Saturday, October 31, 2015

Types of Taxes in The United States - Sales Taxes

Sales Taxes is a tax imposed by a state or local government on sales collected by retailers at the point-of-sale. It's based on a percentage of the selling prices of the goods and services. Forty five states,  plus the District of Columbia impose a sales tax. If the taxpayer files a Form 1040, and itemizes deductions on Schedule A, he or she has the option of claiming either state and local income taxes or state and local sales taxes. (the taxpayer cannot claim both) if the taxpayer saved his or her receipts throughout the year he or she can add up the total amount of sales taxes actually paid and claim that amount.
Many states exempt charitable, religious, and certain other organizations from sales or use taxes on goods purchased for the organization's use. Generally such exemption does not apply to a trade or business conducted by the organization.

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