What are considered Gross Receipts and what are Allowable Exemptions?
Gross Receipts are what your business earned, or will earn, within the City of South Lake Tahoe city limits. For the first year, you will estimate your gross receipts for the remainder of the city’s fiscal year, from your business start date to June 30. For renewals, you will list the previous year’s actual gross receipts. Most businesses use the calendar year to calculate prior year gross receipts, i.e., for the 2006/2007 renewal period, you would report gross receipts claimed on taxes for the 2005 calendar year. As long as year after year, each renewal gross receipt period is consistent, you may use either the city’s fiscal year or your business fiscal year. If your business does not have a full 12-month of prior year gross receipts, you must estimate a 12-month period of gross receipts based on what has been made since the business opened. Allowable exemptions do not apply to new applications.
