Taxation

Is there sales tax on vehicles in Alaska? Instead, you must pay the sales tax rate of the state the car will be registered in, which is the state you reside in. Below is a full table of each state’s car sales tax rate. Here are the 10 states with the highest car sales tax: … Read more

Are NGOS tax-exempt? Yes, the charitable institution or NGO should obtain a registration under the Income Tax Act for claiming tax exemption. Read more on cleartax.in Although non-governmental organizations (NGOs) are typically exempt from taxes, this status is not always the case. For tax exemption, NGOs must fulfill certain requirements and adhere to specific steps. … Read more

Is Social Security taxed after age 70? Yes. The rules for taxing benefits do not change as a person gets older. Whether or not your Social Security payments are taxed is determined by your income level – specifically, what the Internal Revenue Service calls your “”provisional income.”” Read more on www.aarp.org A government program called … Read more

What is the retail sales tax in Rhode Island? 7% What is the sales tax? A. The sales tax is a levy imposed on the retail sale, rental or lease of many goods and services at a rate of 7%. Any sale is a retail sale if the property or service sold will be used … Read more

What is the Delaware loophole? Often referred to as the “”Delaware loophole,”” the accounting strategy enables huge corporations to declare certain types of revenue in the state where the company is incorporated rather than in the state where the business operates and the revenue is earned. “”Pennsylvania is in desperate need of tax fairness. Read … Read more

Who is exempt from sales tax in South Dakota? While the South Dakota sales tax of 4.5% applies to most transactions, there are certain items that may be exempt from taxation. Other tax-exempt items in South Dakota. Category Exemption Status Manufacturing and Machinery General Occasional Sales EXEMPT Motor Vehicles EXEMPT * Optional Maintenance Contracts 10 … Read more

Are capital gains taxed in Tennessee? Tennessee does not levy a personal income or capital gains tax. The combined uppermost federal and state tax rates totaled 25 percent, ranking 42nd highest in the nation. Read more on ballotpedia.org If you live in Tennessee, you might be curious as to whether capital gains are subject to … Read more

Are wedding dresses taxed in Minnesota? Minnesota. Clothing is tax exempt, but accessories, most protective equipment, sports and recreational clothing, and fur clothing are taxable. Tax exempt items include bridal apparel, tuxedos, and “”formal apparel.”” Read more on www.taxjar.com Many couples who are preparing for a wedding may set aside a sizeable sum of money … Read more

Do I have to claim hobby income? If you earn money from a hobby, you must report it as income on your federal income tax return. But if your hobby turns into a business, you may be eligible to take business deductions as well. Read more on www.creditkarma.com You might be wondering whether you need … Read more

You must pay many taxes in Washington State if you operate as a lone proprietor. These taxes are important to make sure that the state has the resources to deliver a range of services, including healthcare, infrastructure improvement, and education. In Washington State, a sole proprietor must pay the following taxes: All firms operating in … Read more