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Can you claim sales tax on your taxes?
Yes, you can claim state and local sales taxes on your return. But in order to do so you must itemize deductions and you must not claim state and local income taxes. You're allowed to claim either state and local income taxes or state and local sales taxes, but not both.
If you do claim the sales tax deduction, you can either claim the amount you actually paid (based on receipts) or the amount given to you by the IRS's Sales Tax Deduction Calculator.
For a more detailed explanation of the state and local sales tax deduction, please see Deducting State Sales Tax.
If you do claim the sales tax deduction, you can either claim the amount you actually paid (based on receipts) or the amount given to you by the IRS's Sales Tax Deduction Calculator.
For a more detailed explanation of the state and local sales tax deduction, please see Deducting State Sales Tax.
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How long do you have to be married to claim it on your taxes?
Not long at all. If you were married the last few minutes of 2009, then you can claim the entire year.
If I lose on stock sale can the loss be claimed on my tax return?
You can deduct capital losses up to the amount of your capital gains, plus $3,000 ($1,500 if married filing separate.) Any excess capital loss is carried over to future years.…
Who can you claim on taxes?
You can often times deduct the cost of hiring a tax professional to do your taxes in the following year. Given the generic nature of your question, I'd strongly suggest doing …just that.
What is sales tax?
A sales tax is a tax that is put on items when they are purchased by the consumer. It is collected as a percentage of the price. Most states have a sales tax, as do many count…ies and cities, which can increase the total levied to 10% or higher. Often the tax on food and medicine will be lower, either by statute or because the state restricts additional local taxes. Laws vary governing the collection of sales tax for interstate purchases or internet sales. Some states discourage interstate purchases by levying "use" taxes for items purchased out-of-state for use in-state by its residents. For the same reason, vehicle registrations can also collect fees to recoup any avoided sales tax.
What type of tax is sales tax?
regressive indirect
Can you claim child on taxes if unemployed?
Yes if you and the child meet all of the rules for this purpose.
Can your parents claim you for taxes and you claim yourself?
In the US, when another taxpayer is entitled to claim you as a dependent on their income tax return, you cannot take an exemption for yourself even if the other taxpayer does …not actually claim you as a dependent. Then Exemptions for Dependents Dependent not allowed a personal exemption. If you can claim an exemption for your dependent, the dependent cannot claim his or her own personal exemption on his or her own tax return. This is true even if you do not claim the dependent's exemption on your return or if the exemption will be reduced under the phaseout rule described under Phaseout of Exemptions, later. Go to the IRS gov web site and use the search box for Publication 17 (2009), Your Federal Income Tax for Individuals go to chapter 3 Exemptions You can click on the below related link
What is the sales tax of 2.99 and the the sales tax is 5.5 percent?
The sales tax of 2.99 with the sales tax itself being 5.5% ... is just 2.99 x 0.055 so if you calculate that it is 0.164. Add the tax with the amount and it becomes 3.15.
If sales tax is 5 percent what is the tax on a sale of 70.00?
Hello i am in grade 9 and we are currently covering this in my math unit. This will work in ANY case: when you have a whole number you present it over one and when you have …a percent, over 100, remember to make sure your fractions are cross reduced (in lowest terms). okay so... remember to multiply numerators and multiply denominators. 70 x 5 (lowest terms) -- 70 x 1 = 70/20 20 goes into 70 3 times plus 10 left over 1 100 1 x 20 so, 3 10/20 is the same as $3.50 and tax would be adding on to the sale price, therefore $70.00 + $3.50 = $73.50 I hoped this helped you Bye!
In a contract for deed sale in Texas is the Buyer responsible for taxes and thus can claim the taxes on their income tax return?
Answer I am not an attorney or an accountant or even a licensed real estate agent, but I do sell my own land in Texas. This is offered as information only and not prof…essional advice. You should consult an attorney or accountant who can offer you counsel based on all the specifics of your situation. In my limited experience in Texas, the deed-holding property owner is responsible for taxes on the property. If you purchase property under a contract for deed, you may or may not be able to claim the taxes as a deduction. It depends on your contract or other written agreements. If the property owner escrows money for taxes and pays them on your behalf, then you probably get the deduction. If it is not specified, then the property owner may be taking the deduction. SB198, which was effective Sept. 1, 2001, requires that the property owner send you an annual statement each year before January 31st. This statement should indicate “the amounts paid to taxing authorities on the purchaser’s behalf if collected by the seller.” If the amount is “0,” then the property owner is most probably paying and taking the deduction for taxes. You should ask them. Preferably in writing. Be sure to keep a copy for documentation. P.S. You can contact the local appraisal district to find out if there are delinquent taxes on the property. If the property owner is not paying the taxes, you could have problems. Answer I am not an attorney or an accountant or even a licensed real estate agent, but I do sell my own land in Texas. This is offered as information only and not professional advice. You should consult an attorney or accountant who can offer you counsel based on all the specifics of your situation. In my limited experience in Texas, the deed-holding property owner is responsible for taxes on the property. If you purchase property under a contract for deed, you may or may not be able to claim the taxes as a deduction. It depends on your contract or other written agreements. If the property owner escrows money for taxes and pays them on your behalf, then you probably get the deduction. If it is not specified, then the property owner may be taking the deduction. SB198, which was effective Sept. 1, 2001, requires that the property owner send you an annual statement each year before January 31st. This statement should indicate “the amounts paid to taxing authorities on the purchaser’s behalf if collected by the seller.” If the amount is “0,” then the property owner is most probably paying and taking the deduction for taxes. You should ask them. Preferably in writing. Be sure to keep a copy for documentation. P.S. You can contact the local appraisal district to find out if there are delinquent taxes on the property. If the property owner is not paying the taxes, you could have problems.
