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How to Obtain a Sellers’s Permit in California
You must obtain a seller's permit if you: Are engaged in business in California and Intend to sell or lease tangible personal property that would ordinarily be subject to sales tax if sold at retail. The requirement to obtain a seller's permit applies to individuals as well as corporations, partnerships, and limited liability companies. Both wholesalers and retailers must apply for a permit.
Consolidated Tax Return in U.S.
A consolidated tax return is a corporate income tax return of an affiliated group of corporations, who elect to report their combined tax liability on a single return. The purpose of the tax return allows for corporations that run their business through many legal affiliates to be viewed as one single entity. Common items that are consolidated include capital gains, net losses, and certain deductions, such as from charitable contributions or net operating losses.
U.S. Kiddie Tax
The kiddie tax is a tax imposed on the certain children. The net unearned income of a dependent child under 18 years of age or a child age 18 to under 24 who does not provide over half of his/her own support and is a full-time student is taxed at the parent’s rate.The kiddie tax includes unearned income a child receives: interest, dividends, capital gains, rent, and royalties. Any salary or wages the child earns is not subject to the kiddie tax.
Differences Between Tax and Book Accounting in U.S.
Difference between net income per company’s financial statements and taxable income reported on the tax return exist because of the difference between Generally Accepted Accounting Principles (GAAP) and tax law.Temporary differences are items of income or expense that are recognized in one period for book but in a different period for tax.
U.S. Alternative Minimum Tax (AMT)
The alternative minimum tax (AMT) is a separate tax that is imposed in addition to your regular tax. It applies to taxpayers who have certain types of income that receive favorable treatment, or who qualify for certain deductions, under the tax law. These tax benefits can significantly reduce the regular tax of some taxpayers with higher economic incomes.
What is the Streamlined Sales Tax Project in the U.S.?
What is the Streamlined Sales Tax Project?How does the Streamlined Sales Tax Project work?What is the Streamlined Sales Tax Project Member-States?Streamlined Sales Tax (SST) was established in 1999 as a cooperative effort between state and local governments and the business community. Its goal is to make it easier for businesses to pay state sales tax by covering the cost of sales tax software from certified providers.
U.S. Intangible Property Depreciation Method
This method lets you deduct the same amount of depreciation each year over the useful life of the property. To figure your deduction, first determine the adjusted basis, salvage value, and estimated useful life of your property. Subtract the salvage value, if any, from the adjusted basis. The balance is the total depreciation you can take over the useful life of the property.
What is U.S. Net Investment Income Tax?
The net investment income tax is a 3.8% surtax applies to individuals, estates, and trusts that have modified adjusted gross income (MAGI) above applicable threshold amounts. It is generally paid by high earners with significant investment income.In general, net investment income for purpose of this tax, includes, but is not limited to:
Find Out Your U.S. Dividend Tax Rate
Dividends are the most common type of distribution from a corporation. They are paid out of the earnings and profits of the corporation. Dividends can be classified either as ordinary or qualified. Whereas nonqualified dividends are taxable as ordinary income, qualified dividends that meet certain requirements are taxed at lower capital gain rates.
U.S. Tax Tips When You Got a PPP Loan
Paycheck Protection Program (PPP) loan is intended to help small businesses maintain payrolls and continue necessary payroll-related payments like rent and utilities. And if you meet the criteria, the loan may be forgiven. However, some small business owners do not know how to deal with this PPP loan forgiveness when they file the tax return. This article will give you some tips.