Author:
Joseph
Nacmias (CPA)
McGladrey & Pullen, LLP., Certified Public Accountants
750 3rd Avenue, New York, NY 10017
Telephone: (212) 297-4888 / Fax: (212) 972-9088
E-Mail: Joseph_Nacmias@rsmi.com
/ http://www.mcgladrey.com
Sales Taxes:
Most states and/or localities levy taxes on the retail sale of goods and on certain services. These taxes range from 0 to 9% and often provide exemptions for items considered as necessities such as food, children’s clothing and medicine. There is no federal sales tax but there has been discussion of such a tax patterned on European value added taxes
Excise and miscellaneous Taxes:
All levels of government collect a variety of taxes and fees which serve various special purposes or simply raise general revenue. These include the following:
i. 10% excise tax on certain jewelry, cars, boats and airplanes.
ii. Excise taxes of 5 to 15% on cigarettes, gas, alcohol, etc.
iii. Licenses and fees of varying amounts on driver and car registrations, professional or business licenses, fishing and hunting licenses, etc.
iv. Corporate franchise taxes on capital, usually with minimums of $50.
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DISCLAIMER The information provided here and on the other pages linked hereto is intended for educational purposes only, and is not legal advice. Particular situations require particular analyses that can only be provided by legal and/or accounting professionals who specialize in the relevant fields and who know all the details of a situation. Also, a presentation such as this does not establish the attorney and/or CPA-client relationship that is necessary in any rendering of legal or other professional advice. Finally, one should be aware that the law is a chameleon-like beast that changes its colors frequently, and what holds good today may be reversed by tomorrow. The comments herein should then be read in that light. |
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