 and ending in … Read more

Can 501c4 Accept Donations? Understanding IRS Form 1024

Can 501c4 accept donations? Corporations that have been granted 501(c)(4) status by the Internal Revenue Service are exempt from federal income tax. However, unlike 501(c)(3) organizations, donations to 501(c)(4) entities are not tax-deductible for the individual or corporation making the donation. Read more on ballotpedia.org Over the past few years, 501(c)(4) organizations have significantly influenced … Read more

Is Clothing Taxable in WV?

Is clothing taxable in WV? No. The exemption applies to items selling for $125 or less. If an item of clothing sells for more than $125, tax is due on the entire selling price. Read more on tax.wv.gov All retail purchases and services are subject to a 6% statewide sales tax in West Virginia. However, … Read more

Colorado State Tax Withholding Form: Everything You Need to Know

Does Colorado have a state tax withholding form? Does Colorado have a W-4 form? Yes. Starting in 2022, an employee may complete a Colorado Employee Withholding Certificate (form DR 0004), but it is not required. If an employee completes form DR 0004, the employer must calculate Colorado withholding based on the amounts the employee entered. … Read more

Penalty for Filing S Corp Late: What You Need to Know

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 … Read more

Do Owner Distributions Get 1099?

Do owner distributions get 1099? The IRS requires the use of a specific form to report the distributions made to the LLC owners each tax year. A type of Form 1099 is the required document used for this purpose. Read more on smallbusiness.chron.com One of the most crucial considerations for business owners to make is … Read more

Tax Exempt in WV: A Guide to Understanding Tax Exemptions in West Virginia

What is tax exempt in WV? Sales Tax Exemptions in West Virginia. Also exempt is contracting services , so long as it is constructing, altering, repairing, decorating, or improving a real property, and certain medical paraphernalia, such as drugs, durable medical goods, prescribed prosthetic devices, and mobility enhancing equipment. Read more on www.salestaxhandbook.com West Virginia … Read more

Understanding the SST State: Simplifying Sales and Use Tax

What is an SST state? Student Study Team (SST) Read more on cahelp.org The sale, purchase, storage, or use of tangible personal property as well as some services are subject to the sales and use tax (SUT). But as eCommerce has expanded, the collection of SUT has grown more difficult. As a result, a large … Read more

Does NH Tax Self Employment Income?

Does NH tax self employment income? New Hampshire does not have an income tax on earnings, but it does levy a tax on interest and dividend income. Do I Need to Pay Estimated Taxes? Yes. In most cases you must pay estimated taxes on your New Hampshire tax, federal income tax and self-employment tax. Read … Read more