Long Island Real Estate Agent: Long Island property taxes! ( Video

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We are a full-service Accounting firm licensed in FL. We offer a broad range of services for business owners, executives, and independent professionals. We are affordable, experienced, and friendly.

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Estimate registration fees and taxes #shipping #a #car


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Estimate registration fees and taxes

What fees and taxes do I need to pay to register and title a vehicle in New York State?

If this is the original registration (first time you register your vehicle), you must pay the

  • registration fee
  • vehicle plate fee
  • county use tax
  • sales tax (see sales tax information )
  • title certificate fee ($50)
  • MCTD 1   fee for the following 12 counties only:  Bronx, Kings (Brooklyn), New York (Manhattan), Queens, Richmond (Staten Island), Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk, and Westchester

If you transfer the registration and plates from another vehicle, you don’t need to pay the plate fees or MCTD fee, and you may be able to transfer the registration fees to your new vehicle.

How can I estimate the total fees and taxes I must pay?

You can also use these charts to estimate your registration fees, use taxes, and supplemental fees for

How can I estimate my trailer or boat registration fees?

Trailer and boat registration fees are calculated differently. You can’t use the online service to estimate them. See register a trailer. or register a boat for how to estimate these registration fees.

    1. Metropolitan Commuter Transportation District 2. You don’t need to pay sales tax when you register if you show DMV acceptable proof that you paid the sales tax when you bought the vehicle, or if the registration is tax exempt. See sales tax information .


Will You Save Sales Taxes if You Trade-In Your Vehicle? Adam Goldfein #book #value #car


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Will You Save Sales Taxes if You Trade-In Your Vehicle?

Depending on where you live (see the list below) your trade-in vehicle(s) may be exempt from Sales Taxes.  For example, if you are purchasing a $30,000 vehicle and are trading a $10,000 vehicle, you would only pay sales tax on the difference – $20,000.

So remember, if your trade is exempt from sales taxes and you are considering selling your vehicle to another party – e.g. selling it privately or to a different dealership from the one you are planning on buying a vehicle – you will be losing that tax break.

For example, if you were to sell your $10,000 vehicle on the Internet to a private party it would be the same as receiving $9,345.80 as a trade in (if your Sales Tax was 7% for example). The reason being that you would be saving another $654.20 in Sales Tax savings from trading.  Put another way, if the dealer offered you $10,000 – it would be the same as you selling your vehicle in the private market for $10,700 (if your Sales Tax was 7% again).

So what happens if your State is one of the 12 States that does not exempt the trade-in from Sales Tax? In that case, whether you trade in your vehicle or not, it has no effect on the Sales Tax you pay. You would pay the full amount of Sales Tax on the vehicle you are purchasing. If you are buying a $30,000 vehicle and your trade is worth $10,000; you would still pay Sales Tax on $30,000.  As such, residents of those 12 States end up paying more in total for their vehicles.

IS THE TRADE-IN EXEMPT FROM SALES TAX?



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Upon hearing that we had IRS problems, our C.P.A recommended we call JG Tax Group. Within 2 days, the levies against our property were released, 6 years of back taxes were filed, and we felt like we could breathe again. We just wanted to extend a huge thank you the JG Tax Group family for all of your hard work.

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When my employer informed me that my wages were being garnished by the IRS, I turned to the internet for solutions. I called countless Tax Resolution Firms, only to feel bullied and pressured into decisions that I had no basis for making. Finally, I found JG Tax Group after consulting the Better Business Bureau. Calling them was a 180 from all of the other experiences. Instead of giving me a sales pitch, they thoroughly explained my problem to me in a way that I could understand and told me exactly what needed to be done to fix it. They were really knowledgeable and they worked hard to defend me against the IRS-who found me Currently not Collectable. This has given me the time I need to get back on my feet. Keep up the good work!

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I am a tax attorney and wouldn t trust my finances with anyone other than JG Tax Group. In my field I deal with estates, wills, etc. and although this is embarrassing- I did not have the knowledge to represent myself before the IRS. I ve had heard about JG Tax Group s reputation with the IRS from working in the field, and needless to say they solved my tax problems quickly and efficiently. Don t risk hiring the other guys. JG Tax Group is the real deal.

Jeff s experience and insight were invaluable in guiding our internal team and client through the Appeals Mediation process. He communicated effectively and enabled us to understand the process and make sound recommendations to the client. For example, he was able to obtain statistical information to show the number of cases that used an external mediator and to walk the client through the pros and cons of an external mediator. Also, he was able to provide insight into the choice of an Appeals mediator due to his intimate knowledge of the people and institution. [This case resulted in a successful post-Appeals mediation, and the client was very happy with the result.]

Larry, CPA | Houston, TX



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IRS Tax Problems

Free Tax Consultation

Tax Relief Solutions

Houston Tax Problem Resolution Services

Ignoring problems with the IRS will only make them worse. Take a positive step towards putting an end to your tax problems now. If you owe back taxes, have received an IRS notice or are already experiencing a lien, levy, wage garnishment or other tax problem, contact Ronnie L. Darden, CPA today. We re a trusted Houston, TX CPA that knows how to deal with the IRS. We ll work quickly to find a tax relief solution that will settle your debt.

Don t Face the IRS Alone!

The average American taxpayer cannot successfully defend themselves against the IRS. Trying to keep up with the ever-changing tax laws and dealing with the IRS on your own will quickly becomes frustrating. Turn to Ronnie L. Darden, CPA for the tax help you need. With our experience and support we can stop the harassing phone calls and negotiate with the IRS to find practical solutions for your tax problems.

Houston Tax Problem Resolution Services

Ignoring problems with the IRS will only make them worse. Take a positive step towards putting an end to your tax problems now. If you owe back taxes, have received an IRS notice or are already experiencing a lien, levy, wage garnishment or other tax problem, contact Ronnie L. Darden, CPA today. We re a trusted Houston, TX CPA that knows how to deal with the IRS. We ll work quickly to find a tax relief solution that will settle your debt.

Don t Face the IRS Alone!

The average American taxpayer cannot successfully defend themselves against the IRS. Trying to keep up with the ever-changing tax laws and dealing with the IRS on your own will quickly becomes frustrating. Turn to Ronnie L. Darden, CPA for the tax help you need. With our experience and support we can stop the harassing phone calls and negotiate with the IRS to find practical solutions for your tax problems.



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Colorado CPA Firm License #: 0013414

Tax Resolution Specialist – Help for IRS Tax Problems

Ignoring IRS tax problems can be a costly mistake. If you owe back taxes and don’t deal with your tax debt, penalties and interest will add up and the IRS may resort to liens, levies, or wage garnishment to recover their money. If you’re in this situation, there is hope. The trusted tax professionals at Fraser, Waldrop & Company CPAs Inc. are ready to find a permanent solution to your tax problems with the IRS.

Fraser, Waldrop & Company CPAs Inc. is not like most IRS problem resolution companies. We are owned and operated by a trusted Denver CPA known for his honesty and integrity. Our staff includes experienced legal and tax professionals along with licensed CPAs, so we understand complicated federal and Colorado tax issues.

The trusted tax professionals at Denver, CO CPA firm Fraser, Waldrop & Company CPAs Inc. are committed to helping you find a fair solution to your IRS tax debt issues. We will work with you to file back taxes, reduce your tax debt and resolve your IRS problems. Stop the harassing phone calls and get your peace of mind back today! Call 303-759-3124 now for a free and confidential introductory consultation .

Tax Problems

Fraser, Waldrop & Company CPAs Inc. will work with you file back taxes, remove tax liens and levies, end wage garnishment, or help you survive an audit.

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Find a fair solution to your tax problems! We can arrange for an installment agreement, penalty abatement, offer in compromise, or other ways to settle your tax debt.

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NJ Division of Taxation – Help for Individuals and Businesses with State Taxes Owed #owed #back #taxes


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The New Jersey Division of Taxation is taking a number of steps to help financially distressed taxpayers meet their tax obligations. The Division wants to be certain that struggling taxpayers are aware of the available options.

