How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
Tax Professionals are Online Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Gross Receipts Tax Questions

Gross Receipts taxes are in some states similar to sales taxes. Gross receipts tax is a tax on the total gross revenues of a company regardless of their source. It is usually levied on the seller of the goods or to service consumers. These taxes are not directly included in the listed price of the item, and are not a factor in markup or profit on company sales. Below are the most commonly asked questions about Gross Receipts taxes answered by the Experts.

If a person that lives in New Mexico claimed $10,800 for babysitting a friends kids, and then gets audited to pay Gross Tax Receipts on this is there any way around this or any way to find out if they could be exempt from these taxes since it was such a small amount of money?

In most cases a person would be taxed on your gross income as listed on their federal tax form 1040. Any income above $400.00 would need to be reported on the federal level. They should have adjusted their gross income by deducting any related expenses. The one exception would be if they were Native American living and working on a reservation.

If a person is considering opening a new store in New Mexico, would they be required to collect Gross Receipts tax on retail sales?

In most cases the Gross Receipts tax would be due on most retail sales in the state of New Mexico.

Is a business partnership in New Mexico liable for Gross Receipts taxes?

Typically any business that sells taxable goods such as sales of almost all goods, and performances of services in most cases, is responsible for the Gross Receipts tax in the state of New Mexico.

If a couple works and one spouse pays quarterly Gross Receipts taxes on their gross revenues, should they file jointly and combine income?

The Gross Receipts tax would have to be filed separately each quarter for each business, however as long as they were married at the end of the year they can file their tax return jointly.

In New Mexico how much sales tax should I charge my customers?

In New Mexico there is no sales tax. Instead it has a Gross Receipts tax, which in most cases is passed on to the consumer so it resembles a sales tax. Typically these rates vary throughout the state from 5.125% to 7.8125%. The total rate is a combination of rates imposed by: the state, counties, and municipalities.

To answer the many questions raised by Gross Receipts taxes one must look at each case individually since the laws differ from state to state. The individual or corporation would do well to stay informed of any laws in their state of residence, and to be aware if their state is one that uses Gross Receipts taxes or a sales tax. No matter which one your state uses to be well informed is always the best way to keep your business on the right track. In order to find out the many more questions about Gross Receipt taxes, you can contact the Experts.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
Tax Professionals are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

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 Gross Receipt Questions

  • Does new mexico gross receipts tax have a statute of limit

    Does new mexico gross receipts tax have a statute of limitations
  • I am the sole owner of a corporation that files federally under

    I am the sole owner of a corporation that files federally under a S corp election. The corporation owes back gross receipt taxes to the State of New Mexico. Can the State of New Mexico come after me personaly for the unpaid gross receipt taxes?
  • I am forming an LLC to buy, rehab, and then sell homes. In

    I am forming an LLC to buy, rehab, and then sell homes. In CA, there is a state tax on gross receipts earned by the LLC. My question is how are these gross receipts calculated. I.e., if I buy a home from $200k, and then put in $25k to fix the property, and later sell the property for $300k, what is my gross receipt for this transaction? Is it $100k because that is my gross income (after factoring in my cost basis to buy the property)?
< Last | Next >
View More Tax Questions