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A qualified small business means a corporation, limited liability company, partnership or other business entity that has at least two full- time equivalent employees who are Arizona residents and whose sole responsibilities are not administrative and that maintains at least a portion of its operations at an office or ...

A company is known as a qualified small business when it meets the below qualification requirements: The company must be an active business that is incorporated as a U.S. C-corporation. The company must have had gross assets of $50 million or less at all times before and immediately after the equity was issued.

Beginning with tax year 2021, a taxpayer may elect to file a separate small business income tax return (Form 140-SBI, 140NR-SBI or 140PY-SBI) to report the their share of Arizona small business gross income. The SBI tax return must be filed with the regular income tax return to be accepted.

"Eligible small business" means any trade or business that has gross receipts, less returns and allowances, of less than one million dollars ($1,000,000) during the taxable income year. (Revenue and Taxation Code §§ 17276(e)(1) & 24416(f)(1).)

You must complete and include Arizona Form 301 and the credit form(s) with your Arizona income tax return to claim nonrefundable tax credits unless you meet one of the exceptions listed under When Form 301 is Not Required. Use this form to: • Summarize your total available nonrefundable tax credits.

Generally, you want about 90% of your estimated income taxes withheld and sent to the government. 12 This ensures that you never fall behind on income taxes (something that can result in heavy penalties) and that you are not overtaxed throughout the year.

§ 41-1001 (Definitions), “small business” is defined as “a concern, including its affiliates, which is independently owned and operated, which is not dominant in its field and which employs fewer than one hundred full-time employees or which had gross annual receipts of less than four million dollars in its last fiscal ...

Arizona Income Taxes Arizona charges a flat income tax of 2.50% on all income brackets and filing statuses. This flay income tax rate applies to Arizona taxable income. The starting point for computing Arizona taxable income is federal adjusted gross income (AGI).

Arizona Tax Rates, Collections, and Burdens Arizona has a flat 2.50 percent individual income tax rate. Arizona has a 4.9 percent corporate income tax rate. Arizona also has a 5.6 percent state sales tax rate and an average combined state and local sales tax rate of 8.38 percent.