If You or Your Business Owe Taxes

With many individuals and businesses facing financial difficulties, the Division is ready to help those who owe back taxes. We recognize that we must balance our responsibility to enforce the tax laws with the economic realities and hardships facing New Jersey businesses and individuals.

Division employees have flexibility to work with struggling taxpayers to assist them with their particular situations. Depending on the circumstances, taxpayers may be able to establish a payment plan for back taxes, adjust the payment terms and avoid defaulting on an existing payment agreement, or qualify for waiver of penalties. Taxpayers who are behind on their tax payments and need assistance should contact the phone number listed on the bill or correspondence they received from the Division. There could be additional help available if they are facing unusual hardship situations.

Areas Where the Division can Provide Assistance

  • Installment Payment Plans: Individuals and businesses experiencing financial difficulty may initiate the process of establishing payment arrangements for back taxes by reviewing the Deferred (Installment) Payment Request Guidelines and submitting the Deferred Payment Request Form available on the Division s Web site. Taxpayers may also contact us at (609) 292-6400 if they have questions.
  • Added Flexibility for Missed Installment Payments: The Division is allowing more flexibility for previously compliant individuals or businesses with existing Installment Payment Agreements. Taxpayers in a difficult financial situation should contact their assigned representative at the phone number shown on the installment proposal to discuss their circumstances.
  • Additional Review of Home Values: Certain Division programs require financial disclosure by the taxpayer. The equity taxpayers have in real property can be a barrier to an offer being accepted. With the uncertainty in the housing market, we recognize that the real estate valuations used to assess ability to pay may not be accurate. So in instances where the accuracy of local real estate valuations is in question or other unusual hardships exist, upon request, the Division will perform a second review of the real estate equity information to determine if accepting the offer is appropriate.
  • Expedited Levy Releases: Upon receipt of documentation supporting hardship reasons, the Division will speed the delivery of levy releases to the financial institution. Taxpayers seeking an expedited release for levies should contact their assigned representative at the phone number shown on the notice of levy to discuss available options.
  • Federal Treasury Offset Program (TOP) The TOP program is based on a reciprocal agreement between New Jersey and the Federal government (FMS). FMS and New Jersey match debts (both tax and non-tax) against payments due to contract vendors. Ninety (90) days after the taxpayer is billed by Taxation, a Notice of Federal Set-Off is issued to the taxpayer providing an additional 60 days to resolve the debt and prevent an offset. Currently the federal government imposes a $15 processing fee per transaction that is deducted from the refund amount.
  • State Reciprocal Set-Off We currently have reciprocal agreements with the States of Maryland, New York and Connecticut whereby individual income tax refunds are set-off and sent to the state with an outstanding income tax liability for the taxpayer.
  • Release or Subordination of Tax Lien for Refinance or Foreclosure of Real Estate: Upon receipt of documentation supporting hardship reasons, the Division will speed the delivery of a Release of Lien or a Subordination of Lien. Taxpayers seeking such consideration should contact their assigned representative or the Judgment Section at (609) 292-7331 for guidance.
  • Last Updated: Monday, 02/06/17



    When Do I Amend My Tax Return? #amendment, #amended #tax #return, #taxes, #tax #filing, #tax #refund, #tax #planning, #turbotax, #rejection, #acceptance, #1040x


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    When Do I Amend My Tax Return?

    Tax Day has come and gone, and you filed your taxes well before the tax deadline. But what happens if you realize you left something out? When should you amend your tax return?

    First off, make sure you need to amend your return. If you ve made minor math errors, the IRS states that the service center will be able to handle that without requiring a 1040x amended tax return. However, if you need to change your filing status, claim missed tax credits and tax deductions or income, then you do need to amend your tax return.

    You ll need to file 1040x Amended U.S. Individual Income Tax Return, print and sign it, and then mail it in since you can not e-file it. It takes about 8-12 weeks for the IRS to process it after they have received the amended tax return.

    If you re amending a tax return and are expecting a bigger tax refund, the IRS advises that you wait for the original tax refund check to come in before sending in your 1040x (you may cash the check you received). If you need help with amending your tax returns, TurboTax can guide your through the process.

    But wait, don t hit the amend button so fast! There is another situation where you do not have to file an amendment. Did you already e-file your tax return and just receive a K-1 or 1099? If you did, but your tax return was rejected by the IRS, you don t need to amend your tax return. All you need to do is fix your tax return and resend it. And if you used TurboTax, there s more good news. TurboTax will guide you through fixing your tax return.

    Post navigation

    Related

    Elle Martinez (161 Posts)

    Comments (67) Leave your comment

    What if I just found a doctor bill for $2,350.00 that I paid in 2014? Is it worth it for me to go back and deal with this, or is it not worth the hassle if it s not going to be much of a difference? Thanks for any input!

    Before you choose to amend your 2014 return because of the doctor bill take a look at your 1040. Did you claim the standard deduction or did you itemize? If you itemized, or decide to itemize now, only the medical expenses that were over 7.5% of your adjusted gross income are included. If you do decide to amend, here are the instructions on how to do it in TurboTax: https://ttlc.intuit.com/questions/2589210

    I filed early this morning on my taxes. I just got my 1098-T from school because the school kept having issues with updating to my new address. How or what do I need to do? When do I do it?

    Hi Tammy,
    Wait to see if your taxes are accepted by the IRS. If they are excepted you can amend your return and include the 1098-T info. If they are rejected then you don t need to amend. You can go into your tax return and add the 1098-T.
    Thank you,
    Lisa Greene-Lewis

    Alfonso Duarte says:

    What if the 1098 form you receive later doesn t affect your taxes, would you still need to amend your taxes? The form we added resulted in a 0 and 0 for Federal and State.

    I e-filed my 2014 return before I saw my 1098 (I know my bad I new the amount) When I received the 1098 I noticed the an error in the amount. I notified the preparer the 1098 was incorrect. She prepared and sent a corrected 1098 to me and the IRS. Do I need to file an amended tx turn. IRS accepted my return. I owed $$ this year, which was sent via my bank. Love turbotax by the way.

    I received my K1 schedule after e filed the federal and state, both are received and accepted status. Can I send in the amend now? I am a little confused with the forms, it has 1040X form and 1040 form with other documents, I wonder do I need to send in all the form, or just 1040X form with K1 schedule (Copy or original?)Thanks!

    teresa watson says:

    What can I do if I had a tax company file my taxes and they messed them up, Then they had to amend my taxes and they messed that up to. How do I go about getting everything fixed?

    You only have one more chance to amended, you need to see the CPA.

    We are trying to figure out if we need to amend our taxes from the past 2 years. When we took our 2011 taxes to an accoutant, she put all the college expenses on our dependant daughter s taxes. Therefore, we did the same thing in 2012. When we used TurboTax this year, it had us claim all the college expenses on our taxes since she is a dependant. Should we amend our 2011 2012 taxes to claim the college tuition/expenses sinceour daughter didn t get anything when she claimed the expenses on her taxes?

    Michael Knight says:

    I filed my taxes back in January and I just received my 1098-T and amended my taxes. Is that OK?

    I filed my taxes using deluxe version of turbo tax not expecting a k-1. My return accepted by irs already received refund. When I started the amend process thru turbotax after receiving a k-1 it said I have to have premier version to amend k-1. Is that correct?

    If I receive a K-1 AFTER I filed my taxes using TurboTax, do I need to amend my taxes if the amount from the K-1 does NOT change the amount of taxes owed? Thanks!

    Hi Betsy,
    If the K-1 does not change your taxes you do not need to amend your taxes.
    Thank you,
    Lisa Greene-Lewis



    New IRS Fresh Start Initiative Helps Taxpayers Who Owe Taxes #i #owe #taxes


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    New IRS Fresh Start Initiative Helps Taxpayers Who Owe Taxes

    IRS Tax Tip 2012-48, March 12, 2012

    The Internal Revenue Service has expanded its “Fresh Start” initiative to help struggling taxpayers who owe taxes. The following four tips explain the expanded relief for taxpayers.

