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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.
Filing small business taxes for the first time (or any time, really) can feel daunting, but it doesn't have to totally ruin your month. While the Internal Revenue Service, or IRS, is going to want ...
The revised tax proposal, which reduced the tax rate from 9% to 7%, passed the Senate on March 6 after what the Seattle Times described as a "fierce debate" by a vote of 25–24. [ 8 ] [ 9 ] The legislation was given a first reading in the House on March 9, passing out of the Finance committee on April 16 and passing the state legislature on ...
One tax Washington charges on most businesses is the business and occupation tax (B & O), a gross receipts tax which charges varying rates for different types of businesses. Washington's state base sales tax is 6.5 percent which is combined with a local sales tax which varies by locality. The combined state and local retail sales tax rates ...
Some Democratic lawmakers have contended that voters would likely support more taxes aimed at the uber-wealthy and large businesses, as reported by the Washington State Standard. They’ve pointed ...
A tax-exempt organization is a business entity that does not have to pay federal income taxes. Nonprofits, which reinvest earnings to support their mission, are eligible to receive tax-exempt status.
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