I have my basic business plan put together, and someone told me I will have to pay B and O tax. It is assessed at different rates for different activities. Can any WA folks help me sort it out? I am pretty sure I am exempt from sales tax because I will be running a med duty rollback for copart to start out... but the B and O could really shut me down.
I don't have an accountant/tax advisor figured out yet; hope to have that soon and will run it by them as well.
Thanks for any info you can provide.
Paul
I'm sure you will have to do Business & Operations taxes. If you don't charge tax on your tows (retail) and just tow for Copart it shouldn't be that much at all.
in wa you have to pay B&O taxes to each city and or county you conduct business in , it is indeed a very small percentage of the total amount of money you made in that city ,it is paid quarterly and is really simple , I do ours usually takes me about an hour to do all 5 reports if you are smart you will learn to do all your tax reports yourself and immerse yourself in your business, we made the mistake of having an accountant and it really screwed us we had no Idea what was going on our reports were neglected and unpaid etc etc . very scary