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Remember that your deductions of state and local income tax or sales tax are capped at $10,000 per year, and they’re capped at $5,000 if you’re married and filing separately. Additional Tips ...
The statewide portion consists of two parts: a 6.5% sales tax with receipts going to the state General Fund, and a 0.375% tax going to arts and environmental projects. The 0.375% tax was passed by a statewide referendum on Nov. 4, 2008, and went into effect on July 1, 2009. [133]
Gathering and saving receipts and tax documents is an important part of filing taxes and receiving your refund quickly. Whether you take the standard deduction or itemize deductions, most people ...
The state does not assess sales tax on consumers. The state does, however, impose a tax on the gross receipts of most businesses. Business and occupational license tax rates range from 0.096% to 1.92%, depending on the category of business activity. Delaware does not assess a state-level tax on real or personal property.
Tax rates vary widely by jurisdiction from less than 1% to over 10%. Sales tax is collected by the seller at the time of sale. Use tax is self assessed by a buyer who has not paid sales tax on a taxable purchase. Unlike value added tax, sales tax is imposed only once, at the retail level, on any particular goods. Nearly all jurisdictions ...
A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax ; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are ...
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