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20 Essential Tax Facts for Small Business Owners

Ronika Khanna CPA,CA

Of course if your cat picture website starts to become popular and you decide that you want to actively build this business by advertising on the site or partnering up with cat product resellers, your non commercial hobby could then be considered a business. There are specific rules with respect to tax deductions for clothing expenses.

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More Than a Loophole: Delaware Sales Tax and Other Benefits of Incorporation in DE

inDinero Tax Tips

And there’s no state corporate income tax on goods and services provided by Delaware corporations that operate outside of the state. Delaware holding companies benefit from no corporate tax on interest and other investments. The state also doesn’t impose personal property tax.

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Shrinking the Delaware Tax Loophole: Other U.S. States to Incorporate Your Business

inDinero Tax Tips

The first state to ratify The Constitution levies a franchise tax and a gross receipts tax on companies to generate tax revenue. Businesses incorporated in the state of Delaware must file an annual report and pay a franchise tax. Domestic non-exempt corporation’s annual report fee is $50 and $25 for exempt entities.