The way coupons are taxed is different in every state— and believe us — it gets really complicated. The general rule, in most (but not all) states is that consumers are taxed on the full amount of the transaction — including any reimbursement that the store gets.
taxes
Procter & Gamble: Pringles Are Not Potato Chips
By 7.5.08
Seeking to evade a 17.5% sales tax, lawyers for Procter & Gamble successfully argued that Pringles aren’t actually potato chips. Even though all Pringles containers are clearly marked “Potato Crisps,” Procter & Gamble’s lawyers argued that “Pringles don’t look like a chip, don’t feel like a chip, and don’t taste like a chip.”
IRS Increases Business Mileage Deductible From 50.5 To 58.5 Cents
By 6.23.08
To help ease the pain of higher gas costs, starting July 1st the IRS will increase the allowable business deductible for business vehicles from 50.5 to 58.5 cents per mile. The IRS is also going to raise the rate for calculating computing deductible medical or moving expenses from 19 cents to 27 cents a mile, also starting July 1st. The rate for charity services, requiring an act of law to change it, remains at 14 cents per mile. If you’ve been meaning to claim business mileage deductions, July 1st will be a great time to begin. Here’s info on how to get started.
The Basics Of Insurance, Taxes, And 401(k)s For First-Time Employees
By 6.16.08
If you’re entering the work force for the first time (although this probably pertains to lots of older employees too), all the details of insurance, taxes, and 401(k)s can be daunting/boring/confusing. Ron Lieber at the New York Times has pared away the extraneous bits and created a “primer for young people starting their first job,” including helpful advice like why it’s important to get health insurance, how to fill out your W-4, and why it’s good to take advantage of the built-in “raise” that comes from a company-matching 401(k). Sure, this is all basic stuff, but that’s the point. Ya gotta start somewhere.
Tax-Relief Company Agrees To Refund $1.5 Million To Scammed Customers In 18 States
By 6.15.08
JK Harris & Company is a tax-relief company in South Carolina that promises to help people settle IRS debts for “pennies on the dollar” by helping them file an Offer in Compromise (OIC) on their behalf. What they didn’t tell consumers is that “the IRS accepts only a small number of these kinds of cases,” writes digtriad. What they also didn’t mention is that they’ll accept your money even if they know you won’t qualify for an OIC, and they won’t give refunds. “In many cases, JK Harris did not even apply to the IRS to help consumers as promised. But the company still refused to give those consumers their money back.” Now JK Harris has made an agreement with attorneys general in 18 states to change its advertising and pay $1.5 million in restitution.
By 5.23.08
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A site where people post a picture and talk about the stuff they bought with their stimulus payment. [How I Spent My Stimulus]
12 Stores' Deals For Cashing Your Rebate Check
By 5.13.08
Dealnews has a roundup of twelve different retailers that give shoppers discounts for cashing and spending their tax stimulus checks in-store. There’s deals by Kroger, Safeway, ShopRite, SuperValu, Meijer, RadioShack, Sam’s Club, Sears/Kmart, Staples.com, Wal-Mart, Rosenau Powersports, and Zonder.com. Dealnews breaks down what the specific deals are, as well as going into the fine print and limitations. Personally, we’re spending our stimulus check at the bank but if you’re already going to spend a big chunk at one of these stores, it might not be a bad idea to take advantage of some of the offers.
By 5.12.08
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H&R Block says you paid it $2.8 billion to do your taxes this year. It was their best tax season in 9 years thanks to the company’s decision to increase fees by 7%-9.8% [CNNMoney ]
Your Economic Stimulus Payment Questions Answered By The IRS
By 5.8.08
The IRS has a new and improved stimulus payment FAQ up and running on their website, so if you have additional questions you should check it out. Of note, the IRS has now definitively said that those who owe back taxes, or have delinquent child support payments or student loans will have their payments offset.
Where's My Stimulus Payment?
By 5.7.08
The IRS has a tool that lets you find out when your Stimulus Payment will arrive. Just punch in your social, filing status, and number of exemptions on your 2007 taxes. Its usefulness is limited, though, as it can’t tell you when your payment arrive until about a week before they send out the check.
Amazon Sues Over Law That Forces Them To Collect NY Sales Tax
By 5.2.08
Amazon has filed a complaint in NY’s State Supreme Court challenging a new law that forces the retailer to collect sales tax on shipments to residents of NY state.
I Underpaid My Taxes, Will I Still Get A Stimulus Rebate Check?
By 5.2.08
Reader Adam is wondering if he’ll get a rebate check, considering the fact that he underpaid his taxes for 2007:
By 5.1.08
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Despite claiming to have no money left to build proper roads, the Texas Department of Transportation is spending $20 million to build a 5.2 acre park near downtown Dallas. The park will contain no roads. [Turf]
Help! My Tax Stimulus Rebate Was Direct Deposited Into My IRA! Noooo!
By 5.1.08
Silly tax payer! You’re not supposed to deposit your tax rebate into your IRA. You’re supposed to spend it on blu-ray players and expensive diet pills and GPS systems! No more maps for you! Sadly, if you asked the IRS to deposit your tax refund into your IRA, they’re going to deposit your rebate there too.
What Will You Do With Your Economic Stimulus Check?
By 4.30.08
The first of the economic stimulus rebate checks…
NJ Gov Interested In Fast Food "Sin Tax"
By 4.29.08
Not being able to afford to eat at restaurants that don’t have a dollar menu may become a sin in NJ, says the Associated Press. Jon Corzine, the governor of a state in which gambling is legal, is considering a suggestion to levy a “sin tax” on fast food in order to help save NJ’s underfunded hospitals.
Tax Runner Wesley Snipes Sentenced To Three Years In The Slammer
By 4.26.08
Gather round, tax kooks, and listen to the tale of Wesley Snipes. He’s the guy who didn’t pay his taxes while raking in millions, and then tried to collect $7.4 million in tax refunds. Now he’s going to jail for three years thanks to a federal District Judge who doesn’t care much for tax protesters and their zany theories.
