When Are State Tax Refunds Taxable
January 22nd, 2011
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Question: What is the Difference from Local Sales Tax and State Sales Tax?
What is the Difference from Local Sales Tax and State Sales Tax?
When you are Self Employed why you have to pay both Local and State Taxes, for the last Quarter Oct-Dec. I made of total sales of 4199.00 and 215.00 was State of Texas Taxable so I had to pay an balance of $16.85.
Ok and at the end of the year after filing this year of 2011 it states I have an balance of 600.00 bucks I owe in local tax it was deducted from my refund.
Why is this?
Answer: One is assessed by the state government, and one is assessed by the local government.
It is b/c you were paying state taxes but not local ones as you went along.
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When are state income tax refunds includible in federal taxable income?: An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA's on May 1, 1993. The length of the article is 729 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the supplier: A cor... |
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