Archive for June, 2010
Question: If I dropship something and the state im dropshipping from charges tax to that state do i have to pay tax x 2?
Ok heres a more detailed description of my growing problem and concern. I have an ebay business here in NJ....I am selling a TV that I would dropship from FRYS ELECTRONICS. Now Frys has a rule where if you live in 10 particular states, you must pay tax. So now lets say someone purchases the item from me and they are in a taxable state according to frys and they pay me 100.00 for tax, do I have to pay frys tax as well as the gov't? Because I'm going to be the one paying the tax to frys to ship to the customer so why would I have to pay 100 for the tax for frys and another 100 for NJ tax? If you're confused, you can email me at DieHard31@aol.com and I will explain further. I really need help on this. 10 POINTS for the best answer. Thanks!
Answer: There is no "frys tax".
The "rule" is not their rule. It is a rule of those 10 states (and most others) that a business must charge tax when shipping to a state where that business operates.
The tax does not have to be paid twice. It may not even have to be paid once.
1. Generally speaking, if you operate only in your home state, and sell something on eBay that is shipped to another state, then you are not required to charge the customer sales tax. For example, you would collect NJ tax only if the customer is also in NJ. (Note that this applies only if the item is shipped, not if the customer comes to you to pick up the item.)
2. If you have the proper paperwork from the State of New Jersey to show that you are a reseller, then you should not have to pay tax on items that you buy from Frys for resale (or for drop shipping to customers). If you provide a copy of the certificate from NJ that you are a reseller to Frys, then Frys should charge you tax only on purchases that are for your own use, not on purchases that are for your customers.
Property values decline $1.3B in Morris County NJ over past year
The value of all taxable property in Morris County dropped $1.3 billion in the past year, after growing for most years in the past decade.
Question: Are the profits from selling gold and silver coins taxable?
Answer: most definitely.
Tesla Roadster puts a sporty spin on electric cars
It was a picture perfect Sunday afternoon, ideal for test-driving the Testa Roadster.
A Hard and Shocking Lesson in Taxes
Question: How many copies of IRS form 1099 should I receive from organizations I did work for as a non-employee?
Answer: Usually there's four. Each of them should specifically say where to file each one. One will say "file with Federal return", another will say "file with recipient's records" (this would be the one that you keep). The remaining two will say something along the lines of "file with state, city, or local return". Only one is required for the state return. The purpose of having two with the same criteria would be for if you filed a city return or if you filed in two different states (for example if the organization is in one state and you live in another). In the case that you end up with one not going anywhere, don't worry, that's just one more you can keep with your records.
Public Management: A Three-Dimensional Approach
Making analytically-grounded arguments is fundamental to the practice of public management. Such cognitive skills -- the ability to reason and explain -- are not always emphasized, whereas behavior skills -- supervision, teamwork, motivation, conflict management -- are regarded as essential. Those skills are essential, yet reasoned persuasion is also a vital part of managerial effectiveness. Publ...
Many Unhappy Returns: One Man's Quest To Turn Around The Most Unpopular Organization In America (Leadership for the Common Good)
When Charles O. Rossotti became Commissioner of the Internal Revenue Service in 1997, the agency had the largest customer base - and the lowest approval rating - of any institution in America. Mired in scandal, caught in a political maelstrom, and beset by profound management and technology problems, the IRS was widely dismissed as a hopelessly flawed enterprise. In "Many Unhappy Returns", Rossott...
DESTROYING AMERICA - The Real Issues that Politicians Avoid
A non-partisan, comprehensive look at the true problems facing our government and society. Why these issues can no longer wait to be addressed, we must get our own house in order. The changes that will be coming at America in the coming years will come from every direction and will pose bigger challenges to our society like nothing before. No longer will we have to only address our own problems, b...
Scott still a question mark for many Florida devoted Republicans
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What do you do if an IRS employee shows up at your door
Question: I'm younger than 55, are periodic distributions received from the pension of a deceased relative taxable?
How to Retire Happy, Fourth Edition: The 12 Most Important Decisions You Must Make Before You Retire
The Washington Post and New York Times Business Bestseller “Everyone in the workforce today should read this book!”—HORACE B. DEETS, FORMER EXECUTIVE DIRECTOR, AARP “Want excellent insights on retirement planning from a professional who’s actually experienced retirement himself? You’ll get just that from Stan Hinden’s book.”—STEVE VERNON, COLUMNIST, CBSMONEYWATCH.COM Award-winni...
State and Local Pensions: What Now?
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The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between
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Head of little-known agency is a $1-million man
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Will my retirement pension be taxable in Spain?
Question: What is the formula for determining taxable equivalent yield on municipal bonds based on Fed. income tax rate?
Answer: take the tax free yield and divide it by 1 minus your tax bracket.
example: 5% tax free yield (coupon)
your tax bracket is 35%
to figure out the tax equivalent yield
5 / .65 (1 - .35 ) = 7.69%
The tax equivalent yield for this bond is 7.69% in the 35% tax bracket.
PFIN2 (with CourseMate Printed Access Card)
Created through a "student-tested, faculty-approved" review process with specific student and faculty input, PFIN2 is an engaging and accessible solution to accommodate the diverse lifestyles of today's learners at a value-based price. PFIN2 details all of your personal finance course content in a concise, approachable format. The book incorporates a solid life-cycle approach on reaching personal ...
Schaum's Quick Guide to Business Formulas: 201 Decision-Making Tools for Business, Finance, and Accounting Students
For quick and authoritative answers to questions on business and financial formulas and tools, this unique book is unequaled! It not only clearly explains all major business and financial formulas, it shows you how to apply them, step by step. Perfect for college and graduate students in business, finance, marketing, operations, management, and accounting, this comprehensive, portable guide gives ...
Private Wealth Management: The Complete Reference for the Personal Financial Planner
The last 30 years have witnessed stock market booms and busts, economic prosperity and downturns, various presidential administrations, and technological revolutions. Through it all, Victor Hallman and Jerry Rosenbloom's classic guidebook, which previously was titled Personal Financial Planning in its first through seventh edition, has retained its status as the most accurate and up-to-date resour...
Stanford Professor Stung by Fund Wins $2.2 Million
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