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A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are usually ...
The business and occupation tax (often abbreviated as B&O tax or B/O tax) is a type of tax levied by the U.S. states of Washington, West Virginia, and, as of 2010, Ohio, and by municipal governments in West Virginia and Kentucky. It is a type of gross receipts tax because it is levied on gross income, rather than net income.
The state does, however, impose a tax on the gross receipts of most businesses, and a 4.25% document fee on vehicle registrations. Business and occupational license tax rates range from 0.096 percent to 1.92 percent, depending upon the category of business activity. District of Columbia
Sales and gross receipts taxes per capita: $683.82. License taxes per capita: $395.55. Income taxes per capita: $990.58. Other taxes per capita: $170.62. Total taxes per capita: $2,535.25 ...
Domestic production gross receipts is defined in the provision as the gross receipts of the taxpayer derived from any lease, rental, license, sale, exchange, or other disposition of: 1. tangible personal property, computer software, or sound recordings manufactured, produced, grow, or extracted by the taxpayer in whole or significant part ...
Gross receipts to save for taxes can include: Cash register tapes. Deposit information. Receipt books. Invoices. Form 1099-MISC. Don’t forget to save your receipts for business purchases, which ...
So be sure to keep the receipts, business conference flyers, etc., to defend business usage,” said Lee. Keep these expense receipts for taxes: Canceled checks. Cash register tapes. Account ...
However, two states have previously enacted a form of VAT as a form of business tax in lieu of a business income tax, rather than a replacement for a sales and use tax. The state of Michigan used a form of VAT known as the "Single Business Tax" (SBT) as its form of general business taxation. It is the only state in the United States to have ...
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