Taxes

A:

Maine's blueberry tax is related to the berry's success as an export. This state alone produces as much as 99 percent of the wild blueberries consumed in America, and the tax impacts the growers, sellers and workers who support the blueberry industry.

See Full Answer
Filed Under:
  • How did Willie Nelson get into tax trouble?

    Q: How did Willie Nelson get into tax trouble?

    A: American country music legend Willie Nelson got into trouble with the Internal Revenue Service (IRS) when he used an illegal tax shelter in the early 1980s to avoid paying federal income tax - to the tune of $16.7 million. In 1990, federal authorities raided his property and seized his assets, including his Texas ranch. They didn't make off with Nelson's favorite guitar, Trigger, which he made sure to keep safe.
    See Full Answer
    Filed Under:
  • How does an IRS audit work?

    Q: How does an IRS audit work?

    A: During an IRS audit, a tax return is examined line-by-line to make sure that everything is in order and nothing unusual is listed. If a suspicious item is found, the auditor asks the taxpayer to explain or justify it. Depending on the results of the audit, additional taxes may be owed.
    See Full Answer
    Filed Under:
  • Which U.S. state has a belt buckle tax?

    Q: Which U.S. state has a belt buckle tax?

    A: Texas has a seemingly arbitrary law on the books that charges sales tax for some clothing items, such as belt buckles, but not for others, such as the belts themselves. This tax system applies to other things, such as rain boots, which are taxable, but not cowboy boots, which are exempt.
    See Full Answer
    Filed Under:
  • Which states have no sales tax?

    Q: Which states have no sales tax?

    A: As of 2014, there are four U.S. states that do not impose a sales tax on consumers: Delaware, Montana, New Hampshire and Oregon. While Alaska does not impose a state sales tax, city governments do have the right to impose some sales tax there, meaning the average Alaskan retail shopper pays about 1.69 percent in sales tax.
    See Full Answer
    Filed Under:
  • How do you get an EIN number?

    Q: How do you get an EIN number?

    A: Contact the Internal Revenue Service to apply for an Employee Identification Number (EIN). Apply online, by mail, fax or phone. Business owners who apply over the phone should be prepared to answer the same questions included on the IRS Form SS-4, Application for an Employer Identification Number.
    See Full Answer
    Filed Under:
  • Are dental implants tax deductible?

    Q: Are dental implants tax deductible?

    A: The Internal Revenue Service states that the amount paid for dental implants can be reported as a medical expense on Schedule A, Itemized Deductions. Not all taxpayers benefit from these expenses, as medical expenses have to exceed a percentage of income before they become deductible.
    See Full Answer
    Filed Under:
  • What is estate tax?

    Q: What is estate tax?

    A: Estate tax is a federal or state tax on property that a person owns at death and is transferred to another person or entity through a will or through the state laws that govern the assets of people who die without a will, called intestacy laws. Everything a person owns at death, including cash, stock, real estate, insurance proceeds and business interests, comprises the person's estate.
    See Full Answer
    Filed Under:
  • Do you pay taxes on life insurance payouts?

    Q: Do you pay taxes on life insurance payouts?

    A: Life insurance that pays out on the death of an insured person is not taxable unless the policy was turned over to the recipient for a price, according IRS Publication 525. Any amount received in excess of the value of the insurance is interest and is taxable.
    See Full Answer
    Filed Under:
  • Can I claim my dog on my taxes?

    Q: Can I claim my dog on my taxes?

    A: People cannot claim their dogs as dependents on their federal income taxes. According to the Internal Revenue Service Publication 501, a dependent must have a valid tax identification number to be claimed.
    See Full Answer
    Filed Under:
  • How do you file a tax extension?

    Q: How do you file a tax extension?

    A: In order to file a federal tax return extension with the United States Internal Revenue Service (IRS), individuals need to fill out the IRS's form 4868. This form, which must be submitted by April 15th, will grant taxpayers an extra 6 months to prepare their annual income tax return.
    See Full Answer
    Filed Under:
  • Can you deduct healthcare costs from your taxes?

    Q: Can you deduct healthcare costs from your taxes?

