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Editor’s Note: Taxpayers who received 1099-K forms this year do not have to report payments of less than $600 for the 2022 tax year. They may have to report that tax information for the 2023 tax ...
eBay announced on Dec. 20 that the online marketplace will be required to collect Social Security numbers -- or Individual Tax Identification numbers -- from all sellers who sell product (over the...
A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase. Federal Sales Taxes. When a tax on goods or services is paid to a governing body directly by a consumer, it is usually called a use tax.
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A trust-fund tax is a type of tax or debt where (absent a personal guarantee) the management or responsible employees of a corporation or other entity with limited liability can be held personally liable for its non-payment. Trust-fund taxes include fuel taxes, sales taxes, excise taxes, and certain payroll taxes.
The act permanently exempted from taxation the capital gains on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles. This exemption applies to residences the taxpayer(s) lived in for at least two years over the last five.
Internet sales tax is a hot button in many state legislatures that are attempting to find ways to balance recession-depleted budgets by raking in the sales tax revenue. At the center of this is ...
The federal government allows individuals to deduct their state income tax or their state sales tax from their federal tax through Schedule A of Form 1040, but not both. [48] In addition to deducting either income tax or sales tax, an individual can further deduct any state real estate taxes or private property taxes. [49]