Taxation

Why would an LLC want to be taxed as a corporation? The main advantage of having an LLC taxed as a corporation is the benefit to the owner of not having to take all of the business income on your personal tax return. You also don’t have to pay self-employment tax on your income as … Read more

Do online businesses need tax ID? The IRS requires you to get an EIN if your online store is in the United States or a U.S. territory and you have employees, you withhold taxes on the wages and salaries you pay, or you operate the business as a corporation or partnership. Single-member LLCs with employees … Read more

Is Louisiana tax exempt? While the Louisiana sales tax of 4.45% applies to most transactions, there are certain items that may be exempt from taxation. Other tax-exempt items in Louisiana. Category Exemption Status Food and Meals Grocery Food EXEMPT * Leases and Rentals Motor Vehicles EXEMPT * 24 more rows Read more on www.salestaxhandbook.com With … Read more

How do you get tax-exempt? Tax exemptions can be availed by investing in the following tools: Senior Citizen Savings Scheme (SCSS) Sukanya Samriddhi Yojana (SSY) National Pension Scheme (NPS) Public Provident Fund (PPF) National Pension Scheme (NPS) Read more on www.godigit.com A legal position known as “tax-exempt” is one in which a person or organization … Read more

How is an LLC elected as an S corp? If you want your LLC to be taxed as an S corporation, you need to file IRS Form 2553, Election by a Small Business Corporation. If you file Form 2553, you do not need to file Form 8832, Entity Classification Election, as you would for a … Read more

Can I write off my car payment as a business expense? Individuals who own a business or are self-employed and use their vehicle for business may deduct car expenses on their tax return. If a taxpayer uses the car for both business and personal purposes, the expenses must be split. The deduction is based on … Read more

What is a limited liability company in business? A limited liability company (LLC) is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities. Limited liability companies are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship. Read more … Read more

Can an LLC receive a w2? In general, an active member of an LLC cannot receive what is commonly known as W-2 income. This is due to the fact that an active member is not considered to be an employee of an LLC. The only exception to this is if an LLC has elected, through … Read more

Do S corp shareholders have to take a salary? The IRS requires S Corp shareholder-employees to receive a reasonable employee salary, which it generally defines as at least what other businesses pay for similar services. Read more on www.collective.com S companies, often known as S corps, are well-liked company formations that provide small business owners … Read more

Is dog food taxable in Massachusetts? While the Massachusetts sales tax of 6.25% applies to most transactions, there are certain items that may be exempt from taxation. Other tax-exempt items in Massachusetts. Category Exemption Status Clothing General Clothing EXEMPT * Food and Meals Grocery Food EXEMPT 24 more rows Read more on www.salestaxhandbook.com It’s critical … Read more