    1. Penalty relief Part of the initiative relieves some unemployed taxpayers from failure-to-pay penalties. Penalties are one of the biggest factors a financially distressed taxpayer faces on a tax bill.The Fresh Start Penalty Relief Initiative gives eligible taxpayers a six-month extension to fully pay 2011 taxes. Interest still applies on the 2011 taxes from April 17, 2012 until the tax is paid, but you won’t face failure-to-pay penalties if you pay your tax, interest and any other penalties in full by Oct. 15, 2012.

    The penalty relief is available to two categories of taxpayers:

    * Wage earners who have been unemployed at least 30 consecutive days
    during 2011 or in 2012 up to this year’s April 17 tax deadline.

    * Self-employed individuals who experienced a 25 percent or greater
    reduction in business income in 2011 due to the economy.

    To qualify for this penalty relief, your adjusted gross income must not exceed $200,000 if married filing jointly or $100,000 if your filing status is single, married filing separately, head of household, or qualifying widower. Your 2011 balance due can not exceed $50,000.

    Taxpayers who qualify need to complete a new Form 1127A to request the 2011 penalty relief. The new form is available on www.irs.gov or by calling 1-800-829-3676 (TAX FORM).

  • Installment agreements An installment agreement is a payment option for those who cannot pay their entire tax bill by the due date. The Fresh Start provisions give more taxpayers the ability to use streamlined installment agreements to catch up on back taxes and also more time to pay.

    The new threshold for requesting an installment agreement has been raised from $25,000 to $50,000. This option requires limited financial information, meaning far less burden to the taxpayer. The maximum term for streamlined installment agreements has been raised to six years from the current five-year maximum.

    If your debt is more than $50,000, you’ll still need to supply the IRS with a Collection Information Statement (Form 433-A or Form 433-F). You also can pay your balance down to $50,000 or less to qualify for this payment option.

    With an installment agreement, you’ll pay less in penalties, but interest continues to accrue on the outstanding balance. In order to qualify for the new expanded streamlined installment agreement, you must agree to monthly direct debit payments.

    You can set up an installment agreement with the IRS through the On-line Payment Agreement (OPA) page at www.irs.gov

  • Offer in Compromise Under the first round of Fresh Start in 2011, the IRS expanded the Offer in Compromise (OIC) program to cover a larger group of struggling taxpayers. An Offer in Compromise is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed.

    The IRS recognizes many taxpayers are still struggling to pay their bills so the agency has been working on more common-sense changes to the OIC program to more closely reflect real-world situations.

    Generally, an offer will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or through a payment agreement. The IRS looks at the taxpayer’s income and assets to make a determination regarding the taxpayer’s ability to pay.

  • More information A series of eight short videos are available to familiarize taxpayers and practitioners with the IRS collection process. The series “Owe Taxes? Understanding IRS Collection Efforts,” is available on the IRS website, www.irs.gov.

    The IRS website has a variety of other online resources available to help taxpayers meet their payment obligations.



  • If you win a car, what taxes must you pay? #used #cars #for #cheap


    #win a car
    #

    Thread: If you win a car, what taxes must you pay?

    Join Date Aug 2005 Location your face

    If you win a car, what taxes must you pay?

    Re: If you win a car, what taxes must you pay?

    I don’t know but when the winner goes to register the car they are going to have to pay their state sales tax I would think.

    Re: If you win a car, what taxes must you pay?

    Years ago, I won a boat on The Price Is Right. I did have to pay sales tax. I think I added the value to my income that yeasr as well.

    Here’s the answer.

    The Basics And the winner is you. and the IRS

    advertisement

    //’);//]] So when you win a trip, a car or cash, thank your lucky stars and pay the tax man. Whether your good fortune is won or bartered, the IRS probably considers it taxable income.

    A friend recently sent me a news article about someone of modest means who had won a trip to Africa valued at more than $20,000.

    I was of two minds about the winner’s luck. If the winner makes $30,000 a year, a trip to Africa is a once-in-a-lifetime experience, and he should enjoy it. But what about the tax bill he’ll get stuck with?

    Taxes? Yes, the taxes. The safari winner may, in fact, owe the federal government much as $5,000

    Yes, sometimes, even when you win, you can still lose. Everyone knows that income is taxable, but there’s lots of stuff you really didn’t know that counts as “income” and could add to your tax bill. Here’s a rundown.

    If you win, you pay

    If you enter a contest and win, your winnings are taxable income. It doesn’t make any difference how you win the prize. You can win a drawing at the county fair. Your final answer may actually win you the million bucks on “Who Wants to Be a Millionaire.” Ditto for a beauty pageant. You may get $1 million because your cure for cancer won the Nobel Prize for medicine. You invent the next new hot bit of software and get a huge bonus.

    How you get the prize — whether it’s cash or a new Mercedes — makes no difference to the Internal Revenue Service; it’s all taxable.

    Cash prizes have one big advantage over non-cash prizes. They give you the liquidity to pay your fiscal fine.

    Bartering

    If you get audited, one of the first questions you’ll be asked is whether you did any bartering. Bartering is the exchange of goods or services directly for other goods and services.

    If I do my neighbor’s taxes in exchange for his mowing my lawn all summer, we both have income. He should be taxed on the value of my preparing his taxes, and I should be taxed on the value of his mowing my lawn.

    It’s done all the time — you can use my sailboat if I can use your cottage in the mountains for the weekend. Again, we both have taxable income equal to the value of what we receive.

    Most people don’t report this informal income because they don’t even realize it’s income, and it would just about impossible for the IRS to trace all of those informal exchanges. But the IRS can and does track bartering clubs, which are now required to issue 1099 forms for exchange transactions.

    Can you beat the IRS?

    There aren’t many ways to keep your good fortune from the taxman. Probably the best way is to have the prize or award directly given to the charity of your choice. But you don’t get the charitable-donation deduction. You simply exclude it from income. It’s as if you never got the award.

    There is another, more-subtle way to limit your tax exposure. You include prizes and award winnings as income on your return at their fair market value to you. This is very important. It’s not the general fair market value, but rather the fair market value to you .

    Let’s say you already have two new attachй cases and, on a quiz show, win a third that normally retails at $200. The value of that third attachй case toyou may be negligible. It clearly wouldn’t be its full retail-selling price.

    So you could try to run a new, lower price by the IRS. The burden, however, is on you to prove the reduced value.

    If you sell the item, the amount received is normally deemed to be its fair market value. If, for example, you’re awarded a car that retails for $20,000 and you immediately sell that car to someone else in town for $15,000, the amount you would include in your income should only be the lower amount, or $15,000.

    Be careful here, though. If you sell the car to a relative, the IRS will argue that you received $20,000 in income and made a nondeductible gift of $5,000 to your relative. Sorry.



    How Can you Pay, if you Owe Back Taxes #owe #back #taxes #to #irs


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    How Can you Pay, if you Owe Back Taxes

    March 16, 2015. Mike Slack – The Tax Institute

    Ed note:If you finished preparing your tax return only to discover that you OWE the government a large sum of money you might be upset or worried about how to pay the amount. You need to know that there are options available to you. Mike Slack, from The Tax Institute, explains.

    The consequences of not being able to pay your tax liability may appear to be dire to most. There are two penalties that generally apply to taxpayers who owe the IRS.

    • The first is the “failure to file” penalty, which accrues at the rate of 5% per month (to a maximum of 25%) on the amount owed.
    • The second is the “failure to pay” penalty, which accrues at the rate of only 1/2% per month (to a maximum of 25%) on the amount due.

    If both apply, the failure to file penalty drops to 4.5% per month, so the total combined penalty remains at 5%.

    The maximum combined penalty for the first five months is 25%. Thereafter, the failure to pay penalty can continue at 1/2% per month for 45 more months. Thus, the combined penalties can reach a total of 47.5% over time.

    However, if your return is more than 60 days late, the minimum penalty will be $135 or the amount of any tax you owe, whichever is smaller.

