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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, [1] and by municipal governments in West Virginia and Kentucky. [2] It is a type of gross receipts tax because it is levied on gross income, rather than net income.
Delaware - Business and occupational gross receipts tax rates range from 0.096% to 1.92%, depending on the business activity. [ 5 ] Florida - A tax of 2.5% is imposed on "gross receipts from the sale, delivery, or transportation of natural gas, manufactured gas, or electricity to a retail consumer in Florida," referring to utility companies ...
Remember that your deductions of state and local income tax or sales tax are capped at $10,000 per year, and they’re capped at $5,000 if you’re married and filing separately.
The tax allowed deductions for business expenses, but few non-business deductions. In 1918 the income tax law was expanded to include a foreign tax credit and more comprehensive definitions of income and deduction items. Various aspects of the present system of definitions were expanded through 1926, when U.S. law was organized as the United ...
Gathering and saving receipts and tax documents is an important part of filing taxes and receiving your refund quickly. Whether you take the standard deduction or itemize deductions, most people ...
State or local income tax refunds, credits or offsets. ... The information on the 1099-K is used to complete your tax return schedules for your business, such as gross receipts or sales, and expenses.
Normally, the provider or seller passes the tax on to the purchaser, but legal incidence and burden apply to the business, as an excise tax. [16] At the state level, gross receipts on most types of transactions are taxed at a rate of 5.125%. Local jurisdictions also levy gross receipt taxes at rates that vary around the state.
Foreign corporations generally are taxed only on business income when the income is effectively connected with the conduct of a U.S. trade or business (i.e., in a branch). This tax is imposed at the same rate as the tax on business income of a resident corporation. [72]