Mississippi Contractor's Schedule Sheet
Description
How to fill out Contractor's Schedule Sheet?
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FAQ
Commercial and residential contractors and roofers are required to be licensed by the Mississippi State Board of Contractors. For all the details on how to obtain a commercial or residential license, view our instructional video. Or give us a call at 800-880-6161. View our current Fee Schedule.
3.5% contractor's tax on contract price for non-residential construction. No sales or use tax on purchases of component materials and services. No sales tax on gross income for residential construction. 7% sales or use tax on purchases of materials and services.
A General Contractor license is required in Mississippi (MS) at the state level for the following: Commercial projects that exceed over $50,000. Public works projects that are over $50,000 in value. Commercial Fire Sprinklers $5,000 for public and $10,000 for private jobs.
Goods that are subject to sales tax in Mississippi include physical property, like furniture, home appliances, and motor vehicles. Prescription medicine and gasoline are both tax-exempt.
When it comes to sales tax, the general rule of thumb has always been products are taxable, while services are non-taxable. Under that scenario, if your business sells coffee mugs, you should charge sales tax for those products.
In the state of Mississippi, services are not generally considered to be taxable.
Sales of property, labor or services sold to, billed directly to, and payment is made directly by the United States Government, the state of Mississippi and its departments, institutions, counties and municipalities or departments or school districts of its counties and municipalities are exempt from sales tax.
What should be included in a Contractor Agreement?Statement of Relationship.Project Description.Payment and Billing Terms.Responsibilities of Each Party.Project Timeline and Deadlines.Termination Conditions.Nondisclosure Terms, and Confidentiality and Non-Compete Clauses.
Traditional contractArticle of agreement and conditions of contract, for completing as a simple contract (or as a deed).Working drawings.Bills of quantities.Specifications.Schedules of work.Perhaps an information release schedule.More items...?
A state license is not required if you are performing residential electrical, plumbing, or HVAC work that is less than $10,000.