    To add insult to injury, both of these penalties are in addition to the interest you will be charged for late payment that is calculated separately. Luckily, for those individuals unable to pay their taxes on the due date of their tax return, there are options.

    How you can pay a tax bill over time

    If paying your taxes would cause financial hardship, and you have the documents to prove it, you may qualify for a “hardship extension” to pay tax due. Under a hardship extension:

    • You will avoid the failure to pay penalty if the extension is granted, but you will still be charged interest.
    • If you qualify, you will be given an extra six months to pay the tax shown as due on your tax return.
    • If the IRS determines a “deficiency,” i.e. that you owe taxes in excess of the amount shown on your return, the undue hardship extension generally can be as long as 18 months, with some extensions. However, no extension will be granted if the deficiency was the result of negligence, intentional disregard of the tax rules or fraud.

    It is important to note that in order to establish undue hardship, it is not enough to show that it would just be inconvenient to pay your taxes when due.

    Another way to defer your tax payments is to enter into an “installment agreement” with the IRS, where you can make monthly payments on your tax debt and reduce, or even eliminate, the imposition of penalties or interest.

    • A taxpayer requests an installment agreement by filing Form 9465, and paying a fee ranging from $43 to $120 which is deducted from the first payment.
    • Installment agreements can have repayment periods of up to 72 months, and are subject to an interest rate that right now is approximately 3.40%.

    One additional option is to borrow money to pay the tax debt, especially if you do not qualify for the options above. For example, loans from relatives or friends are often the simplest method to pay the bill. One advantage of such loans is that the interest rate will probably be low. However loans over $10,000 at below market interest rates may cause adverse tax consequences.

    If after exhausting all other possible options, you might want to consider an “offer-in-compromise.” The IRS would prefer at least a partial payment of a tax debt, as opposed to no payment at all. Therefore, the IRS is sometimes willing to settle a tax liability for less than the full amount if (a) the taxpayer is unable to pay the full amount, (b) there is doubt as to how much the tax liability is, (c) collection would create economic hardship, or (d) compelling public policy or equity considerations exist. It is important to note that the IRS only accepts a minority of offers-in-compromises.

    Lastly, as with any issues related to debt settlement, it is important to be mindful that there may be some unscrupulous companies claiming they can settle your tax debt for pennies-on-the-dollar in exchange for a fee. It is always good advice to consult reviews or the Better Business Bureau before engaging one of these companies.

    At H R Block we are here to help you with your taxes in all manners, not just the filing of your return. If you’re having behind on paying your taxes, we strongly suggest you visit one our trained tax professionals to explore your options going forward.

    The views expressed on this blog are those of the author, and not necessarily of H R Block. Third-party contributors may have received payment. H R Block is not responsible for any information, opinions, assertions or statements expressed in their materials, or the identity or credentials of the individuals communicating through the site. This blog is for informational purposes onlyand does not provide legal, financial, accounting or tax advice. It is “as is” and carries no warranties.



    Owe back taxes? Collection agencies may have your number – CBS News #2017 #taxes, #taxes


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    Owe back taxes? Collection agencies may have your number

    ByAlex Richards and Brad Wolverton/NerdWallet

    If you re far behind on paying federal taxes, get ready to be muscled by private collection agencies.

    The IRS has hired four companies to go after long-delinquent taxpayers often poor people by using tactics forbidden to government employees who pursue unpaid taxes.

    The IRS own Taxpayer Advocate Service and other critics warn that private collectors often resort to deceptive methods, forcing people of little means to make choices that can be financially disastrous. One of the four private agencies going to work for the IRS was discharged by the U.S. Education Department two years ago amid department allegations that the company used misleading tactics while trying to collect student loan debt.

    But advocates of the IRS outsourcing, including congressional leaders who approved it in 2015, say the IRS uses most of its resources going after major tax delinquents and does not have the personnel to pursue everyone who has long-due taxes.

    They say the collection agencies, which begin work this week, will be monitored to ensure they follow strict rules of conduct.

    Outsourcing failed before

    Congress insisted on the use of private collectors despite the failure of two similar outsourcing programs over the last two decades. Each cost the Treasury Department more money than it received in overdue taxes.

    The last time, starting in 2006, congressional tax analysts predicted that the companies could collect as much as $4.8 billion over a decade. The IRS eliminated the program three years later after losing about $4.5 million, according to a 2014 report from the Taxpayer Advocate Service, an independent organization within the IRS.

    How to file for an extension on your taxes

    Sen. Charles Grassley, R-Iowa, a former chair of the Senate Finance Committee, has disputed the Taxpayer Advocate s analysis, arguing that it was not a fair accounting. He called for the IRS to continue outsourcing collections.

    Lawmakers argue that private companies have more resources and different tools than the budget-strapped IRS. Those include allowing collection agencies to target tax delinquents by phone, something the IRS has never done.

    Debt collectors will be required to comply with the Fair Debt Collection Practices Act, which is designed to curtail abusive or deceptive behavior. The IRS says it will review the companies regularly and examine the taxpayer complaints that the companies are required to report.

    Critics say collection agencies have been known to call delinquent debtors six or more times a week, give inaccurate information and use dubious methods to force payment.

    Another fear is that taxpayers won t know the difference between callers the IRS has approved and con artists threatening arrest, deportation and other outlandish consequences for not paying up. The IRS has warned about such scams, calling them a major threat to taxpayers.

    AARP says it has fielded thousands of phone calls in recent years from people complaining about IRS imposters. They get you because people are afraid of the IRS, says Kristin Keckeisen, campaign director for the association s Fraud Watch Network .

    If you owe taxes and are called by a debt collector claiming to work for the IRS, you should verify the phone number with the IRS, Keckeisen says. And if you re the target of an unscrupulous collector, you can report the company to the IRS and demand in writing to have direct contact with the agency. (NerdWallet has also detailed other ways to protect yourself from collectors.)

    Collection agencies benefit

    Two of the companies, Pioneer Credit Recovery and ConServe, are in the home state of the chief advocate for outsourcing the work: Sen. Charles Schumer, D-N.Y.

    Schumer is a longtime proponent of privatizing tax collection, in part because of its benefit to collection agencies. He said the IRS contract is expected to help Pioneer and ConServe add a total of some 600 jobs .

    Navient, Pioneer s parent company, gave $4,000 in campaign contributions to Schumer last year, according to Federal Election Commission filings. Since 2002, Schumer has received at least $35,000 from Navient, its predecessor Sallie Mae, its subsidiaries and their employees.

    Schumer s staff did not respond to requests for comment.

    More companies offering free tax prep services to collect customer data

    The four debt collection companies which also include Iowa-based CBE Group and California-based Performant will be allowed to keep about 25 percent of the money they recover for the government. The IRS also gets 25 percent, while the rest goes to the Treasury Department.

    Pioneer has done similar work for the U.S. Department of Education but was dropped from its roster in 2015 for tactics the department deemed improper when collecting on defaulted student loans.

    The Education Department paid Pioneer about $175 million between 2013 and 2015. But the department terminated its contract after alleging the company misled student loan borrowers about the benefits of repaying.

    The Consumer Financial Protection Bureau and attorneys general in two states have also sued Navient and Pioneer, accusing them of similar problems.

    Pioneer denies that it did anything wrong and has appealed its dismissal by the Education Department. The company says it is a leader in enrolling borrowers in income-driven repayment plans and has helped nearly 250,000 students rehabilitate their loans. Pioneer says the allegations by the CFPB and the attorneys general were not based on evidence of harm.

    Pioneer also was part of the IRS last experiment with outsourcing collection of back taxes under a program that was viewed critically by consumer advocates and some lawmakers.

    In 2007, about a year after Pioneer and the CBE Group started collecting tax debts, then-U.S. Rep. Charlie Rangel, D-N.Y. held a hearing to investigate. Among the topics: domineering methods used by companies when dealing with taxpayers over the phone.

