When do I need to file? You are required to file the multi-purpose tax returns on a quarterly basis, and pay the B&O tax with the returns.
How much is the B&O tax? The gross receipts B&O tax is based on gross receipts for the reporting period. Most businesses will report under this category. The current tax rate is 0.1496% of taxable gross receipts, in all classifications.
What about the square footage B&O tax? The square footage B&O tax applies to businesses that maintain headquarters, offices, facilities, or other support groups in Bellevue where all or portion of the office activities does not generate revenue taxable under the gross receipts B&O tax. The square footage B&O tax is based on the taxable floor area of office space computed to the nearest square foot. The current tax rate is $0.2318 per taxable square foot per quarter.
Any businesses that are exempt? Businesses with annual taxable gross receipts of $150,000 or less (and taxable square footage of 250 square feet or less) are exempt from paying the Bellevue B&O tax in 2012. No tax return is due if a business is placed on a non-filing status and is below Bellevue’s tax exemption levels.
You can also visit our Local Bellevue page at Bellevue CPAs and Tax Accountants