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If a company is tax exempt what taxes are they exempt from paying?
Wiki User
∙ 14y ago
It depends on he local and which exemptions may be applicable to it's situation.
Whatever it is exempt from, MUST be used for the Cos exempt purpose and not something else....so say a charity has gotten a property tax exemption for the building it uses, but then takes that property and rents it out to make money (catering hall)...that would end the exemption, at least for that income.
Wiki User
∙ 14y ago
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Not tax exempt do i tax this?
Not tax exempt would mean that it is subject to taxes. Yes you would tax any thing that is not exempt from taxes in your business operation.
How charities avoid paying the taxes that other firms must pay?
They don't 'avoid' paying taxes... their status gives them the right by law not to pay tax ! Registered charities are given exempt status by the government - meaning they do not have to pay tax.
What is income that is not subject to taxes also called tax exempt income?
what is income that is not subject to taxes, also called "tax exempt income?"
What is tax dodging?
not paying your taxes
If you're a tax exempt organization do you pay federal taxes?
You would pay taxes on Unrelated Business Income.
Are churches in Florida exempt from paying documentary stamp tax and intangible tax?
Churches in Florida are exempt from paying intangible tax but not documentary stamp taxes. The state, county, and municipalities are exempt from the documentary stamp tax.
Not tax exempt do i tax this?
Not tax exempt would mean that it is subject to taxes. Yes you would tax any thing that is not exempt from taxes in your business operation.
How charities avoid paying the taxes that other firms must pay?
They don't 'avoid' paying taxes... their status gives them the right by law not to pay tax ! Registered charities are given exempt status by the government - meaning they do not have to pay tax.
What is income that is not subject to taxes also called tax exempt income?
what is income that is not subject to taxes, also called "tax exempt income?"
How does donating money to charity exempt Bill Gates from paying tax?
It doesn't exempt him from paying tax. But money donated to charity is not considered income, so taxes are not paid on it. This has the affect of increasing the donation, in his case probably at a tax rate of 40 to 50%. When you make as much as he does, the size of the donation is probably not enough to lower his tax bracket.
Are government agencies exempt from local sales or bed or tourism taxes?
In the State of Texas, only Federal and State Employees are exept from "bed" taxes. In Texas, it is called an Occupancy Tax or Hotel Occupancy Tax. I'm not aware of a tourism tax other than the Occupancy Tax. Also, in Texas, all govenrmental agencies are exempt from paying sales tax.
Are the churches in Florida exempt from paying property tax?
In Florida, churches are generally exempt from paying property tax on the portions of their property used for religious worship or related activities. However, they may still be required to pay taxes on portions of their property that are used for commercial purposes.
Doese non profit really mean non profit?
No. It means the agency exists to serve a purpose and has tax exempt status, meaning the agency may be exempt from paying certain taxes.
Do California Cities pay sales tax?
California cities are exempt from paying taxes themselves. However, many cities in California have a city tax that residents must pay in addition to any other taxes. City tax is often added to the state sales tax.
When are municipal bonds exempt from taxes?
Municipal Bonds are bonds that are tax exempt from many tax offices. Municipal Bonds are exempt from tax when they are accepted by the local tax office depending on the law of the state.
What is tax dodging?
not paying your taxes
Do I have to pay state tax on a snowmobile being exported to Canada?
Unless you are exempted from paying US taxes (e.g.: diplomat or some other tax-exempt classification) yes, you will. NOTE: Don't be shiocked when you have to pay customs taxes and fees to import it into Canada.
