State Sales Tax
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Dont Go to Jail for Failing to Pay State Sales Tax on Internet Purchases
Question: I sell merchandise on eBay and Amazon for side income. I know users of eBay and PayPal can collect sales tax, but it seems very few sellers do. And there doesn't appear to be a way to collect sales tax when I sell on Amazon Marketplace. Should I worry about this? ANSWER: If you live in a state where sales tax is charged on retail purchases, as the seller you are responsible for paying sales tax to your state's tax department for your online sales. However, you pay sales tax only on tr Read More... -
Purchase a Boat in 2006? It Could Earn You A Tax Deduction
If you purchased a boat in 2006, the sales tax paid could be deductible from your income taxes. The American Jobs Creation Act of 2004 gave taxpayers the option to claim state and local sales taxes instead of state and local income taxes when they itemize deductions. Under the law the option was available for the 2004 and 2005 returns only, but recent legislation has extended the availability of this deduction through 2007. IRS Publication 600, State and Local General Sales Taxes, helps taxpaye Read More... -
State Tax Information
All states also have their own tax system. Typically there is a tax on real estate, and there may be additional income taxes, sales taxes, and excise taxes. Oil and mineral producing states often have a severance tax, which is similar to an excise tax in that tax is paid on products produced, rather than on sales. Taxes on hotel rooms are common, and politically popular because the taxpayers usually do not vote in the jurisdiction levying the tax. These states do not levy an individual income t Read More...
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