    [W]e are not selling Florida swampland here and taxpayers are not marks, Nina Olson, leader of the Taxpayer Advocate Service, testified at the hearing.

    An internal Pioneer document discussed at the hearing instructed call center workers to encourage taxpayers to borrow cash to pay their overdue tax debt, including taking a loan from a private bank, cashing out their 401(k) even hitting up friends and family. Some of those options, like taking out personal loans, could drive people further into debt.

    Pioneer s training materials introduced at the hearing also instructed collectors to tell taxpayers their money was due immediately and then ask them for a solution. The collector was supposed to follow that question with a psychological pause silence the taxpayer would feel compelled to fill with a payment offer or information about their finances.

    Materials reviewed at the hearing also showed that other companies working for the IRS directed collectors to use a psychological pause, with one characterizing its effect bluntly: The next person to speak loses.

    5 tax tips for people who have yet to file

    Pioneer parent Navient says the IRS approved the scripts its collectors used during the calls and noted that those scripts no longer include description of a psychological pause.

    New problem could be created

    The IRS said Tuesday that it plans to hand over hundreds of delinquent accounts to Pioneer and its fellow collectors starting this week. The program will continue to ramp up over the spring and summer.

    The Taxpayer Advocate Service has estimated that some 380,000 accounts will be transferred.

    It s not clear how much better the companies will fare than the IRS did at collecting money. Many of those accounts belong to low-income families. For those with a recent tax filing, about 40 percent report an annual income below $20,000, according to the Taxpayer Advocate Service.

    If enough people with old debts turned over to collectors elect to work directly with the IRS instead, it could create a new problem for the Treasury Department, a loophole left unaddressed since the last time the IRS outsourced collections: The agency has no staff lined up to ensure that taxpayers make good on these old debts.

    Accounts returned to the inactive pile won t help the companies or the government s bottom line, and the transfer could embolden the most delinquent taxpayers. If they think the IRS is no longer on their trail, they might never pay their bill.



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    Vehicle Personal Property Taxes – Taxes – Payments #classic #cars #for #sale


    #car tax calculator
    #

    Vehicle Personal Property Taxes

    2015 Vehicle Personal Property Notices

    The 2015 Vehicle Personal Property notices have been mailed. The notices show the information we have on record for vehicles you own.

    Note: leased vehicles and vehicles added after March 1, 2015 are not included in these notices.

    Verify the information is correct and complete. If the vehicle information, your name and address, and your exempt designation are complete and accurate, you do not need to do anything. If there are inaccuracies or changes to the printed information, report them to our office on or before May 1, 2015, to avoid being taxed incorrectly.

    To report inaccuracies or changes to our office, please do one of the following:

    Vehicle Personal Property Taxes

    All cities and counties in Virginia have a personal property tax which helps fund local government. For Arlington County residents, the tax is assessed on all motor vehicles that are garaged (regularly parked) overnight in Arlington County, including:

    • Trailers
    • Motor Scooters
    • Semitrailers
    • Boats
    • Aircraft

    The tax also applies to vehicles that:

    • Do not display Virginia license plates (these vehicles may also be required to pay an annual fee )
    • Are inoperable
    • Are temporarily absent from Arlington (removed for a short period with the intent to return)

    Vehicles are also required to display a county decal .

    Vehicle Personal Property Tax Exemptions

    Military Exemption

    The Servicemembers’ Civil Relief Act  exempts active duty military  personnel from personal property tax in any state other than their legal state of residence.  Therefore, vehicles titled in an active duty non-resident military person’s name(s) will be exempt as long as each owner furnishes a Leave Earnings Statement (LES) for the period of situs (physical presence in this locality/state).

    To apply for this exemption, active duty members are asked to submit:

    • A completed  application
    • A copy of the servicemember’s LES that corresponds to the month and year in which the vehicle was either moved into Arlington County or purchased

    Spouses of military servicemembers may be eligible to be tax exempt on personal property registered in their names or titled jointly with their servicemember-spouse based on certain qualifying conditions provided in the federal “Military Spouses Residency Relief Act”.  To apply for exemption, the following documentation is required:

    • A copy of the LES for the active duty spouse as stated above
    • A copy of the non-military spouse’s military ID card (front back)
    • An affidavit from the non-military spouse attesting that he or she is ONLY stationed in Virginia in compliance with the military spouse’s orders
    • Proof of spouse’s legal state of residence or domicile (acceptable documentation includes a copy of a voter registration card, driver’s license [front back], or personal property tax bill)

    Once approved, the Commissioner of Revenue will annually mail a Vehicle Personal Property Tax Notice indicating that an exemption has been provided. Any changes that might affect the active duty member’s exempt status must be reported at this time by returning the form, or contacting our office at 703-228-3135. In addition, the active duty member and/or qualified spouse may be asked to provide certain documentation annually as continuing proof of exemption.

    Student Exemption

    If you are a full-time student with a vehicle registered in a state that has personal property taxes and you are the sole owner of the vehicle, you may be exempt from Arlington County personal property taxes. To find out if you qualify please call the COR office at 703-228-3135 or visit the office at 2100 Clarendon Blvd, Suite 218.

    Any motor vehicle owned by the State or any political subdivision or by the United States government may be exempt from Arlington County personal property taxes. To find out if you qualify please call the COR office at 703-228-3135 or visit the office at 2100 Clarendon Blvd, Suite 218.  

    If you are a foreign diplomat and your vehicle is registered with the United States Department of State, you may be exempt from Arlington County personal property taxes. To find out if you qualify please call the COR office at 703-228-3135 or visit the office at 2100 Clarendon Blvd, Suite 218.  

    Note: Under any circumstance, if your vehicle is leased, you do not qualify for personal property tax exemption.

    Tax Assessments

    The Commissioner of Revenue’s Personal Property Tax Division assesses all Arlington vehicle personal property taxes, based on:

    • The County Board’s set tax rate (for 2015, the tax rate has been set at $5.00 per $100 of assessed value).
    • Your vehicle’s value. (The Commissioner uses the Clean Loan value in the January [of the tax year] edition of the  “National Automobile Dealer s Association Used Car Guide” for vehicle assessments.)
    • The number of months your vehicle was located in Arlington.
    • The amount of tax relief your vehicle is provided.
    • The Code of Virginia and local ordinances.

    For more information on tax assessments or vehicle personal property taxes, contact the Personal Property Tax Division:

    • Call Center. 703-228-3135
    • DMV Select Service Counter (Mon.-Fri. 8:30 a.m.-4:00 p.m.): 804-497-7100
    • Vehicle Personal Property Service Counter (Mon.-Fri. 8 a.m. 5 p.m.):

    Commissioner of Revenue

    Vehicle Personal Property Tax Division

    2100 Clarendon Blvd. Suite 218



    Taxes – Fees For New Cars #used #suvs


    #car tax calculator
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    New Car Taxes and Fees

    Continue

    Oftentimes, a car buyer negotiates what they feel is an amazing car price, only to get in the salesperson’s office and find they’re being charged more than the original agreement. Generally, this is due to additional fees and taxes.

    Always ask the salesperson to explain these extra costs before you sign the contract. Keep reading for more information how these taxes and fees add up.

    Dealership Fees

    Some of the most common dealership fees include fees and costs for:

    • Documentation :
    • The documentation fee, or “doc fee,” basically covers the preparation and filing of all related paperwork, including the sales contract. Some states regulate doc fees; others don’t.
  • Advertising :
    • Sometimes, advertising fees are attached to the invoice price—and these fees can get tricky. For example, sometimes the manufacturer adds the advertising fee; in this case, it’s probably best to pay it. Other times, dealerships add an advertising fee to offset advertising and other costs; in this case, it might be best to further negotiate.
  • Trade-in :
    • The dealership might charge a fee to make your trade-in vehicle marketable. Some experts advise disputing this fee.
    • Furthermore, some states charge a sales tax only on the difference between your new car price and your old car’s value.
  • Warranty :
    • Most likely, the dealer will ask you to purchase a service protection plan (commonly called an extended warranty ). This protection goes beyond the date or mileage when the manufacturer’s warranty expires.
  • Credit insurance :
    • Simply put, credit insurance covers the loan in the event you become disabled or pass away before the loan is paid off. To date, credit insurance is not required by law, so if you’re interested in this insurance, check with your current insurance provider to make sure you don’t end up paying double coverage.
  • Keep in mind, these are just some of the most common dealership fees. Always read the sales contract carefully and ask questions about any costs or fees you don’t understand—or feel aren’t warranted.

