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Do you have to pay taxes when you receive money for damages do to a tornado on your business?
Wiki User
∙ 15y ago
Probably not. As long as the payment your addressing is for a loss of something tangible, say to restore damage to the roof, the payment isn't taxable UNLESS you took the casualty loss on your tax return for that item. (You can't take the loss and exclude the income - one or the other. Makes sense because if your getting paid for the loss, well then you didn't really have one).
Wiki User
∙ 15y ago
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1. Money left after a business pays expenses
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Business income is the amount of money received through your business.
Can you file taxes with the money you receive from welfare?
yes
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No.
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When do you receive money from a budgeting loan?
when if was like an hurricane or a tornado and you lost things or if your house got fludded
What is the penalty for not posting wage posters at my business?
You'll be fined. The DOL can bring suit against you and make you pay money damages.
What are damages and how are they involved in a lawsuit?
Damages is the estimated money equivalent for detriment or injury sustained.In law, damages have to do with how much money you recieve for any harm or injury caused to you.
Who would receive an honorarium and why would they receive it?
It might be given to a guest speaker invited to give a speech by a company or business. The money is paid his services provided
How is reinsurance different from insurance?
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What is money for war damages called?
Welfare
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Purchases are transactions made by consumers and businesses. Generally a person or a business will exchange money to receive goods.
Is it illegal to receive money or tips from your own private alcohol at your location of business?
yes, you need to be given permission from the government
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Money that you get from your business, is called business money.
How much money was lost after the Waco tornado?
The cost of damage from the Waco tornado was $41 million.
How much money did the greensburg tornado cost the community?
The Greensburg tornado cost about $250 million.