Answered
How do you claim tax deductions related to royalties earned through book sales?
You should probably contact a CPA for this as this can be quite complicated and if you deduct things your not supposed to, you can get yourself into alot of trouble. I…n short, royalties would be self-employment income. That means that you will need to pay the 15% FICA/Medicare charge plus your ordinary income tax rate. (Normally when you work for someone else you pay 7.5% fica/medicare and employer pays the other half). You will need to file Schedule SE with your 1040 to determine your total self employment income. That is, your income minus your expenses related to employment.
Answered
Is sales tax a direct tax or indirect tax?
Sales tax is an Indirect, specifically, Excise tax. The tax is NOT imposed on the buyer of goods, but is actually imposed on the "Privilege" of the "retailer" selling good…s and services at "retail". The burden falls directly on the shoulders of the "retailer" who is authorized by law to pass the tax off to the consumer. Here's a cut and past from Connecticut General Statutes (Title 12, Chapter 219 - Sales and Use Tax) Sec. 12-408. The sales tax. (1) Imposition and rate of sales tax. (A) For the privilege of making any sales, as defined in subdivision (2) of subsection (a) of section 12-407, at retail, in this state for a consideration, a tax is hereby imposed on all retailers at the rate of six and thirty-five-hundredths per cent of the gross receipts of any retailer from the sale of all tangible personal property sold at retail or from the rendering of any services constituting a sale Some explanation of the use of the word "privilege" in the statute you just read is warranted at this point. The use of the word "privilege" in the Statute is NOT by accident or just some random word chosen by the legislature. The only way one is liable for "sales tax" is if first one is involved with the exercising of some type of "privilege" under State authority. If no "privilege" is being exercised, then one has NO sales tax liability, even if they are selling their own stuff to the general public, contrary to what most people assume about the "sales tax" For instance, a "privilege" is the exact opposite of a "right". A "privilege" usually involves the obtaining of some sort of state or federal license to exercise such "privilege". Rights however are not convertible into "privileges" then required by the state to obtain a license to exercise such right. To make the point, Government cannot convert rights to privileges then require you to pay money to exercise it. It is wholly without their authority to do such things. Although, government seeming tries very hard to make you think they can.
Answered
Can you claim sales tax paid on vehicle purchase on federal return?
Yes. Current tax law permits you to choose between deducting state and local taxes and deducting sales taxes if you itemize deductions on your income tax return. When you calc…ulate sales taxes, you are permitted a table amount based on your income plus the sales tax on certain specified items such as: A motor vehicle (including a car, motorcycle, motor home, recreational vehicle, sport utility vehicle, truck, van, and off-road vehicle). Also include any state and local general sales taxes paid for a leased motor vehicle. If the state sales tax rate on these items is higher than the general sales tax rate, include only the amount of tax you would have paid at the general sales tax rate.An aircraft or boat, if the tax rate was the same as the general sales tax rate. Your state or locality imposes a general sales tax directly on the sale of a home or on the cost of a substantial addition or major renovation.You purchased the materials to build a home or substantial addition or to perform a major renovation and paid the sales tax directly.Under your state law, your contractor is considered your agent in the construction of the home or substantial addition or the performance of a major renovation. The contract must state that the contractor is authorized to act in your name and must follow your directions on construction decisions. In this case, you will be considered to have purchased any items subject to a sales tax and to have paid the sales tax directly.A home (including a mobile home or prefabricated home) or substantial addition to or major renovation of a home, but only if the tax rate was the same as the general sales tax rate and any of the following applies. Note: These definitions may change from year to year.
Answered Most Recently
What is the sales tax on 112.00 when tax is 6.25?
The total tax is $7.00 and the total price with tax is $119.00
Improved Answer
How is a sales tax similar to a flat tax?
Both sales tax and flat tax are a fixed percentage.