This is to become multi-year work-in-progress (started July 10, 2005)
Alabama:
Arizona:
Arkansas:
California:
LLC's and S-Corps have a minimum $800 Franchise Tax
General Partnerships are exempt.
Do not attached W-2 or other withholding tax documents to form 540,
rather staple them to form W-2 Attachment.
Colorado
Connecticut:
Allows deduction for trader expenses on forms CT-1040, CT-1065, CT-1120S
Allows deduction for trader losses on forms CT-1040, CT-1065, CT-1120S
Does not allow NOL carry-back on forms CT-1040, CT-1065, CT-1120S
Does not allow NOL carryforward on forms CT-1040, CT-1065, CT-1120S
Allows NOL carryforward on form CT-1120 (for 5 years)
CT-1040 is a piggyback tax based on a modified federal AGI.
CT-1040 allows a limited tax credit for property taxes paid to a CT
municipality by a full-year CT resident.
LLC's and S-Corps have a minimum $250 Business Entity Tax
Do not attached W-2 or other withholding tax documents to the CT-1040,
rather simply list them on form CT-1040 / CT-1040WH.
Florida:
The Intangible Personal Property Tax can be avoided by creating a FLITE
style trust (Florida Intangible Tax Exemption Trust) or FLINT style
trust (Florida Intangible Trust)
Georgia:
Illinois:
Public Act 93-840 exempts "Investment Partnerships" from the Illinois
Replacement Tax. The tax that replaces personal property tax
Indiana:
Kansas:
Louisiana:
Maine:
Maryland:
Massachusetts:
Allows deduction for trader expenses on form 1
Does not allow deduction for trader losses on form 1
Does not allow NOL carry-back on form 1
Does not allow NOL carryforward on form 1
Allows deduction for trader expenses against 5.3% income, but not
against trader gains.
Separately taxes trader gains at 12%
Allocating gains to Sch. C for federal purposes could cause a situation
on the form 1 as the net tax could be lower.
Enter the employer's federal ID number including the dash. The employer
ID number carries to Schedule INC.
Michigan:
Enter the employer's federal ID number for state withholding for the
Form MI Schedule W.
Minnesota:
Enter the employer's state ID number for state withholding for the Form
M1W.
Mississippi:
Nevada:
New Hampshire:
Interest & Dividends taxed @ 5% on form DP-10-2D
Trader business enterprise income taxed on form BET-80
New Jersey:
Does not allow deduction for trader expenses on form NJ-1040
Does not allow deduction for trader losses on form NJ-1040
Does not allow NOL carry-back on form NJ-1040
Does not allow NOL carryforward on form NJ-1040
Allocating gains to Sch. C for federal purposes could cause a situation
on the NJ-1040 as the net tax could be lower.
Do not staple, tape or paper clip, simply toss loose papers inside the
mailing envelope.
New Mexico:
New York:
trick question for non-residents: a day worked at home is treated as a
day worked in New York
http://www.telcoa.org/HTMLobj-1146/Explaination_of_the_N.Y.Tax_Department_s_revised_position.pdf
North Carolina:
Ohio:
Oklahoma:
Pennsylvania:
Enter the employer identification number including the dash. The
employer identification number will carry to the Schedule W-2S or
Schedule UE if applicable.
Rhode Island:
South Carolina:
Tennessee:
Texas:
LLC's and S-corps subject to income taxes. General Partnerships and
Individuals are exempt.
Utah:
Vermont:
Virginia:
Enter the employer identification number including the dash. The
employer identification number will carry to Schedule INC.
Washington:
West Virginia:
Wisconsin:
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