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Mississippi specified that its exemption for health care facilities paying sales tax on construction materials and machinery and equipment purchased within three months of completion of construction does not include medical marijuana establishments. Iowa has modified its sales tax base. thermometers, masks, diabetic care?products
Partnerships Businesstaxes are passed through to partners like in a sole proprietorship since there is no legal separation between the owners and the company. The IRS equally taxes all partners who share legal and debt responsibilities. The difference is the protection from personal liability for the business’s debts.
However, the IRS rules surrounding this tax break are complicated and go beyond what we’ve covered in this article. If you want to dive deeper into this topic, you can connect with one of the experts on our businesstax services team. This would come to a capital gains tax bill of $140,000 ($500,000 * 0.28).
Customers of the Falasz Tax and Accounting company say they’re upset because the company didn’t file their taxes on time in April and then missed the October extension date. One customer says their businesstax documents haven’t been filed since 2019.
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