I bought a small business in Los angeles & just received my first business license renewal from my city. It is asking for "tax based upon annual gross receipts". What is "tax based upon annual gross receipts"? What is "annual gross receipts"? Explain how I calculate please. Thanks in advance.
"MEGATRON" wrote
What was the total money received from customers during the year. That is "annual gross receipts".
It's scary that you don't know that - and you are in business.
You are aware that there are tax returns due in a couple of weeks.....March
15th for corporations, and April 15th for the self-employed and partnerships.Please - find a local CPA or EA to help you.
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