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South Dakota Form 1099-S: What You Should Know

In fact, there are 13 total states which does require 1099 federal income tax reporting. In addition to all the states, Form 1099-K, W-2W, and 1099-R forms can be filed by anyone in the United States. Taxes | South Dakota Department of Revenue Information about the South Dakota tax code is at the Tax and Business Law Web Page on our South Dakota Tax Law Resource page. South Dakota Business Tax Deductions The state of South Dakota does not require you to take state tax deductions and has no business deduction limits. A South Dakota business taxpayer has the burden of providing additional business expense information in a separate “Schedule S” to calculate the deduction. The taxpayer can also claim the deduction on the business section of a taxpayer's annual income tax return. A Schedule S is not acceptable form for the South Dakota tax deduction. The South Dakota state corporate income tax rate on taxable income for 2024 is 8%. South Dakota income tax rates do not vary based on the number of employees. Taxpayers are not allowed to take the South Dakota state tax deduction for all their business expenses. See South Dakota Income Taxes Exemptions here. Sales Tax Reporting and Payment South Dakota's sales tax rate is 7%. Retail sales and business property are not subject to South Dakota sales tax. Sales tax is not collected on the sales or use taxes collected by the vendor. If a business sells any goods or services in South Dakota and any of their sales are used as payment for a vendor's goods or services, the sales tax is due on the amount paid. For example, if a business sells 100 worth of goods or services for 65 and the vendor pays 40 of sales tax on these goods or services, the 40 is due on the 65. Taxpayers are responsible for any South Dakota sales tax charged from a vendor outside of South Dakota. See Sales Tax Reporting and Payment for more information on sales tax information and filing requirements for sales taxes outside of South Dakota. North Carolina — Sales & Use Tax There is no state sales or use tax. The North Carolina Department of Revenue provides information on sales and uses in the State of North Carolina Sales & Use Tax webpage.

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