Revenue Tax Archives | Value Investing - Business and Economic Principles

Revenue Tax

Revenue tax is assessed against all business operations by the local Commissioner of the Revenue. A business license triggers the tax. It is an annual tax and is paid in increments or on an annual basis depending on your business volume and industry. In some states, the revenue tax is a function of the franchise fee (tax) paid when renewing the entity’s legal documents.

Hobbies – Business Perspective and Tax Compliance

Specialty Taxes / By David J Hoare MSA / 02/08/2014 03/01/2022

Many people turn their hobbies into a business operation. Not so much to make a living or make big profits, but more to help offset the costs of the hobby. Whenever you go to one of those community fairs, the vendors at the respective booths are mostly folks selling a product that is direct outcome of their hobby. The bands that play on stage, they make some money, but never enough to offset the cost of instruments, gear and transportation. But they enjoy entertaining folks and they hope someday they’ll get discovered.

What is an Audit?

Income Taxes / By David J Hoare MSA / 03/07/2013 03/01/2022

An audit is defined as a methodical examination. Audits are grouped into two principal sets – financial and organizational compliance (usually related to licensure). For the small business entrepreneur, it is almost unheard of for them to have an organizational compliance audit.

Local Revenue Tax – The Business License

Specialty Taxes / By David J Hoare MSA / 12/04/2012 03/01/2022

A business license is the tool used by local governments to monitor all businesses in their community. It triggers at least two types of tax. At a minimum a revenue and personal property tax is charged through this registration process.