Taxation

How are LLCs taxed in Oklahoma? By default, LLCs themselves do not pay income taxes, only their members do. The State of Oklahoma, like almost every other state, has a corporation income tax. In Oklahoma, the corporate tax is a flat 6% of Oklahoma taxable income. If your LLC is taxed as a corporation you’ll … Read more

How do you know if you’re being audited? In most cases, a Notice of Audit and Examination Scheduled will be issued. This notice is to inform you that you are being audited by the IRS, and will contain details about the particular items on your return that need review. It will also mention the records … Read more

What is a South Carolina resale certificate? The Retail License allows a business to sell and collect sales tax from taxable products and services in the state, while the Resale Certificate allows the retailer to make tax-exempt purchases for products they intend to resell. Related: How to register for a South Carolina Retail License. Read … Read more

How do I amend a Nebraska state sales tax return? Currently, Nebraska does not offer electronic filing of amended returns. A paper form must be filed and mailed to the Nebraska Department of Revenue (Department) – PO Box 98911, Lincoln, NE 68509-8911. 2. Use the appropriate year’s Amended Nebraska Individual Income Tax Return, Form 1040XN. … Read more

How do I get a Florida sales tax certificate? Phone: 877-FL-RESALE (877-357-3725) and enter the customer’s Annual Resale Certificate number. Online: Go to the Seller Certificate Verification application and enter the required seller information for verification. Read more on floridarevenue.com Obtaining a sales tax certificate is one of the crucial steps you must do if … Read more

Do freelancers need to pay GST? Because the Goods and Services Tax (GST) is an indirect tax on the supply of goods and services in India, Indian freelancers must also pay GST when their turnover exceeds Rs. 20 lakhs in a financial year. As freelancers, you do not receive any specific advantages of registering for … Read more

Under the new legislation, a tax is now imposed on the LLC at a rate of 6.99%, for $6,990 of Connecticut income taxes. The LLC will deduct this amount on its federal income tax return, reducing its net income to $93,010. Read more on andersen.com The well-liked business structure known as a Limited Liability Company … Read more

How much does a seller permit cost in Wisconsin? Cost of registering for a Wisconsin seller’s permit. The cost to register for a seller’s permit in Wisconsin is $20. Read more on www.avalara.com If you intend to open a business in Wisconsin, you might require a seller permit in order to properly offer goods and … Read more

Is there sales tax on groceries in Nebraska? Retail sales of prepared food, including sales by caterers, concessionaires, and all sales of food and food ingredients through vending machines, are taxable. Retail sales of alcoholic beverages are taxable. Read more on revenue.nebraska.gov Sales tax is a charge placed on the purchase of products and services … Read more

Can you amend Form 8832? An entity that elects to be classified as a corporation by filing Form 8832 can make another election to change its classification (see the 60-month limitation rule discussed below in the instructions for lines 2a and 2b). Read more on www.irs.gov For companies wishing to change their tax classification, Form … Read more