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Although West Virginia has largely eliminated its B&O tax at the state level, it still allows municipalities to collect B&O taxes themselves, and this tax is the main source of revenue for most cities in the state. According to the West Virginia State Department of Taxation, “this tax is levied on the privilege of engaging in certain business activities.” West Virginia`s B&O municipal tax is a gross income tax where no deductions are allowed. Prices vary by type of business and differ from city to city. [8] The B&O Tax form is sent at the end of each calendar quarter. If you do not receive your form or if you are a new business that is not included in our system, you can download a form below. Please note that some of our tax rates have decreased on July 1, 2017, so you will need to choose the correct form based on the period for which you are filing your return. City of Fairmont Order No. 1655, effective October 8, 2015, provides for the taxation, administration, collection and enforcement of a sales and consumer services tax and a free 1% use tax on state-taxable sales. This legislation will enter into force on 1 July 2016.

Instructions on the IOC-1 scale (for periods after January 1, 2015) of the IOC-1. A tax is levied on the gross receipts of any business doing business within the limits of that municipality. The rate per gross revenue of $100.00 varies depending on the classification of the business. West Virginia Economic Opportunities Tax Credit Claim. For investments put into service on or after 1 January 2003. There are different B&O tax rates, depending on the category of business conducted. For example, a hair salon could be submitted in two categories – retail and service. Retail sales would be subject to a tax rate of 0.25% and the service would be subject to a tax rate of 1%. Also effective July 1, 2016, the City is eliminating the Business and Employment Tax for the wholesale class and the Business and Employment Tax for the manufacturing class. Exception: Rental income tax returns from real estate may be filed annually.

The registration deadline for rental income from real estate is December 31. 1st quarter – January to 2nd quarter from March – April to 3rd quarter from June – July to September 4. Quarter – October to December Business and Business Income Tax Return (instructions for completing the B&O tax return can be found at the bottom of page 2 of the return) B&O`s tax rates vary depending on the business or other activity that generates gross income or assessed value. Below is a brief explanation of B&O`s five most common tax classifications. Any company that carries out or has initiated activities directly or indirectly for the purpose of economic profit must file the business and business tax (B&O). You will indicate all gross receipts (sales) for the corresponding recording period on the return. Several company classifications can be submitted. The finance department sends a tax return for businesses and professions every quarter after the business license is issued. Instructions for completing your B&O tax return can be found at the bottom of page 2 of your return. All exemptions, deductions, and credits are provided for in Chapter 82.04 of the Revised Washington Code (the chapter that forms the legal basis for the B&O tax) and Title 458 of the Washington Administrative Code (the regulations of the Washington Department of Revenue). Certain provisions of these laws operate similarly to the Internal Revenue Code and U.S. Treasury regulations.

For example, bad debts can be deducted from B&O tax in the same way as federal income tax. [5] [6]. New businesses may be eligible for B&O tax reductions. Contact the Ministry of Finance for more information. Income from exempt activities does not have to be included in the B&O tax return. However, items claimed as deductions must be included in gross income before they can be taken into account as deductions. The B&O tax is calculated on a quarterly basis and must be paid within 30 days of the end of the quarter to avoid penalties and interest for late filing. All businesses holding a valid business permit from the City of Bluefield must file a quarterly B&O tax return within the allotted time to avoid late filing fees – even if the amount of tax claimed is zero. For assistance, call 304.696.5540 (press option 4 for Finance) UETP-M Monthly underpayment of estimated tax penalty B&O worksheet instructions Tax returns must be filed quarterly.

Submission deadlines are March 31, June 30, September 30 and December 31, unless otherwise agreed and approved by the Finance Department. Retail sales. This includes any transfer of ownership or ownership of tangible property, with the exception of wholesale sales, including sales to consumers or otherwise. Sales to charities that do not pay the B&O tax on gross receipts are generally retail sales. Real estate sales are retail sales. BOT-300 Business and Profession Tax Estimate for Public Service or Utility Business Instructions Annex I-PPE Industrial Expansion or Revitalization Credit – Instructions for Electric Power Producers. Appendix L Electricity, Natural Gas, Sewer and Water Supply Rate Reduction Credit BOT-301E Annual Income Tax Return for Businesses and Professionals for Power Supply Due Date: All returns must be submitted 30 days after the applicable submission deadline. Most municipalities in the state of West Virginia, including the City of Bluefield, collect and collect a municipal business and occupancy tax. B&O tax refers to a company`s gross income or turnover. All businesses located within the city limits of Bluefield are subject to the B&O tax.

Businesses located outside the city limits of Bluefield but doing business (including delivery and sale) within the city limits of Bluefield are also subject to the B&O tax. B&O`s tax identification number can be found in Section II, Chapter 38 of the Bluefield City Code. WV`s legal rules and regulations for B&O tax collection can be found below or on the WV Secretary of State`s website. It is a kind of gross income tax because it is levied on gross income and not on net income. While deductions for labor, materials, or other overhead expenses are not allowed, Washington State allows certain deductions, exemptions, and credits by law. Ohio is currently phasing out its corporate net income tax and implementing a gross income tax. When the rollout is completed in 2010, Ohio and Washington will be the only states to have a broad-based gross corporate income tax. However, Ohio`s B&O system will have a significantly higher tax threshold and lower tax rates than the Washington system. [1] Leasing, rental and royalties. Payments arising from the supply of tangible or tangible personal items for rent, leasing or otherwise are subject to B&O tax as a separate classification.

Business tax (often abbreviated to B&O tax or B/O tax) is a type of tax levied by the United States. Washington states, West Virginia and, since 2010, Ohio,[1] and local governments of West Virginia and Kentucky. [2] The West Virginia Municipal Business and Occupation Tax (B&O Tax) is an annual lien tax imposed on all individuals and entities operating in West Virginia communities that collect the tax. The amount of tax is determined by applying the rates to the values or gross income. Tax rates and the tax base are determined by certain classifications based on the type of business or other activity in which the taxpayer operates. The Huntington city boundary map allows you to enter an address in the search bar at the top left and see if the address is within the city limits.

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