Tax Deductions
Tax deductions
taxes
10 craziest tax deductions for 2011

Taxes » Tax Deductions » 10 Craziest Tax Deductions For 2011

Someone's a few fries shy of a Happy Meal
Next
10 of 12
Back

New Jersey requires residents to pay a use tax on items purchased out of state if they were not charged enough sales tax. Sure, it can be a big moneymaker on things like electronics. But a Happy Meal? Meyer elaborates.

"I explained the use tax to a client who called the next morning and asked, 'If I get a take-out meal in Pennsylvania and they only charge 6 percent sales tax, do I owe the extra 1 percent to New Jersey?' He was talking about less than $1 he would owe New Jersey, but he doesn't want to miss one tax that he owes."

"'The answer is no,' I told him; he doesn't owe the extra 1 percent if he eats it in Pennsylvania. But if he brings it back to New Jersey, then he owes the 1 percent difference."


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
REFINANCE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed refi 4.00%  0.08 4.08%
15 year fixed refi 3.11%  0.08 3.19%
10 year fixed refi 3.13%  0.10 3.23%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.30%  0.03 4.27%
50K FICO-based HELOC 3.97%  0.02 3.95%
100K FICO-based HELOC 3.81%  0.01 3.80%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.75%  0.10 2.85%
48 month used car loan 2.99%  0.06 3.05%
60 month new car loan 3.19%  0.05 3.24%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.99%  0.01 0.98%
2 Year CD 1.22%  0.03 1.19%
5 Year CD 1.87%  0.04 1.83%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.76% --0.00 15.76%
Cash Back Cards 16.44% --0.00 16.44%
Low Interest Cards 11.04% --0.00 11.04%
 
Next
advertisement
WEEKLY TAX TIP NEWSLETTER

Our tax expert Kay Bell provides resourceful tips and advice to help you stay prepared for filing.

advertisement

Connect with us