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Lee's Summit Missouri online Form 1120-ND: What You Should Know
A special tax credit helps reduce the amount of tax paid. Local Use Tax Application (Form MO-1120) Application Process Form 1120 — Return for Nuclear Decommissioning funds use this form to report contributions received, income earned, the administrative expenses of operating the fund, and the tax on the sales revenue. Local Use Tax (Form MO-1120) Application and Instructions (PDF) Tax Form (PDF) Local Use Tax Credit Application Sheet (PDF) A tax credit is calculated based on the sales amount of the taxable product that is sold. Example: A woman is selling a 100 item and the sales amount is 50 for which she is paying tax of 2.00. If the sale amount was less than 1,000, then only 1 in tax is due. In this case, an individual who owns property valued at 500 would be eligible to take a 1 property tax rebate in return for paying and collecting the local use tax on the selling amount. To be eligible for the rebate, the item is only sold within the city boundaries. To calculate the rebate amount for your property, begin by multiplying your assessment level by your assessed value as found on the website. Assessed value is based on the most recent report of taxes. Example : Assessed value of property (PDF) = 100,000 Assessed value is based on report of 50 sales. (52 × 250) = 300.00. A rebate of 1 (reduced by the amount paid for the tax) is then computed. 300,000 / 100,000 = 1,000 Local Use Tax Credit Application Sheet (PDF) Use Tax — City of Lee's Summit, MO If the property on which you are selling has a city assessor's office address, you are eligible to apply for a credit. Local Use Tax Credit for Tax Year 2023 and prior to An individual who owns property valued at 500 who sells the item 100 and the tax is due is eligible for a 100 property tax credit. Receipt of Credit You will be given a receipt of the credit. Receipt of Credit Application (PDF) Local Place Sales Tax A local use tax is applied instead of a local sales tax on goods purchased from certain online and out-of-state sellers for delivery and use in Lee's Summit.
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