    DMV Fees

    As mentioned above, generally dealerships handle DMV-related fees — such as title transfers and registration — for you (until it’s time to renew your registration. of course).

    Learn more about what your state charges upfront and annually in our sections on Title Transfers and Car Registration.

    Car Sales Tax

    Be prepared to pay a state car sales tax; this percentage depends on your state. Note that some areas also have county, city, and even school district car taxes. too. Your dealer will walk you through this process.

    Unfortunately, dealership and/or manufacturer rebates and other incentives might not help you when it comes to lowering the cost associated with car taxes; some states charge the car tax on the full vehicle price before any rebates are applied .

    Some states provide online car tax calculators or charts to help you get an idea of how much you’ll pay. Refer to our Tax Tags Calculator to see if your state provides this service.

    NOTE . Many states require yearly property taxes on vehicles in order to renew your registration. For information specific to your state, contact your county clerk’s or assessor’s office.

    Car Insurance or Financial Responsibility

    Once you’ve paid your dealership fees, DMV fees, and all related car taxes, it’s time to purchase car insurance or meet your state’s financial responsibility laws.

    Not all owners take this cost into consideration—and depending on your state, it can significantly increase the total amount you pay for your vehicle. For example, older model used vehicles might require only the state’s minimum liability coverage; on the flip side, new cars might need both liability insurance and comprehensive and collision coverage.

    Visit our section on Car Insurance to find your state’s requirements and even shop for the best car insurance rates online .



    Estimate registration fees and taxes #comprehensive #car #insurance #comparison


    #car tax calculator
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    Estimate registration fees and taxes

    What fees and taxes do I need to pay to register and title a vehicle in New York State?

    If this is the original registration (first time you register your vehicle), you must pay the

    • registration fee
    • vehicle plate fee
    • county use tax
    • sales tax (see sales tax information )
    • title certificate fee ($50)
    • MCTD 1   fee for the following 12 counties only:  Bronx, Kings (Brooklyn), New York (Manhattan), Queens, Richmond (Staten Island), Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk, and Westchester

    If you transfer the registration and plates from another vehicle, you don’t need to pay the plate fees or MCTD fee, and you may be able to transfer the registration fees to your new vehicle.

    How can I estimate the total fees and taxes I must pay?

    You can also use these charts to estimate your registration fees, use taxes, and supplemental fees for

    How can I estimate my trailer or boat registration fees?

    Trailer and boat registration fees are calculated differently. You can’t use the online service to estimate them. See register a trailer. or register a boat for how to estimate these registration fees.

      1. Metropolitan Commuter Transportation District 2. You don’t need to pay sales tax when you register if you show DMV acceptable proof that you paid the sales tax when you bought the vehicle, or if the registration is tax exempt. See sales tax information .


    If you win a car, what taxes must you pay? #suv #cars


    #win a car
    #

    Thread: If you win a car, what taxes must you pay?

    Join Date Aug 2005 Location your face

    If you win a car, what taxes must you pay?

    Re: If you win a car, what taxes must you pay?

    I don’t know but when the winner goes to register the car they are going to have to pay their state sales tax I would think.

    Re: If you win a car, what taxes must you pay?

    Years ago, I won a boat on The Price Is Right. I did have to pay sales tax. I think I added the value to my income that yeasr as well.

    Here’s the answer.

    The Basics And the winner is you. and the IRS

    advertisement

    //’);//]] So when you win a trip, a car or cash, thank your lucky stars and pay the tax man. Whether your good fortune is won or bartered, the IRS probably considers it taxable income.

    A friend recently sent me a news article about someone of modest means who had won a trip to Africa valued at more than $20,000.

    I was of two minds about the winner’s luck. If the winner makes $30,000 a year, a trip to Africa is a once-in-a-lifetime experience, and he should enjoy it. But what about the tax bill he’ll get stuck with?

    Taxes? Yes, the taxes. The safari winner may, in fact, owe the federal government much as $5,000

    Yes, sometimes, even when you win, you can still lose. Everyone knows that income is taxable, but there’s lots of stuff you really didn’t know that counts as “income” and could add to your tax bill. Here’s a rundown.

    If you win, you pay

    If you enter a contest and win, your winnings are taxable income. It doesn’t make any difference how you win the prize. You can win a drawing at the county fair. Your final answer may actually win you the million bucks on “Who Wants to Be a Millionaire.” Ditto for a beauty pageant. You may get $1 million because your cure for cancer won the Nobel Prize for medicine. You invent the next new hot bit of software and get a huge bonus.

    How you get the prize — whether it’s cash or a new Mercedes — makes no difference to the Internal Revenue Service; it’s all taxable.

    Cash prizes have one big advantage over non-cash prizes. They give you the liquidity to pay your fiscal fine.

    Bartering

    If you get audited, one of the first questions you’ll be asked is whether you did any bartering. Bartering is the exchange of goods or services directly for other goods and services.

    If I do my neighbor’s taxes in exchange for his mowing my lawn all summer, we both have income. He should be taxed on the value of my preparing his taxes, and I should be taxed on the value of his mowing my lawn.

    It’s done all the time — you can use my sailboat if I can use your cottage in the mountains for the weekend. Again, we both have taxable income equal to the value of what we receive.

    Most people don’t report this informal income because they don’t even realize it’s income, and it would just about impossible for the IRS to trace all of those informal exchanges. But the IRS can and does track bartering clubs, which are now required to issue 1099 forms for exchange transactions.

    Can you beat the IRS?

    There aren’t many ways to keep your good fortune from the taxman. Probably the best way is to have the prize or award directly given to the charity of your choice. But you don’t get the charitable-donation deduction. You simply exclude it from income. It’s as if you never got the award.

    There is another, more-subtle way to limit your tax exposure. You include prizes and award winnings as income on your return at their fair market value to you. This is very important. It’s not the general fair market value, but rather the fair market value to you .

    Let’s say you already have two new attachй cases and, on a quiz show, win a third that normally retails at $200. The value of that third attachй case toyou may be negligible. It clearly wouldn’t be its full retail-selling price.

    So you could try to run a new, lower price by the IRS. The burden, however, is on you to prove the reduced value.

    If you sell the item, the amount received is normally deemed to be its fair market value. If, for example, you’re awarded a car that retails for $20,000 and you immediately sell that car to someone else in town for $15,000, the amount you would include in your income should only be the lower amount, or $15,000.

    Be careful here, though. If you sell the car to a relative, the IRS will argue that you received $20,000 in income and made a nondeductible gift of $5,000 to your relative. Sorry.



    Estimate registration fees and taxes #auto #auctions


    #car tax calculator
    #

    Estimate registration fees and taxes

    What fees and taxes do I need to pay to register and title a vehicle in New York State?

    If this is the original registration (first time you register your vehicle), you must pay the

    • registration fee
    • vehicle plate fee
    • county use tax
    • sales tax (see sales tax information )
    • title certificate fee ($50)
    • MCTD 1   fee for the following 12 counties only:  Bronx, Kings (Brooklyn), New York (Manhattan), Queens, Richmond (Staten Island), Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk, and Westchester

    If you transfer the registration and plates from another vehicle, you don’t need to pay the plate fees or MCTD fee, and you may be able to transfer the registration fees to your new vehicle.

    How can I estimate the total fees and taxes I must pay?

    You can also use these charts to estimate your registration fees, use taxes, and supplemental fees for

    How can I estimate my trailer or boat registration fees?

    Trailer and boat registration fees are calculated differently. You can’t use the online service to estimate them. See register a trailer. or register a boat for how to estimate these registration fees.