    A: While there are some ways to deduct medical expenses from federal taxes, the rules for who and what qualifies for these deductions are strict and may be a bit confusing to some taxpayers. For example, there is a rule stating that taxpayers and the spouses of taxpayers who are 65 years and older may deduct medical expenses that are more than 7.5 percent of the taxpayer's gross income so long as those expenses were not reimbursed. This rule only applies during the period of Jan. 1, 2013 through Dec. 31, 2016, further narrowing the field of which senior citizen taxpayers qualify to claim medical expenses on a tax return.
    See Full Answer
    Filed Under:
  • How can you tell if the IRS received your tax return?

    Q: How can you tell if the IRS received your tax return?

    A: One simple way to see if the IRS has received your tax return, especially if you are anticipating a refund, is to use the IRS's special "Where's My Refund" tool. The IRS updates refund statuses every 24 hours.
    See Full Answer
    Filed Under:
  • What is "intangible tax"?

    Q: What is "intangible tax"?

    A: An intangible tax is a tax assessed by federal and state governments on assets of intangible value, such as goodwill, the value of a worker’s experience and/or knowledge, trade and franchise names, non-competitive agreements related to business mergers and acquisitions, trademarks and a company’s human capital. The Internal Revenue Service defines intangible assets as types of property that possess value but cannot be touched or seen.
    See Full Answer
    Filed Under:
  • What is the difference between a flat tax and a fair tax?

    Q: What is the difference between a flat tax and a fair tax?

    A: According to About.com, a flat tax refers to a proposed income tax system in which everyone pays the same "flat" tax rate regardless of income level. Meanwhile, a fair tax refers to a proposal that seeks to tax money that is spent rather than money that is earned by establishing a national sales tax and abolishing federal income and corporate taxes. This latter idea is delineated on FairTax.org.
    See Full Answer
    Filed Under:
  • What is a tariff?

    Q: What is a tariff?

    A: According to Investopedia, a tariff is a tax imposed on goods and services imported from another country. This is a tool used by governments as a trade barrier.
    See Full Answer
    Filed Under:
  • How much do you have to make to file a 1099?

    Q: How much do you have to make to file a 1099?

    A: As of 2014, if you earn $600 or more working as an independent contractor for one company, you need to file a 1099 form to the Internal Revenue Service. The company should send you a 1099-MISC form by January 31 of the following year.
    See Full Answer
    Filed Under:
  • What is a luxury tax?

    Q: What is a luxury tax?

    A: A luxury tax is essentially a tax placed on any goods or services the United States government as well as many state governments deem as non-essential. Such a tax is aimed at only those who are wealthy enough to afford luxury items. Despite the fact that many items formerly considered luxury goods no longer are viewed that way, the term persists.
    See Full Answer
    Filed Under:
  • How do you find out property taxes by address?

    Q: How do you find out property taxes by address?

    A: SFGate Home Guides explains that since property taxes are public records, information about the taxes levied on a specific address are obtainable from the local government entity that maintains those records, which is typically the county assessor's office or recorder's office. Many localities make this information available online.
    See Full Answer
    Filed Under:
  • Why do baby names in Sweden need tax agency approval?

    Q: Why do baby names in Sweden need tax agency approval?

    A: There are a couple of reasons why the Skatteverket, the Swedish tax agency, oversees the names Swedes give to their children. Their goals are to protect children from potentially confusing or offensive names and to prevent Swedes from naming their children after the Swedish royal family.
    See Full Answer
    Filed Under:
  • What is the "jock tax"?

    Q: What is the "jock tax"?

    A: The "jock tax" refers to a type of income tax that is imposed by states or cities on athletes that make money while playing inside of a specific state or city. While the tax can also be applied to other businesses, it has been often used to charge visiting athletes since it is easier to track when and where they made their money.
    See Full Answer
    Filed Under:
  • What are energy tax credits?

    Q: What are energy tax credits?

    A: Energy tax credits are incentives to lower taxes for people who use alternative energy resources. These are authorized by the U.S. Congress. They work by reducing income tax owed by a dollar-for-dollar basis. In contrast, a tax deduction lowers the amount of income subject to tax.
    See Full Answer
    Filed Under: