Taxation

When can I elect S corp status? For a New Business. A corporation or LLC must file an S-Corp election within two months and 15 days (~75 days total) of the date of formation for the election to take effect in the first tax year. Example: Your articles of formation was filed on August 21st. … Read more

How much is the Maine state sales tax? Maine does not combine state and local taxes to calculate its sales tax rate. Instead, it only uses the state tax rate of 5.5 percent. Maine sales tax rate: Table. Maine sales tax rates Sales tax rate National rank 5.5% 29 Source: Tax Foundation Read more on … Read more

What industry is dog breeding? The Dog and Pet Breeders industry is made up of facilities that produce purebred dogs, cats, birds and other nonfarm animals. Operators in this industry vary from independent home-breeders to large USDA-certified breeding facilities. Read more on www.ibisworld.com The business of breeding dogs for different purposes, such as companionship, show, … Read more

Can drug dealers deduct cost of goods sold? The Tax Court has denied a California medical-marijuana dispensary’s deductions for ordinary and necessary business expenses and costs of goods sold. A business may deduct from its gross income all the ordinary and necessary expenses paid or incurred during the tax year in carrying on the trade … Read more

What is the 2% sales tax in NC? A 2.00% local rate of sales or use tax applies to retail sales and purchases for storage, use, or consumption of qualifying food. The transit and other local rates do not apply to qualifying food. Read more on www.ncdor.gov Certain items that are subject to the state’s … Read more

Who has to file a Michigan tax return? You must file a Michigan tax return if your federal AGI is greater than your Michigan “”exemption allowance.”” The size of your allowance depends on the makeup of your household, including how many people are in your family, whether any of them are age 18 or younger … Read more

Does NH have self employment tax? Federal Self-Employment Tax. All New Hampshire LLC business members or managers who take profits out of the LLC will need to pay self-employment tax. This tax is also known as FICA, Social Security or Medicare tax. Read more on www.incfile.com One of the nine states in the union without … Read more

What is the sales tax in Ohio for cars? 5.75 percent According to the Sales Tax Handbook, you pay a minimum of 5.75 percent sales tax rate if you buy a car in the state of Ohio. You need to pay taxes to the county after you purchase your vehicle and those rates can lead … Read more

Are guaranteed payments for use of capital subject to self-employment tax? Guaranteed payments to partners are payments meant to compensate a partner for services rendered or use of capital. Income from a guaranteed payment to a partner may be subject to self-employment tax, though that depends on the terms of payment. Read more on www.investopedia.com … Read more

How can an LLC avoid double taxation? Avoiding Corporate Double Taxation Retain earnings. Pay salaries instead of dividends. Employ family. Borrow from the business. Set up a separate flow-through business to lease equipment or property to the C corporation. Elect S corporation tax status. Read more on smartasset.com Due to its adaptability and liability protection, … Read more