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Fair Tax Act Questions

What is the Fair Tax Act?

The Fair Tax Act was developed to motivate to have freedom, create fairness, and have financial gain by repealing the income tax, getting rid of the Internal Revenue Service, and creating a sales tax at a national level to be given by the United States.

After the fair tax has pasted; will the Internal Revenue Service be around for years auditing the country for Bask Taxes?

The Internal Revenue Service will always be in business as long as individuals as well as companies are getting income generated into the household or the corporate business. The Internal Revenue Service’s duties are to follow the tax law that states that the United States taxpayers for all U.S. taxpayers to file a tax return annually that has not been closed by the statute of limitations. For example, if a person didn’t have a tax returned filed in 1984 and failed to have it filed, but failed to do it the Internal Revenue Service could assess the person.

If a person has paid taxes on the money that is saved; when the person retires will taxes have to be paid again on money that is spent after retirement?

If the person has the money saved in a tax deferred account; for example a 401k then the funds will be taxable funds in the time that the money is taken. On the other hand, if the money that is saved is in a Roth IRA and it has been in effect for at least 5 years then the taxes will not be able to be distributed. If the person’s Social Security income plus income that creates taxes is less than $25,000 then the income that comes from the Social Security will not be income that can be taxable.

Is there a limit on the amount of stock a person can sell during one fiscal year in order to apply a capital loss carry over?

The Fair Tax Act hasn’t been put into effect yet so using the option of the act will not be of assistance at this time. If the Fair Tax Act was initiated; the person would not be able to use the loss carryover. It is unlimited as to how much stock that a person would like to sell in one tax year if the person wants to put the capital loss carryover into effect.

If a person lives in Nevada and manufactures a product for business, and the customer of the home office is out of state and checks are written from out of state; is it subject to Nevada sales tax and is the labor taxable also?

It will be subject to the Nevada Sales tax if the transfer takes place in the state. If the services that are needed to finalize personal property being sold then it will be taxable. Services that are not taxable include installation and reconditioning services if it’s stated separately on the invoice. On the other hand, charges applied for transporting and delivery that is applied to the personal property can be taxed.

The Fair Tax Act is an act that would eliminate the use of the Internal Revenue Service having to collect taxes from people that generate federal income and from corporate business that have revenue coming in. What is a fair tax? What is the Fair Tax Act? Experts are here to help understand what the Fair Tax Act is.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Fair Tax Question

  • After selling a mutual fund in 2005, my husband and I ...

    After selling a mutual fund in 2005, my husband and I realized a capital loss. We have been able to claim $3000 on this loss each year on our tax return. The amount of loss remaining is $64,560 to be claimed over the coming years. If the FairTax is initiated, how will we be able to realize the value of this capital loss carry over? Would it be wise to sell some of the stock we currently hold to claim this loss on capital gains? Is there a limit on the amount of stock you can sell during one fiscal year in order to apply this capital loss carry over? Thank you.
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