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The official start date for electronic filing of tax year 2023 Kentucky returns began Jan. 23, according to the state's tax office. The Internal Revenue Service will begin accepting and processing ...
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.
Federal and state tax authorities provide preprinted forms that must be used to file tax returns. IRS Form 1040 series is required for individuals, Form 1120 series for corporations, Form 1065 for partnerships, and Form 990 series for tax exempt organizations. The state forms vary widely, and rarely correspond to federal forms.
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.
The change is the result of Kentucky Republicans’ support of House Bill 8, itself a vehicle for eventually doing away with the state’s 5% income tax, the Herald-Leader previously reported.
The individual income tax rate in Kentucky is set to drop again at the start of 2026. Republican leaders in the General Assembly announced this week that the state’s budget has hit the required ...
He credits Kentucky with the first tax levied exclusively on retailers. The initial tax, passed in 1930, was progressive, but was replaced in 1934 with a 3 percent flat rate tax and then was eliminated in 1936. The current Kentucky sales tax was adopted in 1960. The Commerce Clearing House credits Mississippi with the first sales tax, in 1930.
Given that state taxation is often a matter of balancing income and sales tax — Kentucky has no significant state property tax — the state may be faced with a choice of either holding at 3% ...
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