Want to start a business in Philly? Make sure you know the rules.

  • 📰 PhillyInquirer
  • ⏱ Reading Time:
  • 61 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 68%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

There’s no shortage of advice from experts and entrepreneurs to help you start up a business. But what if you’re starting up a business in Philadelphia? Here's what you need to know.

This is required for any business operating in the city and is issued by the Department of Licenses and Inspections.Step 3: Understand the taxes you’ll have to report

There are more than a dozen types of business taxes in Philadelphia, ranging from the business income and receipts tax to the outdoor advertising tax. Some are specific to certain industries, such as hotels or liquor sales. You should be aware of which ones your business could be responsible for paying.If it seems that there are a lot of taxes to consider, well, there are. But Karen Fegely, deputy commerce director at the city’s Commerce Department, says the city does have programs to help mitigate some of these costs for start-ups.

“Businesses with $100,000 in Philadelphia taxable gross receipts or less do not have a BIRT liability and are not required to file a return,” she said. “Additionally, new businesses that employ six people in the first two years of operations can receive a two-year tax holiday on the BIRT.” Fegely also says that additional tax credits such as the Job Creation Tax Credit can offer $5,000 per job created in Philadelphia, so long as additional requirements are met.Depending on the type of business you start — particularly if you’ll be receiving customers or outside visitors to your location — you may need to get zoning permission from the city.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 81. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Northern Liberties business owner wants more security after recent break-insA business owner in Northern Liberties is hoping for a boost in security. Three storefronts were damaged in the latest incident.
Source: 6abc - 🏆 250. / 63 Read more »