Taxation

A sales tax permit, also known as a sales and use tax permit, or a Kentucky seller’s permit, is a legal document that enables companies to collect and send sales tax to the state government. A seller’s permit is necessary for every company doing business in Kentucky that sells physical goods or services. This applies … Read more

How much does an EIN cost in Illinois? If you form a one-member LLC, you must obtain an EIN for it only if it will have employees or you elect to have it taxed as a corporation instead of a sole proprietorship (disregarded entity). You may obtain an EIN by completing an online application on … Read more

Why are my Schedules L and M-1 printing blank even though amounts have been entered? If the corporation’s total receipts for the tax year AND total assets at the end of the tax year less than $250,000, Schedules L and M-1 are not required. Read more on www.taxact.com A corporation that has chosen to be … Read more

Can you have more than one EIN number? The simple answer to the question of how many EINs you are allowed is as many as the number of business entities you have. A single business or entity can have only one, although there are situations where you will need to apply for a new one … Read more

Are contributions to a 529 tax deductible? Never are 529 contributions tax deductible on the federal level. However, some states may consider 529 contributions tax deductible. Check with your 529 plan or your state to find out if you’re eligible. The contributions made to the 529 plan, however, are not deductible. Read more on www.hrblock.com … Read more

What is the new sales tax in New Mexico? 5.125% The New Mexico (NM) state sales tax rate is currently 5.125%. Read more on www.avalara.com New Mexico recently enacted new sales tax rates, which resulted in certain modifications to the way the state collects and distributes income. Here is all the information you require on … Read more

What is the sales tax rate for Fort Collins CO? 7.55% Tax Rates effective to Current: State of Colorado 2.90% Larimer County 0.80% City of Fort Collins 3.85% Total Sales Tax 7.55% 4 more rows Read more on www.fcgov.com In the northern region of Colorado, there lies a thriving city called Fort Collins. It is … Read more

Does Arizona have a capital gains tax? In regards to capital gains, Arizona has no special arrangement. Capital gains included on an individual’s federal adjusted gross income are included on his or her gross income and taxed at the individual’s regular tax rate. Read more on azdor.gov Does Arizona have a capital gains tax? Arizona … Read more

Does the IRS have a 15 day rule? California’s 15-day rule allows you to incorporate or form an LLC during the last 15 days of the year and avoid filing tax returns for 2021. Read more on www.lawinc.com To avoid penalties and fines, taxpayers must abide by a number of IRS laws and regulations. The … Read more

What is restaurant tax in Ohio? According to Ohio state law, food is not subject to tax and is considered food “”if a substance, whether in liquid, concentrated, solid, frozen, dried, dehydrated forms is consumed by humans for nutritional value or taste.”” Read more on www.vertexinc.com Ohio, a state in the Midwest of the United … Read more