What is the Excise Tax? Taxable Goods and Services
Posted on January 3rd, 2021
An excise tax is a tax that is generally imposed on the sale of specific goods or services, or on certain uses. Examples of things a federal excise tax is usually imposed on include the sale of fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, and tobacco, as well as other goods and services. Excise taxes are imposed on a wide variety of goods, services, and activities and may be imposed at the time of: Read More…
Tags: Tax Law Updates, Taxable
Are Tips Taxable? | Reporting Tip Income: The Basics
Posted on March 1st, 2020
The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is taxable income. Here are a few other tips about tips: Read More…
Tags: Tax Tips, Taxable, Tipping
7 Tips to Help You Figure out if Your Gift Is Taxable
Posted on September 1st, 2019
If you’ve given money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Because gift tax laws can be confusing, here are eight tips you can use to figure out whether your gift is taxable. Read More…