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Phoenix Arizona online Form 1120-PC: What You Should Know
We will notify you if we pick a qualified lawyer. Saving Arizona Tax Credit of up to 250 per person on income tax. The 250 credit can be applied to all property taxes and all businesses, except for: Arizona Real Estate License The Arizona real estate license tax will increase with the sales price of the property. A portion of the cost of a real estate license tax is refundable. The money generated by the license tax will be used for property maintenance. The tax is paid by the business and taxed twice as income. The difference between the regular sales tax and the license tax payment is the credit. The sales tax in Arizona is calculated as a percentage off the sales price of the property. Real estate licenses generate a sales tax rate. The formula is as follows: State Sales tax equals (1 + 0.02) x Percentage of the Sales Price The sales tax rate in Arizona is usually 2.3%. If you need more information or want more examples, we recommend you consult with an accountant. The credit is refundable if the first 50,000 in combined property and business sales are made within two months of the date the actual tax was paid. If the credit was granted in an earlier year and the actual tax was not paid on the property within 180 days of the tax being due, the credit is refundable only to the credit limits established at that time and not to the entire tax. The first 350 in combined property sales are not subject to the tax. A credit of 75 can be accumulated over the two years. The tax must be paid by Jan. 31 for the first 750,000 in combined sales. All refunds, credit amounts and credits to date are valid as of Dec. 31 of the year following the date the tax was paid. The Arizona Corporation Income Tax Return is filed electronically if sales are made in Arizona during the calendar year.  If the business does not take place during the calendar year, a state return is filed electronically.  For details on how to file an Arizona Corporation Income Tax Return, go to Arizona Corporation Income Tax and Other Business Income Taxes on the Arizona Corporation Income Tax website. The Arizona Department of Revenue will release the Form 1120-PC to us via this website or by sending it at our business address listed above.  The Taxpayer must then complete the Arizona Form 1120-PC to receive a refund of Arizona income tax.
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