Unlocking the Mystery🗝️ Hidden Taxes and Fees You Have to Know
Your Guide to Lesser-Known Fees and Taxes for Small Businesses in Fayette County, KY
When it comes to running a small business, there's no shortage of challenges and responsibilities. From managing day-to-day operations to chasing those elusive profit margins, entrepreneurs wear many hats. But in the hustle and bustle, there are certain financial matters that often lurk in the shadows, waiting to be addressed.
Enter our new guide, "Shining a Light on Business Tax Mystery." In this blog post, we'll shed some light on these lesser-known fees and taxes that every small business owner should be aware of. 🌟
See the Guide, along with costs here!
Corporate Income and LLET Tax
First on our list is the mysterious duo of Corporate Income Tax and Limited Liability Entity Tax (LLET Tax). They may sound like distant relatives from a tax world far, far away, but they're very real for businesses. Corporate Income Tax is what your business owes on its annual earnings, while LLET Tax is the tax owed to the State of Kentucky just for having a “protected” business. The LLET is only for those business entities that have a limited liability status. Keep an eye on these to avoid any surprises!
Secretary of State Annual Filings
The Secretary of State might sound like a job for politicians, but it's an important entity for businesses too! Annual filings with the Secretary of State ensure your business remains in good standing. Don't let this one slip under your radar; it's necessary to ensure that you are a recognized business entity.
County Net Profit Tax and Board of Education Net Profit Tax
These taxes are like hidden gems at the heart of your community. County Net Profit Tax supports local services, while Board of Education Net Profit Tax contributes to education. Embrace them as your way of giving back to the community that supports your business.
Business Tangible Personal Property Tax
Your business property, from computers to furniture, is valuable. The Business Tangible Personal Property Tax ensures you pay your fair share on these assets. Don't let the tax collector play hide and seek with your property; if you fail to submit this report to the assessors office, you could end up with a bill much larger than you should owe.
Sales and Use Tax
Last but not least, Sales and Use Tax – the classic among lesser-known taxes. It's the fee businesses collect on goods and services. Make sure to verify whether the goods and services you are selling should have sales tax added. If so, make sure to file the sales tax return and remit your payment to avoid penalties and fees.
Now, you might wonder why we're shedding light on these often overlooked fees and taxes. Well, think of them as routine oil changes for your business. Ignoring them might seem harmless, but eventually, things can get messy. And no one wants a financial engine breakdown!
At Cultivate, we're here to be your financial allies, your small business besties! We want to guide you through the twists and turns of your business journey. Our new guide is just one way we're making sure you're well-prepared for whatever this crazy journey throws your way!
So, whether you're a seasoned entrepreneur or just starting your business adventure, remember that knowledge is power. Stay informed, stay proactive, and reach out if you need a trusted partner by your side. Together, we'll create a financial masterpiece that lets your business shine! 💼💪
