article thumbnail

Services: Taxable or not?

TaxConnex

In Minnesota , the service of delivery of aggregate materials is exempt if the materials are for road construction. Connecticut makes it easy: They levy sales tax on dozens of services, almost any you could name, from cleaning windows, pools and clothes to lobbying, flight instruction and private investigation.

article thumbnail

How the 50 States Rank By Lifetime Taxes

CPA Practice

Connecticut $1,731,261 $855,307 49.4% Minnesota $1,645,072 $589,066 35.8% Connecticut $1,731,261 $855,307 49.4% Minnesota $1,645,072 $589,066 35.8% Vermont $1,442,094 $651,434 45.2% New York $1,658,872 $748,199 45.1% Massachusetts $1,857,438 $816,700 44.0% New Hampshire $1,674,402 $722,610 43.2%

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Sidestepping the SALT Cap with the Pass-Through Entity Tax

CTP

For instance, Connecticut provides a state tax credit covering 87.5% of taxes due. Let’s review a little more closely how the pass-through entity tax works. First, we should note that the PTE tax is elective, so taxpayers opt in rather than being required to pay it based on their circumstances.

article thumbnail

The latest on sales tax on shipping charges (part 1)

TaxConnex

Connecticut, Georgia, Michigan, North Dakota, South Carolina, Tennessee, Texas, Vermont, Washington, West Virginia and Wisconsin follow this rule. When items in a shipment are exempt from sales tax in a given state, so is the cost of shipping.

article thumbnail

CPA Exam Candidates: You Better Hurry Up and Apply For BEC Before It’s Gone Forever

Going Concern

Candidates sitting for BEC for the first time in the following jurisdictions have until Sunday, October 1 to apply for this section: Alaska Arkansas California Colorado Connecticut Delaware DC Georgia Guam Hawaii Illinois Indiana Iowa Kansas Louisiana Maine Maryland Massachusetts Michigan Minnesota Missouri Montana Nebraska New Hampshire New Jersey (..)

CPA 115
article thumbnail

Tricky items for sales tax (Part 2)

TaxConnex

Minnesota, Pennsylvania, Vermont and Rhode Island and New Jersey do just the opposite for protective and some other specialized clothing. The price influences sales taxability in other states like Connecticut and Massachusetts while there’s motion to raise the sales tax exemption for clothing in New York.

article thumbnail

Is Tax Relief on the Horizon for Marijuana Businesses?

CPA Practice

Around 13 states, including California, Colorado, Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey, New York, and Oregon, have such a law on their books. Look for more states to follow suit. _ All contents copyright 2023 The Kiplinger Washington Editors Inc.