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I own a music entertainment business. Do I have to pay taxes on income from concerts?

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  • I own a music entertainment business. Do I have to pay taxes on income from concerts?


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Answer #1 | 29/12 2013 00:21
Of course it is taxable income. You "own a business" and you are trying to say that business income is an "untaxable service" Get real.
Answer #2 | 29/12 2013 02:32
Absolutely the income is taxable at the federal level. The question is if it is subject to state sales and use tax. I have bought tickets in many states, and they always included sales tax so I will make the generalization that all states also require you to charge sales tax on your ticket sales and then remit the tax collected to the state. You must have just started this business and it must be your first ever, because this is really sloppy business planning and accounting. Right out of the box you have exposed yourself to unnecessary penalties and interest if you have not been paying estimated tax to the government.
Answer #3 | 29/12 2013 07:21
my peers are logical but not accurate. NO business pays taxes on income. It pays taxes on net profits. IN many cases, the manager is able to find enough DEDUCTIONS--expenses-- so that there is no profit at all. And that is legal. example; in 1970--Exxon oil firm grossed --had income of-- over $10 billion dollars. A record at that time. IF it had no expenses, it would have paid over $3.3 billion in taxes. INstead, after going through all its legal deductions, it paid $10,000, and that made news. can guide further

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