Taxation

What taxes do sole proprietors pay in Tennessee? The State of Tennessee does not have a general income tax for individuals. Accordingly, your sole proprietorship income is not taxable in Tennessee. Tennessee has the Hall income tax, which is assessed only against interest and dividend income in excess of certain limits. Read more on ttlc.intuit.com … Read more

Does Alaska tax capital gains? Alaska 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 Profits from the sale of an asset, such as stocks, real estate, or business assets, are known as … Read more

Is VAT allowed on entertainment expenses? Going out for a meal with clients is called ‘entertainment’ and as such, you can claim it as a business expense, but you cannot claim the VAT on it. Read more on www.bcas.co.za At every stage of production, distribution, and sale, products and services are subject to the Value … Read more

What’s the difference between franchise tax and sales tax? You are expected to collect sales tax for all taxable revenue and pay state income or franchise tax in the distant state. If your business is an online business, you are generally required to collect sales tax and pay franchise or income tax on revenues from … Read more

Do you have to pay taxes on personal items you sell? Sold goods aren’t taxable as income if you are selling a used personal item for less than the original value. If you flip it or sell it for more than the original cost, you have to pay taxes on the surplus as capital gains. … Read more

Are quarterly taxes delayed 2021? Taxpayers who paid too little tax during 2021 can still avoid a surprise tax-time bill and possible penalty by making a quarterly estimated tax payment now, directly to the Internal Revenue Service. The deadline for making a payment for the fourth quarter of 2021 is Tuesday,. Read more on www.irs.gov … Read more

Are bakery items taxable in Maine? The Maine Sales and Use Tax Law provides that sales of prepared food are taxable at a separate rate that is higher than the generally applicable sales tax rate. Examples of prepared food are doughnuts, muffins and other bakery items, sandwiches, pizza, steamed hot dogs, rotisserie chicken, and convenience … Read more

Are property taxes high in Idaho? The State of Idaho doesn’t receive any property tax. Property tax applies to all nonexempt property including: Homes (including manufactured housing) Idaho property tax rates for the past five years. Year Average urban rate Average rural rate 2019 1.327% 0.893% 2018 1.438% 0.951% 2017 1.511% 0.994% 2016 1.542% 1.012% … Read more

Why do I owe Indiana state taxes? Why We Pay State Taxes. People who have earnings and enough connection to the state will have to pay additional income taxes. This money is usually used in order to pay for social services like public housing, welfare, and Medicaid. Read more on www.stilt.com People who make money … Read more

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