SALTy about tax deductions? As U.S. taxpayers prepare to submit their income tax returns, many of them are counting on deductions to lessen their tax burden (or get money back). But business owners can benefit from some deductions too; learn about the state and local tax (SALT) deduction, how it’s calculated, and whether your business can take advantage of it.
Retail delivery fee resistance. While Colorado and Minnesota are currently the only two states with a retail delivery fee (RDF), several other states are considering them. But while interest from lawmakers is rising, proposed fees are facing pushback.
New tax rate in the Natural State? If Senate Bill 289 is enacted, the Arkansas sales tax rate would drop to 6.375% from 6.5%, affecting both in-state businesses and out-of-state businesses that sell into the state. Find out which products would be subject to this lower tax rate (and which would be exempt).
Modernizing sales tax in Minnesota. Minnesota is also considering a change to its tax rate. Governor Tim Walz introduced a budget proposal that would broaden the sales tax to include more services and lower the state sales tax rate. Get the details about the proposed changes — including which sales tax “loopholes” might be eliminated under this plan.
Sales tax permits 101. Every state with a sales tax requires businesses to register for a sales tax permit before they can collect and remit sales tax. But what is a sales tax permit? And does your business need one?
Max tax attacks. Local taxing jurisdictions in some states limit the amount of local tax owed on a single item. Not knowing the regulations can put remote sellers at risk of over-collecting or incorrectly reporting tax.
Don’t mess with taxes. If you’re doing business in the Lone Star State, you may encounter the Texas franchise tax. Find out how this tax is calculated, how to file a franchise tax report, and how to find out if your business is liable for it.
Tax changes spring forth. Daffodils are blooming, the sun is peeking out from behind rain clouds, and new tax rate changes are taking effect starting April 1.