kentucky sales tax | TaxConnections (2024)

Kentucky sales tax compliance is fairly simple and straight-forward in comparison to other states’ tax laws. Kentucky has a state-level sales tax rate of 6%, and the state does not offer reduced rates. Due to this, businesses can expect to collect and remit a 6% sales tax rate on all taxable sales they make.

Kentucky Sales Tax

There are three filing frequencies at which taxpayers file their tax returns which will be determined by the Kentucky Department of Revenue at the time of registration. These three frequencies are monthly, quarterly, and annually. Kentucky sales tax compliance requires all taxpayers to file by the 20^thof the following reporting period, no matter their filing frequency. If the return due date falls on a weekend or national holiday, then the correct due date will get pushed back to the next business day.

Read More

This is a continuation of the State Sales and Use Tax Exemption series from contributor and organizer Aaron Giles.

Kansas State Sales And Use Tax Exemptions

The state of Kansas levies a 6.5% state sales tax on the retail sale, lease or rental of most goods and some services. Local jurisdictions impose additional sales taxes up to 4%. The range of total sales tax rates within the state of Kansas is between 6.5% and 10.5%.

Use tax is also collected on the consumption, use or storage of goods in Kansas if sales tax was not paid on the purchase of the goods. The use tax rate is the same as the sales tax rate. Returns are to be filed on or before the 25th day of the month following the month in which the purchases were made. For example, purchases made in the month of January should be reported to the state of Kansas on or before February 25th.

Read More

Nebraska joins Utah, Wisconsin, and Kentucky as states to have enacted pro-sound money legislation into law so far in 2024.

With Gov. Jim Pillen’s recent signature, Nebraska has become the 12th state to end capital gains taxes on sales of gold and silver.

LB 1317 is the fourth major sound money bill to become law this year, as state lawmakers across the nation scramble to protect the public from the ravages of inflation and runaway federal debt.

Under the new Nebraska law, any “gains” or “losses” on precious metal sales reported on federal income tax returns are backed out, thereby removing them from the calculation of a Nebraska taxpayer’s adjusted gross income (AGI).

Supported by theSound Money Defense League,Money Metals Exchange, and in-state advocates, Nebraska’s sound money measure passed out of the unicameral legislature’s Revenue committee unanimously before being amended into a larger bill.

Sponsor Sen. Ben Hansen said upon news of the formal enactment of his legislation:

Gold and silver are the only forms of currency mentioned in our Constitution and with that comes the people’s ability to use it as such without penalty from the government. Saving, and using, gold and silver is our right and one of the only checks and balances to our federal government’s unending devaluation of our paper currency.

Read More

This information providedin this post was updated in November 2023, and now includes an additional 2 states.

This month we travel to the Bluegrass State of Kentucky. The nickname is based on the bluegrass found in many of its pastures due to its fertile soil.

The Red River Gorge is a canyon system on the Red River in east-central Kentucky. Geologically, it is part of the Pottsville Escarpment, a resistant sandstone belt of cliffs and steep sided, narrow crested valleys. The prevalence of sandstone allowed the Red River to cut a magnificent gorge through the mountains. It is a rock climber’s paradise and is some of the best natural areas around!

Kentucky is a land with diverse environments and abundant resources, including the world’s longest cave system, Mammoth Cave National Park and the longest of navigable waterways and streams in the contiguous United States. Lush forests, mighty rivers and quaint towns blanket the landscape of the state.

The Kentucky Derby is a renowned horse race held at Churchill Downs on the first Saturday in May in Louisville. It is preceded by a 2-week festival and is celebrated in the Kentucky Derby Museum year-round.

Business Climate

Read More

Alabama Sales Tax Exemptions

Alabama levies a 4% state sales tax on all purchases of tangible personal property unless the transaction is specifically exempted. There are more than 200 city and county sales taxes imposed in addition to the 4% state sales tax rate. Alabama’s range of sales tax rates is between 4% and 11%.

The consumer’s use tax is imposed on tangible personal property brought into Alabama for storage, use, or consumption in the state when the seller did not collect seller’s use tax on the sale of the property. The tax rates due are the same rates as for sales tax. Returns are to be filed on or before the 20th day of the month following the month in which the purchases were made. For example, purchases made in the month of January should be reported to the state of Alabama on or before February 20th. For more information on Alabama sales tax exemptions visit
https://www.revenue.alabama.gov/sales-use/sales-tax/

Alaska Sales Tax Exemptions

The state of Alaska is one of five states in the U.S. that does not charge a state sales tax. At the local level over 100 municipalities do collect a sales tax, with rates ranging between 1% to 7.5%. For more information on Alaska sales tax exemptions please visit http://www.tax.alaska.gov/programs/programs/index.aspx?10002

Read More

This month we travel to the Crossroads of America, the Midwest state of Indiana. It is known for its farmland and renowned auto race, the Indianapolis 500, held at the Indianapolis motor speedway. In the capital, Indianapolis, theatres and galleries line Massachusetts Avenue. The city’s downtown is home to the iconic Soldiers and Sailors Monument, the Canal Walk promenade and the Indianapolis Museum of Art and its wide-ranging collections.

Various indigenous peoples inhabited Indiana for thousands of years. Indiana received its name because the state was largely possessed by native tribes even after it was granted statehood. Since then, settlement patterns in Indiana have reflected regional cultural segmentation in the Eastern United States; the state’s northernmost tier was settled primarily by people from New England and New York, Central Indiana by migrants from the Mid-Atlantic states and adjacent Ohio, and Southern Indiana by settlers from the Upland South, particularly Kentucky and Tennessee.

Read More

This month, we take a journey out west to Nebraska, where early settlers roamed the state. It used to be nicknamed the “Tree Planter’s State,” but was changed in 1945 to the “Cornhusker State.” Husking corn was done by hand by early settlers of course (before the invention of husking machinery). The University of Nebraska athletic team is called the Cornhuskers.

Nebraska is a Midwestern U.S. State encompassing the prairies of the Great Plains, the towering dunes of the Sandhills and the panhandle’s dramatic rock formations. Lincoln, the capital and a vibrant university town, is distinguished by its soaring state capitol. The city of Omaha is home to the Durham Museum, which honors the state’s pioneering past in a converted railroad depot.

Read More

The Supreme Court of the United States’decision in Wayfair, in June 2018, changed the landscape for sales and use taxesnexus for on-line retailers and remote sellers. Due to budgetary deficits the states are facing due to the downturn in the economy and the Covid-19 Pandemic, states will increase audit activity to raise money. Companies must be prepared and be proactive in order to avoid or reduce any state tax assessments.

The Wayfair decision lowered the bar in which a company hasnexuswith a state. Prior to Wayfair, a company needed a physical presence in the state to be required to collect and remit sales and use taxes. After Wayfair, states now require an economic presence, generally based on a threshold of sales into the state to create nexus with the state. Please note, even if a company does not meet the economic thresholds for sales or transactions, as the case may be, but has a physical presence in the state, then the company has nexus with the state because of the physical presence and must register for sales and use taxes in such state.

Read More