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Recent Sales Tax questions

Is there such a thing as a Consumer rebate program or Law

Is there such a thing as a Consumer rebate program or Law that must be filed with the IRS between Jan. 1, 2017 -Aprill17, 2017? If there is, is this for every single purchase I made in 2016? Do I need the receipts?If it does exist, is it an ongoing rebate, year after year? Thanks!

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Robin D.

Vocational, Technical or Trade School

23,164 satisfied customers
If i give my vendor a tax exemption certificate i know that

If i give my vendor a tax exemption certificate i know that i am responsible for paying the taxes on my side. Does my NM state tax office or IRS know the exact amount of taxes that were withheld?Let's say i purchased materials from my supplier for $1,000.00 dollars. Our tax percentage is 7.1875%. So total would be 1,071.88 with taxes. I then give him a tax exemption certificate which brings my total to an even 1,000.00. Lets say this is my only transaction all year long. Come tax season, will the irs or nm state taxes know that about the $71.88 taxes that was withheld? Hope this makes sense. Thank you!

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Megan C

Master's Degree

30,024 satisfied customers
I do freelance editing in Pennsylvania. I am located in

Hello. I do freelance editing in Pennsylvania. I am located in Adams County. I just want to know if I have to charge sales tax on local, state, and federal levels. All of my services happen digitally.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I don't think so

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PDtax

Owner

Master's Degree

7,428 satisfied customers
This question has to deal with a Consignee who sells

This question has to deal with a Consignee who sells consignment goods on commission. How sould $100k in goods sold and a 25% commission received be recorded on tax returns? Meaning would it be listed on the Consignee's tax return as $100k in income and a deduction of $75K in cost of goods sold, or just $25k income and no deduction in regard to cost of goods sold? In addition, if it makes any difference, the items sold remained the consignor's property at all times until sold.

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Robin D.

Vocational, Technical or Trade School

23,164 satisfied customers
Equipment Leasing Company - I have a company who purchases

Equipment Leasing Company -I have a company who purchases heavy equipment - dozers, back hoes, etc. He rents them out. Occasionally, he will sells them, sometimes out right but usually on a rent to own type situation.Questions -1. Am I limited to how I can depreciate the equipment, meaning do I have to use straight line or can I use 179, or MACRS?2. If he sells out right, I will treat it the same as any other asset sale?3. If he sells on payment plan, would I record the sale as above and claim gain and then book a Note Receivable? or create an installment agreement like a real estate deal?4. Is there any other concerns I should be aware of with this industry?Thanks,JW

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Mark Taylor

Certified Public Accountant

Masters

3,298 satisfied customers
I have heard there is a rebate on all personal expences in

I have heard there is a rebate on all personal expences in 2016. Is this true?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Passed last year as new code? Something about artical or section 106.JA: Is there anything else important you think the Accountant should know?Customer: I wish I knew more but no.

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Anne

Master Tax Preparer

3,248 satisfied customers
I have a question please, On 2016 I purchased a car that I

Hi, I have a question please, On 2016 I purchased a car that I used to go to work and back, the car is neccessary Can I expense the cost of the car in my taxes. ? I financed the carJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I put a downpayment for the car, and paid the sales tax

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,856 satisfied customers
I am standing up two service businesses. The first is to

I am standing up two service businesses. The first is to develop web sites for people. The second one is to provide financial analysis on people's individual spending history (for divorce, etc...). I am setting up my invoice and billing processes now. Do I have to include a "sales tax" for these services?Working out of Georgia, Maryland, Washington DC but since we are online - customers will be from multiple states ...

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Arthur Rubin

Doctoral Degree

1,768 satisfied customers
Did President Obama sign a law in December 2015, that all

Did President Obama sign a law in December 2015, that all purchases are deductible for 2016, only?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Just what I typedJA: Is there anything else important you think the Accountant should know?Customer: All I know was what I was told. The law was supposedly signed December 28, 2015.

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Robin D.

Vocational, Technical or Trade School

23,164 satisfied customers
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