Taxation

Who is exempt from gross receipts tax in New Mexico? If all of a business’s receipts are exempt, the business doesn’t have to register with the state for GRT purposes. Common exemptions are receipts of a 501(c)(3) nonprofit and governmental entities, receipts from isolated or occasional sales, employee wages, interest and dividends and insurance company … Read more

What is a resale certificate TN? Read more on www.youtube.com Resale certificates are crucial records that enable people and companies to buy goods they plan to resell without having to pay sales tax. A resale certificate is often referred to as a resale certificate TN in Tennessee. It is a document that is given to … Read more

What is the minimum income to file taxes in 2021? $12,550 If you’re under 65, you probably have to file a tax return if your 2021 gross income was at least $12,550 as a single filer. Income requirements for filing a tax return. Under 65 65 and older Single $12,550 $14,250 4 more rows Read … Read more

How do I get a tax ID number in Ohio? Electronic registration is available online through the Ohio Business Gateway. The paper registration form, CAT 1, can be downloaded at Tax Forms or requested by calling 1-800-282-1782. Read more on tax.ohio.gov Getting a tax ID number is one of the first steps you must take … Read more

Charges for cleaning and washing real property are not subject to tax. Read more on tax.utah.gov In Utah, sales and use taxes apply to carpet cleaning services. Services that entail cleaning or maintaining tangible personal property, such as carpets, are subject to sales and use tax, according to the Utah State Tax Commission. As a … Read more

What is Missouri business income deduction? Missouri’s corporate income tax rate of 6.25% is applied to Missouri taxable income. In Missouri, this is the same as federal taxable income. Missouri allows 50% of federal income tax payments to be deducted before computing taxable income, leading to an effective tax rate of 5.2%. Read more on … Read more

Do I pay taxes if I sell online? Online sellers, including those selling through online sales websites such as ebay.com and Amazon.com, are responsible for reporting sales income to the Internal Revenue Service (IRS) in their income tax returns. Read more on www.findlaw.com Many people have started selling goods and services online as e-commerce has … Read more

Can an LLC be taxed as an S-Corp? An LLC can choose to be treated as an S corporation in a two-step process: File a Form 8832, Entity Classification Election. This causes the business to be taxed as a C corporation. Then file a Form 2553 to elect an S corporation tax structure. Read more … Read more

Is SaaS taxable in West Virginia? Is SaaS taxable in West Virginia? Yes. You owe tax for the sale of cloud software subscriptions to customers in West Virginia. Read more on paddle.com More companies are utilizing software as a service (SaaS) models to simplify their operations as technology develops. The tax ramifications of SaaS in … Read more

Is Schedule L on book or tax basis? Form 1065, Schedule M-2 must be reported on TBM. However, Schedule L (the balance sheet) reflects the partnership’s books and records and does not have to be tax basis. Read more on www.redw.com Corporations in the US utilize the Schedule L form to report their financial standing … Read more