You can’t escape it: Business and individuals are required topay federal and state income taxes. Every person residing in the United Statesis legally required to file a tax return and pay taxes on the money they earnedunder federal law, and residents of most states also have to pay state incometaxes as well.

1. Atlanta Small Business Association
2. Guide To Atlanta Small Business Tax Calculator

The difference between individuals and businesses, when it comesto taxes, is that individuals who earned income in a calendar year and arerequired to pay taxes through the Internal Revenue Service but may be exemptfrom state taxes. By contrast, businesses in every single state are required to pay a portion of their revenuesto income tax payments at both the state and federal level.

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Making Sense Of Basic BusinessTaxes In Georgia

• Did you know that Arizona is a transaction privilege tax (TPT) state as opposed to a true sales tax state? This means that income from certain business activities, such as construction contracting and commercial lease, are subject to transaction privilege (sales) tax.
• Business tax consists of two separate taxes: the state business tax and the city business tax. With a few exceptions, all businesses that sell goods or services must pay the state business tax. This includes businesses with a physical location in the state as well as out-of-state businesses performing certain activities in the state.
• My Metro Atlanta Small Business Health Quiz (Part 1) Last week, when I wrote my message to our Metro Atlanta business clients, the biggest news was the second round of the PPP, and that expenses covered under the first round of it would be tax deductible.

The tax rate for most employers is 0.6% of the first $7,000 each worker earns, up to a maximum of $42 per employee. For very small employers, these payments may be made at the time of annual filing but larger employers are required to make payments quarterly. See the IRS Employer’s Tax Guide for more information.

Georgia is noexception to business taxes. The state requires corporations — a category intowhich many businesses fall, even if they’re not large and spread across a largeregion, with multiple locations — to pay a tax rate of six percent of theirtaxable net income to the state of Georgia.

Small businesses are greatly helped by the state of Georgia’scorporate income tax laws in that they don’t have to pay any net worth taxes if they are worth less than a certain amount.Although this dollar value cutoff is subject to change on an annual basis,corporations that have a net worth (thetotal value of all of a corporation’s assets minus its debts and other amountspayable to other parties) that is equal or less than $100,000 are not requiredto fork over any money in net worthtaxes.

Atlanta Small Business Association

Although they are required to remit a portion of revenues to thestate government of Georgia — six percent of taxable net income, just like allother corporations in the state — they’re still legally required to file a taxreturn that indicates the revenues, deductible expenses, and other relevantinformation about those businesses. This law came into effect for income earnedin 2018.

Corporations doing business in the state of Georgia that areworth upwards of $22 million are required to pay $5,000 for each year they dobusiness in the state. Further, all corporations that conduct business inGeorgia, no matter whether they’re located within Georgia’s state lines or areheadquartered in another state, are required to submit an initial net worth return prior to the 16th day of the third monththey’ve done business in Georgia. C corporations, on the other hand, have anextra month to pay the net worth tax in the state.

Who Has to Pay Sales Taxes InGeorgia?

If a company sells goods to people in the state of Georgia, suchas over the phone or via a web site, it is required to pay taxes to relevantgovernment agencies in Georgia if it has what’s known as a sales tax nexus in Georgia.

In layman’s terms, salestax nexus is a complicated way of indicating that a business has asignificant, material presence in Georgia. Outside of having a significantpresence in Georgia, something that courts of law deliberate on subjectively,businesses that engage in commerce with Georgia residents are considered tohave sales tax nexus in Georgia if the business has:

• Delivered goods in Georgia via the company’sprivate fleet of vehicles.
• Goods stored in one or more warehouses inGeorgia.
• One or more employees working in Georgia.
• A business address that is officiallyregistered as its address.
• People working on commission or independentcontractors working on behalf of the company inside Georgia.

It’s also important to know that people and businesses that sellgoods via Amazon are subject to paying sales taxes in Georgia if their goodsare stored in Amazon’s warehouses in Georgia.

Guide To Atlanta Small Business Tax Calculator

A Few More Exemptions ForEntities Making Sales In Georgia

As mentioned above, physical, tangible goods are taxed for sale.But what about services?

Even though entities receive money as payment for selling services in a manner identical to entities that sell goodsand receive money for them, services sold throughout Georgia are almost alwaysnot taxed.

To be more specific, the only types of services that are, in fact, taxed by the state ofGeorgia are the transportation of people within the state via taxis and othermodes of transport, admitting people into events like basketball games, thesale of accommodations, and participating in games and activities played foramusement — such as those at carnivals, for example.

It’s Sales Tax Permit Time

Businesses without a sales tax permit that are caught collectingsales tax under the guise of remitting them to the state of Georgia, whetherthose entities had actually intended on handing them over to the state or not,are subject to fines and even revocation of their license to operate withinGeorgia.

As such, all businesses in Georgia and that have a sales taxnexus in the Peach State mustregister for a sales tax permit andsuccessfully receive one to collect taxes legally on the sale of goods andcertain services.

Sales tax permits can be registered for at the Georgia Tax Center, a governmentagency under the state’s Department of Revenue.

The number of business taxes Georgia entrepreneurs need to knowabout aren’t all that complicated, once you have a routine established forfiling tax returns and making payments. The important thing is to be sure thatyou have your tax ID and sales tax permit in place before you begin doingbusiness. Doing it the right way from the start can save a lot of headacheslater on!

Atlanta Small Business Start-up Guide

On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided for your convenience and does not constitute legal advice. This publication is protected by copyright.

Atlanta is a city that has a rich history and an even richer future. The city has roots that grew from the ashes of the Civil War, and from that fertile ground it has grown to become the ninth largest metropolitan area in the United States and an internationally prominent center of commerce and world city. With a gross domestic product that ranks 8^th in the nation and 45^th in the world, it’s no wonder that the city of Atlanta is such a draw for business people who want to make a mark.

Atlanta was originally home to several native American tribes, including the Creek and Cherokee Indians who gave way to European settlers in the 19^th century. With the building of extensive rail lines providing a link between Savannah and the Midwest, the city that was originally named Marthasville quickly grew and was renamed Atlanta to honor the fact that its railroad provided service from the Atlantic to the Pacific. Its position as a transportation hub made it an important focal point during the Civil War, which led to its eventual destruction by the retreating Confederate army. The city was gradually rebuilt after the war’s end, and since that time it has experienced unprecedented growth, with a tremendous focus on higher education, transportation, culture, and commerce.

The Atlanta metropolitan area is the 17^th largest in the world, and offers abundant advantages to businesses considering establishing themselves in its midst. These include:

• Atlanta is home to the country’s third largest concentration of Fortune 500 companies, and major forces including Coca-Cola, Home Depot, Delta Airlines and UPS call the city its home. The city’s wealth of national and international corporations is in large part due to the area’s highly educated workforce – 43% of adults in Atlanta have college degrees.
• Atlanta is a major transportation hub, and is home to Hartsfield-Jackson Atlanta International Airport, the world’s busiest airport. It is also an important rail junction.
• Atlanta is an important media hub, and is home to both CNN (Cable News Network) and Turner Broadcasting, as well as Cox Enterprises, The Weather Channel, and The Blackstone Group

The city of Atlanta goes out of its way to provide all of the information that an entrepreneur needs to get started in the city, with extensive information on its website regarding the required licenses, permits, business taxes and property taxes. An experienced tax professional can walk you through the steps of determining what type of business structure will work best for you, as well as with establishing business plan, a general ledger and accounting system to make sure that you are efficient and in the best possible position for profit.

The links below are a great place to start as you begin your entrepreneurial journey in Atlanta.