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Posted by Paul Thomas, CPA on January 23, 2008, 9:32 am
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>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.
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.
--
Paul A. Thomas, CPA
Athens, Georgia
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