Taxation

You must submit an annual report to the Texas Secretary of State if you own a business there. Every year, the annual report is required, and failing to file could result in fines or possibly the closure of your company. Where should your Texas annual report be filed, then? Online submission of your report on … Read more

Which counties in Wisconsin have sales tax? In the map of Wisconsin above, the 72 counties in Wisconsin are colorized based on the maximum sales tax rate that occurs within that county. Wisconsin County-Level Sales Taxes. County Name Tax Rate Sauk County 6.75% Sawyer County 5.5% Shawano County 5.5% Sheboygan County 5.5% 68 more rows … Read more

What is a form 2553? IRS Form 2553, Election by a Small Business Corporation, is filed by a corporation or other eligible entity to make an election to be an S corporation under section 1362(a). Corporations are treated as C corporations unless the proper steps are taken to become an S corporation. Read more on … Read more

How much do sole proprietors pay in taxes? Self-Employment Taxes. Sole proprietors must pay the entire amount themselves (although they can deduct half of the cost). The self-employment tax rate is 15.3%, which consists of 12.4% for Social Security up to an annual income ceiling (above which no tax applies) and 2.9% for Medicare with … Read more

When beginning employment or when a change in exemptions is needed, employees are required to complete and furnish to their employers a Form 89-350, Mississippi Employee’s Withholding Exemption Certificate, indicating the amount of state personal exemptions to which they are entitled. Read more on taxnews.ey.com Employees fill out the Mississippi Employee’s Withholding Exemption Certificate to … Read more

What are the pros and cons of an S corp? A little insight into the pros and cons of becoming an S Corporation may help in your decision-making process. S Corporation. No Corporate Tax for S Corporations. Reduced Taxable Gains. Ability to Write off Start-up Losses. Offers Liability Protection. Limited to One Class of Stock. … Read more

Do sole proprietors pay less taxes? Fortunately, you do not pay taxes on the full amount of your sole proprietorship’s income. Instead, you’ll only pay sole proprietorship taxes on the profit of your business. Essentially, this means you’ll be taxed on all profits-total income minus expenses-regardless of how much money you withdraw from the business. … Read more

Is equipment rental taxable in Indiana? Effective Jan. 1, 2019, Indiana implemented a new excise tax on the rental of heavy equipment from a location in Indiana. The rental excise tax is 2.25 percent of the gross retail rental income. Read more on www.ksmcpa.com Knowing what is and isn’t taxable in your state is crucial … Read more

Many taxpayers are unsure if personal exemptions are available for this year as tax season for 2021 draws near. Sadly, the response is no. As part of the 2017 Tax Cuts and Jobs Act (TCJA), the personal exemption was removed. As a result, there won’t be a personal exemptions deduction for tax year 2021. The … Read more

Are tattoos tax deductible? Tattoos: Even though they were done by professional artists, tattoos were not allowed as a medical deduction. Read more on www.hrblock.com In recent years, tattoos have grown in popularity as more people choose to get them as a form of self-expression. Even though getting a tattoo can be expensive, some people … Read more