Is my business income taxable?

Yes, your business income is taxable in Washington. Depending on your type of business, you may need to register your business with the Washington Department of Revenue. All businesses must pay taxes on their income, whether generated from sales, investments, or other sources. Depending on the type of business, you may need to pay business and occupation (B&O) taxes, or excise taxes on specific products. All businesses must also pay federal tax on their business income. Generally, business income is subject to the same taxation rules as individual income. However, business income that is received in the form of income or wages is subject to federal and state income taxes, as well as payroll taxes. Businesses must pay Washington’s Unemployment Insurance Tax, and may be subject to additional taxes based on the specific type of business being operated. In addition, business owners may be responsible for collecting and remitting sales tax on the products or services they sell. Business income may also be subject to the Business & Occupation Tax, the Public Utility Tax, or other taxes. Business owners should contact the Washington Department of Revenue to determine all the taxes they must pay.

Related FAQs

What is the gift tax?
What is the tax rate for Social Security benefits?
What is the child tax credit?
Are there any tax credits available for renewable energy investments?
How can I reduce my taxable estate?
What is the difference between a 1099 and W-2 form?
Are 401(k) contributions tax-deductible?
What do I need to do to change my address with the IRS?
What records do I need to keep to prove my deductions?
What is the tax rate for inherited property?

Is my business income taxable?

Related FAQs

Related Blog Posts