Washington does not have a typical individual income tax but does levy a 7% tax on capital gains income. The state also doesn’t have corporate income tax, but does levy a state gross receipts tax.
People or businesses that engage in business in Washington are subject to business and occupation (B&O) and/or public utility tax. The business’s gross receipts determine the amount of tax they are required to pay. Businesses that make retail sales or provide retail services may be required to collect and submit retail sales tax.
Ensuring Accurate Tax Filings
Consulting an expert CPA can help you keep a handle on different laws and tax implications.
Fusion CPA has a team of certified public accountants who are highly skilled in handling multi state taxes. We’re positioned to help you take the stress out of tax season, so you can focus on what really matters.
To see how we can help you with a proactive tax strategy to save you time and money, schedule a Discovery Call with one of our CPAs.
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This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.