      1. Metropolitan Commuter Transportation District 2. You don’t need to pay sales tax when you register if you show DMV acceptable proof that you paid the sales tax when you bought the vehicle, or if the registration is tax exempt. See sales tax information .


    NCDOT: Highway Use – Property Taxes #car #donation


    #car tax
    #

    Highway Use Property Taxes

    Highway Use Tax

    North Carolina collects a Highway Use Tax (HUT) on vehicles instead of a state sales tax. The tax is assessed each time a title is transferred.

    Money that is collected for the Highway Use Tax goes to the NC Highway Trust Fund and the State’s General Fund. That money is then used to improve the roads of North Carolina.

    Fees

    Exemptions from Highway Use Tax

    Vehicles already titled within North Carolina have certain exemptions from the HUT such as:

    • An insurance company obtaining a salvage title for a vehicle on which a total loss claim was paid.
    • When transferring a title to a manufacturer or retailer for the purpose of resale.
    • When making a name change or name correction to a title.
    • If the vehicle is transferred by a will or intestacy.
    • If the vehicle is a gift between a husband and wife, a parent and child or a stepparent and a stepchild. This exemption does not include out-of-state title transactions, only NC title transactions apply.
    • If the vehicle is transferred as a result of the distribution of marital or divisible property incident to a marital separation or divorce.
    • To a handicapped person from the Department of Health and Human Services after the vehicle has been equipped by the Department for use by the handicapped.
    • To a local board of education for use in the driver education program of a public school when the vehicle is transferred by a retailer and is to be transferred back to the retailer within 300 days after the transfer or transferred by a local board of education.
    • To a volunteer fire department or volunteer rescue squad that is not part of a unit of local government, has no more than two paid employees, and is exempt from NC Income Tax under G.S. 105-130.11, when the motor vehicle is one of the following:
      • A fire truck, a pump truck, a tanker truck, or a ladder truck used to suppress fire.
      • A four-wheel drive vehicle intended to be mounted with a water tank and hose and used for forest fire fighting.
      • An emergency services vehicle.

    Property Taxes

    Registration Stop: County Tax Block

    If you fail to pay county taxes on your vehicle you must contact your County Tax Department to clear the stop.

    State property tax law requires counties to assess the value of motor vehicles registered with DMV and to prepare tax bills. Three months after the motor vehicle’s registration renewal date, the vehicle owner will receive a tax bill which is payable on the first day of the following month.

    The property tax law calls for counties to charge interest for overdue accounts. Legislation now allows counties to block the license plate (registration) renewal for any vehicle for which the owner owes an overdue property tax.

    A county tax collector can place a “block” on the registration of any vehicle for which property tax payment is at least four months overdue. If a county places a “block” on the vehicle registration, the DMV is unable to renew the license plate for that vehicle until the owner presents the DMV with a paid tax receipt. The county that placed the “block” removes the “tax block” from the system.

    The DMV is not involved in establishing the value of a vehicle for property tax purposes. It furnishes a record of the make and model of the registered vehicle, and the local county assessment office determines the tax accordingly.

    Vehicles not included under NC Property Tax

    • Vehicles exempt from registration by NC law.
    • Manufactured homes
    • Mobile classrooms and offices
    • Semi-trailers registered on a multi-year basis
    • Motor vehicles owned or leased by public service companies
    • Vehicles in confidential status

    NC residents who have not registered their vehicles or who have not renewed their vehicle registrations are required to list their vehicles with their county of residence by January 31 of each year.



    Taxes – Fees For New Cars #online #car #sales


    #car tax calculator
    #

    New Car Taxes and Fees

    Continue

    Oftentimes, a car buyer negotiates what they feel is an amazing car price, only to get in the salesperson’s office and find they’re being charged more than the original agreement. Generally, this is due to additional fees and taxes.

    Always ask the salesperson to explain these extra costs before you sign the contract. Keep reading for more information how these taxes and fees add up.

    Dealership Fees

    Some of the most common dealership fees include fees and costs for:

    • Documentation :
    • The documentation fee, or “doc fee,” basically covers the preparation and filing of all related paperwork, including the sales contract. Some states regulate doc fees; others don’t.
  • Advertising :
    • Sometimes, advertising fees are attached to the invoice price—and these fees can get tricky. For example, sometimes the manufacturer adds the advertising fee; in this case, it’s probably best to pay it. Other times, dealerships add an advertising fee to offset advertising and other costs; in this case, it might be best to further negotiate.
  • Trade-in :
    • The dealership might charge a fee to make your trade-in vehicle marketable. Some experts advise disputing this fee.
    • Furthermore, some states charge a sales tax only on the difference between your new car price and your old car’s value.
  • Warranty :
    • Most likely, the dealer will ask you to purchase a service protection plan (commonly called an extended warranty ). This protection goes beyond the date or mileage when the manufacturer’s warranty expires.
  • Credit insurance :
    • Simply put, credit insurance covers the loan in the event you become disabled or pass away before the loan is paid off. To date, credit insurance is not required by law, so if you’re interested in this insurance, check with your current insurance provider to make sure you don’t end up paying double coverage.
  • Keep in mind, these are just some of the most common dealership fees. Always read the sales contract carefully and ask questions about any costs or fees you don’t understand—or feel aren’t warranted.

    DMV Fees

    As mentioned above, generally dealerships handle DMV-related fees — such as title transfers and registration — for you (until it’s time to renew your registration. of course).

    Learn more about what your state charges upfront and annually in our sections on Title Transfers and Car Registration.

    Car Sales Tax

    Be prepared to pay a state car sales tax; this percentage depends on your state. Note that some areas also have county, city, and even school district car taxes. too. Your dealer will walk you through this process.

    Unfortunately, dealership and/or manufacturer rebates and other incentives might not help you when it comes to lowering the cost associated with car taxes; some states charge the car tax on the full vehicle price before any rebates are applied .

    Some states provide online car tax calculators or charts to help you get an idea of how much you’ll pay. Refer to our Tax Tags Calculator to see if your state provides this service.

    NOTE . Many states require yearly property taxes on vehicles in order to renew your registration. For information specific to your state, contact your county clerk’s or assessor’s office.

    Car Insurance or Financial Responsibility

    Once you’ve paid your dealership fees, DMV fees, and all related car taxes, it’s time to purchase car insurance or meet your state’s financial responsibility laws.

    Not all owners take this cost into consideration—and depending on your state, it can significantly increase the total amount you pay for your vehicle. For example, older model used vehicles might require only the state’s minimum liability coverage; on the flip side, new cars might need both liability insurance and comprehensive and collision coverage.

    Visit our section on Car Insurance to find your state’s requirements and even shop for the best car insurance rates online .



    Estimate registration fees and taxes #car #sweepstakes


    #car tax calculator
    #

    Estimate registration fees and taxes

    What fees and taxes do I need to pay to register and title a vehicle in New York State?

    If this is the original registration (first time you register your vehicle), you must pay the

    • registration fee
    • vehicle plate fee
    • county use tax
    • sales tax (see sales tax information )
    • title certificate fee ($50)
    • MCTD 1   fee for the following 12 counties only:  Bronx, Kings (Brooklyn), New York (Manhattan), Queens, Richmond (Staten Island), Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk, and Westchester

    If you transfer the registration and plates from another vehicle, you don’t need to pay the plate fees or MCTD fee, and you may be able to transfer the registration fees to your new vehicle.

    How can I estimate the total fees and taxes I must pay?

    You can also use these charts to estimate your registration fees, use taxes, and supplemental fees for

    How can I estimate my trailer or boat registration fees?

    Trailer and boat registration fees are calculated differently. You can’t use the online service to estimate them. See register a trailer. or register a boat for how to estimate these registration fees.

      1. Metropolitan Commuter Transportation District 2. You don’t need to pay sales tax when you register if you show DMV acceptable proof that you paid the sales tax when you bought the vehicle, or if the registration is tax exempt. See sales tax information .


