Taxation

Do you pay VAT on bikes? VAT remains due when a bicycle is disposed of and its value should normally be based on the price of an identical or similar item, taking into account the age and condition etc. Read more on www.cyclescheme.co.uk Value Added Tax (VAT) is a tax that is levied in the … Read more

How is an S Corp taxed in Texas? Texas S corporations do not pay corporate taxes. They must, however, file tax corporate returns using Form 1120S to the IRS. S corporation shareholders must also pay personal income taxes on their share of the corporation’s earnings. Read more on www.upcounsel.com S Corporations, sometimes referred to as … Read more

What is the sales tax in Tennessee 2021? 7% The base state sales tax rate in Tennessee is 7%. Local tax rates in Tennessee range from 0% to 3%, making the sales tax range in Tennessee 7% to 10%. Read more on wise.com Tennessee is renowned for its exciting music, mouthwatering cuisine, and of course, … Read more

How should my single-member LLC be taxed? The IRS treats one-member LLCs as sole proprietorships for tax purposes. This means that the LLC itself does not pay taxes and does not have to file a return with the IRS. As the sole owner of your LLC, you must report all profits (or losses) of the … Read more

The Internal Revenue Service (IRS) must issue you an Employer Identification Number (EIN) if you want to start a business or open a new bank account. An EIN is a nine-digit number that serves as your company’s tax identification number. We’ll go over how to obtain your EIN certificate in this article and address some … Read more

Both a personal and corporate income tax are absent from the state of Washington. However, the majority of firms present in the state are subject to a Business and Occupation (B&O) tax. The B&O tax is a gross receipts tax, which means it is calculated based on a company’s overall revenue rather than its profits. … Read more

Can I file my own taxes as a sole proprietor? You can’t avoid filing sole proprietor taxes, but understanding them can make the process easier. While you might be comfortable filing taxes on your own if you have a fairly straightforward return, you may want to meet with a professional accountant if your income or … Read more

Are repairs taxable in SC? Repair parts purchased to repair, in South Carolina, machines that will not be used in manufacturing tangible personal property for sale will be subject to the sales and use tax. Read more on dor.sc.gov You might have questions about the taxes and fees associated with owning an automobile as a … Read more

Does Illinois recognize S corporations? While Illinois does recognize the federal S election, it nevertheless requires Illinois S corporations to pay the personal property replacement tax at a rate of 1.5% of net income, and, as Illinois corporations, the annual corporation franchise tax. Read more on www.nolo.com Yes, S corporations are recognized in Illinois. A … Read more

Can you write off LLC fees? Federal tax laws allow LLCs to deduct initial startup costs, as long as the expenses occurred before it begins conducting business. A business is considered active the first time the company’s services are offered to the public. The IRS sets a $5,000 deduction limit on startup and organizational costs. … Read more