Ask A Question
Have Tax Questions? Ask a Tax Expert for Answers ASAP
Gross Receipts Tax Questions
are in some states similar to
. Gross receipts tax is a tax on the total gross revenues of a company regardless of their source. It is usually levied on the seller of the goods or to service consumers. These taxes are not directly included in the listed price of the item, and are not a factor in markup or profit on company sales. Below are the most commonly asked questions about Gross Receipts taxes answered by the Experts.
If a person that lives in New Mexico claimed $10,800 for babysitting a friends kids, and then gets audited to pay Gross Tax Receipts on this is there any way around this or any way to find out if they could be exempt from these taxes since it was such a small amount of money?
In most cases a person would be taxed on your gross income as listed on their
form 1040. Any income above $400.00 would need to be reported on the federal level. They should have adjusted their gross income by deducting any related expenses. The one exception would be if they were Native American living and working on a reservation.
If a person is considering opening a new store in New Mexico, would they be required to collect Gross Receipts tax on retail sales?
In most cases the Gross Receipts tax would be due on most retail sales in the state of New Mexico.
Is a business partnership in New Mexico liable for Gross Receipts taxes?
Typically any business that sells taxable goods such as sales of almost all goods, and performances of services in most cases, is responsible for the Gross Receipts tax in the state of New Mexico.
If a couple works and one spouse pays quarterly Gross Receipts taxes on their gross revenues, should they file jointly and combine income?
The Gross Receipts tax would have to be filed separately each quarter for each business, however as long as they were married at the end of the year they can file their tax return jointly.
In New Mexico how much sales tax should I charge my customers?
In New Mexico there is no sales tax. Instead it has a Gross Receipts tax, which in most cases is passed on to the consumer so it resembles a sales tax. Typically these rates vary throughout the state from 5.125% to 7.8125%. The total rate is a combination of rates imposed by: the state, counties, and municipalities.
To answer the many questions raised by Gross Receipts taxes one must look at each case individually since the
differ from state to state. The individual or corporation would do well to stay informed of any laws in their state of residence, and to be aware if their state is one that uses Gross Receipts taxes or a sales tax. No matter which one your state uses to be well informed is always the best way to keep your business on the right track. In order to find out the many more questions about Gross Receipt taxes, you can contact the Experts.
Recent Gross Receipt Questions
A Delaware LLC has ceased operations as of 12/1/14 and
A Delaware LLC has ceased operations as of 12/1/14 and prepared its final 1065 tax return; however the certificate of cancellation has not been filed. Is it required to pay any LLC tax to DE for 2015 or file any federal forms for 2015?
I have a S corporation (100% shares in my name) and I am the
I have a S corporation (100% shares in my name) and I am the only employee of the S corporation. While generating payroll, I have contributed to 401k up to max limit ($17500) also S corporation contributed $25200 to 401k as employer matching. Now, I need to file S corporation tax return and I am wondering whether S Corporation can claim $25200 as expense and reduce the income? The gross receipt for S corporation was $87000. Salary paid to myself was $46200. Other expenses were approximately $7500.
Also, if I have contributed too much then eligible so can I set off overage against 2015 year?
, I started working with a woman doing decorative (non-structural)
Hi, I started working with a woman doing decorative (non-structural) plaster. She wants me to get my own Business License as an artist and work as a sub-contractor. I really have no knowledge about this and have never been asked to get a Business License for any job. She wants me to act as my own business but I will be getting paid hourly from her and be under her precise instruction and training. She says she has operated this way for years and has been advised by tax professionals to operate this way. Today I said I am unfamiliar with this and feel uncomfortable about it. I would basically be operating as an employee with under her guidance, so this makes me feel it is putting myself in danger of getting into trouble some how. I mentioned that I would rather be an independent contractor or fill out some sort of other tax form and we discussed it for a while. I told her me registering as a business does not make sense to me, seems unnecessary and there is probably a better way. She did not like the idea of an independent contractor and feels that makes her vulnerable. Is her way a legitimate way to operate? Is there any other way that could work for both of us? Thanks.
View More Tax Questions
5 Tax Professionals are Online Right Now
Ask Your Own Tax Question
Ask Your Question Now
Ask a Tax question
Type Your Tax Question Here...
5 Tax Professionals are Online Now
In The News
How JustAnswer Works:
Ask an Expert
Get a Professional Answer
Ask Followup Questions
100% Satisfaction Guarantee
Ask a Tax Professional
Get a Professional Answer. 100% Satisfaction Guaranteed.
5 Tax Professionals are Online Now
Type Your Tax Question Here...
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Become a Professional
Terms of Service
Privacy & Security
© 2003-2015 JustAnswer LLC