    Vehicle Personal Property Taxes – Taxes – Payments #malaga #car #hire


    #car tax calculator
    #

    Vehicle Personal Property Taxes

    2015 Vehicle Personal Property Notices

    The 2015 Vehicle Personal Property notices have been mailed. The notices show the information we have on record for vehicles you own.

    Note: leased vehicles and vehicles added after March 1, 2015 are not included in these notices.

    Verify the information is correct and complete. If the vehicle information, your name and address, and your exempt designation are complete and accurate, you do not need to do anything. If there are inaccuracies or changes to the printed information, report them to our office on or before May 1, 2015, to avoid being taxed incorrectly.

    To report inaccuracies or changes to our office, please do one of the following:

    Vehicle Personal Property Taxes

    All cities and counties in Virginia have a personal property tax which helps fund local government. For Arlington County residents, the tax is assessed on all motor vehicles that are garaged (regularly parked) overnight in Arlington County, including:

    • Trailers
    • Motor Scooters
    • Semitrailers
    • Boats
    • Aircraft

    The tax also applies to vehicles that:

    • Do not display Virginia license plates (these vehicles may also be required to pay an annual fee )
    • Are inoperable
    • Are temporarily absent from Arlington (removed for a short period with the intent to return)

    Vehicles are also required to display a county decal .

    Vehicle Personal Property Tax Exemptions

    Military Exemption

    The Servicemembers’ Civil Relief Act  exempts active duty military  personnel from personal property tax in any state other than their legal state of residence.  Therefore, vehicles titled in an active duty non-resident military person’s name(s) will be exempt as long as each owner furnishes a Leave Earnings Statement (LES) for the period of situs (physical presence in this locality/state).

    To apply for this exemption, active duty members are asked to submit:

    • A completed  application
    • A copy of the servicemember’s LES that corresponds to the month and year in which the vehicle was either moved into Arlington County or purchased

    Spouses of military servicemembers may be eligible to be tax exempt on personal property registered in their names or titled jointly with their servicemember-spouse based on certain qualifying conditions provided in the federal “Military Spouses Residency Relief Act”.  To apply for exemption, the following documentation is required:

    • A copy of the LES for the active duty spouse as stated above
    • A copy of the non-military spouse’s military ID card (front back)
    • An affidavit from the non-military spouse attesting that he or she is ONLY stationed in Virginia in compliance with the military spouse’s orders
    • Proof of spouse’s legal state of residence or domicile (acceptable documentation includes a copy of a voter registration card, driver’s license [front back], or personal property tax bill)

    Once approved, the Commissioner of Revenue will annually mail a Vehicle Personal Property Tax Notice indicating that an exemption has been provided. Any changes that might affect the active duty member’s exempt status must be reported at this time by returning the form, or contacting our office at 703-228-3135. In addition, the active duty member and/or qualified spouse may be asked to provide certain documentation annually as continuing proof of exemption.

    Student Exemption

    If you are a full-time student with a vehicle registered in a state that has personal property taxes and you are the sole owner of the vehicle, you may be exempt from Arlington County personal property taxes. To find out if you qualify please call the COR office at 703-228-3135 or visit the office at 2100 Clarendon Blvd, Suite 218.

    Any motor vehicle owned by the State or any political subdivision or by the United States government may be exempt from Arlington County personal property taxes. To find out if you qualify please call the COR office at 703-228-3135 or visit the office at 2100 Clarendon Blvd, Suite 218.  

    If you are a foreign diplomat and your vehicle is registered with the United States Department of State, you may be exempt from Arlington County personal property taxes. To find out if you qualify please call the COR office at 703-228-3135 or visit the office at 2100 Clarendon Blvd, Suite 218.  

    Note: Under any circumstance, if your vehicle is leased, you do not qualify for personal property tax exemption.

    Tax Assessments

    The Commissioner of Revenue’s Personal Property Tax Division assesses all Arlington vehicle personal property taxes, based on:

    • The County Board’s set tax rate (for 2015, the tax rate has been set at $5.00 per $100 of assessed value).
    • Your vehicle’s value. (The Commissioner uses the Clean Loan value in the January [of the tax year] edition of the  “National Automobile Dealer s Association Used Car Guide” for vehicle assessments.)
    • The number of months your vehicle was located in Arlington.
    • The amount of tax relief your vehicle is provided.
    • The Code of Virginia and local ordinances.

    For more information on tax assessments or vehicle personal property taxes, contact the Personal Property Tax Division:

    • Call Center. 703-228-3135
    • DMV Select Service Counter (Mon.-Fri. 8:30 a.m.-4:00 p.m.): 804-497-7100
    • Vehicle Personal Property Service Counter (Mon.-Fri. 8 a.m. 5 p.m.):

    Commissioner of Revenue

    Vehicle Personal Property Tax Division

    2100 Clarendon Blvd. Suite 218



    NCDOT: Highway Use – Property Taxes #awd #cars


    #car tax
    #

    Highway Use Property Taxes

    Highway Use Tax

    North Carolina collects a Highway Use Tax (HUT) on vehicles instead of a state sales tax. The tax is assessed each time a title is transferred.

    Money that is collected for the Highway Use Tax goes to the NC Highway Trust Fund and the State’s General Fund. That money is then used to improve the roads of North Carolina.

    Fees

    Exemptions from Highway Use Tax

    Vehicles already titled within North Carolina have certain exemptions from the HUT such as:

    • An insurance company obtaining a salvage title for a vehicle on which a total loss claim was paid.
    • When transferring a title to a manufacturer or retailer for the purpose of resale.
    • When making a name change or name correction to a title.
    • If the vehicle is transferred by a will or intestacy.
    • If the vehicle is a gift between a husband and wife, a parent and child or a stepparent and a stepchild. This exemption does not include out-of-state title transactions, only NC title transactions apply.
    • If the vehicle is transferred as a result of the distribution of marital or divisible property incident to a marital separation or divorce.
    • To a handicapped person from the Department of Health and Human Services after the vehicle has been equipped by the Department for use by the handicapped.
    • To a local board of education for use in the driver education program of a public school when the vehicle is transferred by a retailer and is to be transferred back to the retailer within 300 days after the transfer or transferred by a local board of education.
    • To a volunteer fire department or volunteer rescue squad that is not part of a unit of local government, has no more than two paid employees, and is exempt from NC Income Tax under G.S. 105-130.11, when the motor vehicle is one of the following:
      • A fire truck, a pump truck, a tanker truck, or a ladder truck used to suppress fire.
      • A four-wheel drive vehicle intended to be mounted with a water tank and hose and used for forest fire fighting.
      • An emergency services vehicle.

    Property Taxes

    Registration Stop: County Tax Block

    If you fail to pay county taxes on your vehicle you must contact your County Tax Department to clear the stop.

    State property tax law requires counties to assess the value of motor vehicles registered with DMV and to prepare tax bills. Three months after the motor vehicle’s registration renewal date, the vehicle owner will receive a tax bill which is payable on the first day of the following month.

    The property tax law calls for counties to charge interest for overdue accounts. Legislation now allows counties to block the license plate (registration) renewal for any vehicle for which the owner owes an overdue property tax.

    A county tax collector can place a “block” on the registration of any vehicle for which property tax payment is at least four months overdue. If a county places a “block” on the vehicle registration, the DMV is unable to renew the license plate for that vehicle until the owner presents the DMV with a paid tax receipt. The county that placed the “block” removes the “tax block” from the system.

    The DMV is not involved in establishing the value of a vehicle for property tax purposes. It furnishes a record of the make and model of the registered vehicle, and the local county assessment office determines the tax accordingly.

    Vehicles not included under NC Property Tax

    • Vehicles exempt from registration by NC law.
    • Manufactured homes
    • Mobile classrooms and offices
    • Semi-trailers registered on a multi-year basis
    • Motor vehicles owned or leased by public service companies
    • Vehicles in confidential status

    NC residents who have not registered their vehicles or who have not renewed their vehicle registrations are required to list their vehicles with their county of residence by January 31 of each year.