“Akamai Money” seeks out bounded experts to acknowledgment questions about business in Hawaii. If you accept an affair you would like us to tackle, amuse email it to [email protected] and put “Akamai Money” in the accountable line.
Question: Who should get a accepted customs tax license?
Answer: Every being or article agreeable in business activities in Hawaii — including wholesaling, bartering (including sales at ability fairs), farming, casework (including advantage accustomed for able and/or added types of casework provided), architecture contracting, rental of claimed or absolute property, business absorption assets and royalties — allegation administer for a accepted customs tax authorization and book the adapted tax allotment to pay the GE taxes due.
Q: How do I get one?
A: Form BB-1, Basic Business Application, should be completed and submitted to the accompaniment Tax Administration with the ancient appliance fee of $20, forth with a completed acquittal voucher, Form VP-1. These forms are accessible on our website at hawaii.gov/tax.
Q: How do I accede with tax law already I get a license?
A: About six to eight weeks afterwards sending in the application, the GE authorization will be mailed to the applicant. A letter will be beatific with added advice on filing requirements and instructions.
For greatest ability and accessibility to the taxpayer, the administration urges taxpayers to book and pay the GET via the Internet at www.ehawaii.gov/efile.
Q: Do we accept to allegation tax on our articles and casework and acutely acknowledge it as such?
A: It is not adapted to visibly canyon on the tax to the chump as an added itemized charge, but in best cases it is done. Consumer aegis laws do not acquiesce you to visibly canyon on an bulk that is added than the absolute accepted customs tax due on the transaction.
Q: If I accept a GE license, is there a minimum or a beam as to how abundant I can accomplish with it afore I book tax returns?
A: There is no minimum or beam on the GE tax. This is a gross receipts tax that is paid by the business on all assets accustomed from their customers. Even if there was no assets accustomed for a period, the law requires that the Form G-45 (Periodic Return) and Form G-49 (Annual Acknowledgment and Reconciliation) be filed to appropriately reflect that there was no assets received. Moreover, filings are adapted whether or not the business additionally incurred losses.
Q: Do I additionally again accept to address my GE assets on my IRS tax returns?
A: Yes, you would address your gross receipts on Schedule C (“Profit or Loss from Business”) on Part I, band 1, “Gross receipts or sales.” But for assets tax purposes, costs incurred by the business may be deducted on Schedule C, so the net bulk would be taxed.
Q: How generally do I accept to book GE tax returns?
A: Accepted customs and/or use tax allotment allegation be filed throughout the year. Whether you book monthly, anniversary or semiannually abundantly depends on the bulk of accepted customs tax you accept to pay during the year.
You may book semiannually (every six months) if you will pay $2,000 or beneath in accepted customs taxes per year. You may book anniversary if you will pay $4,000 or less. You allegation book annual if you will pay added than $4,000 in accepted customs taxes.
Q: What are the best accepted mistakes fabricated by GE licensees, and how can I abstain authoritative them?
A: One of the best accepted mistakes fabricated by GE licensees is not filing the GE allotment back there was no assets to report. Under the GE tax law, every licensee is adapted to book both the alternate and the anniversary allotment every year — whether there is assets to address or not — until the authorization is canceled.
Additionally, abounding licensees book alone the alternate allotment but not the anniversary return, cerebration that they accept already accomplished their filing obligation. However, if the anniversary acknowledgment is not filed, the annual is not reconciled, and the taxpayer’s annal appearance it as a nonfiled year.
— Interviewed by Erika Engle
Editor’s note: “Akamai Money” seeks out bounded experts to acknowledgment questions about business in Hawaii. If you accept an affair you would like us to tackle, amuse email it to [email protected] and put “Akamai Money” in the accountable line.
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