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
advertisement
Tax breaks for life's big events
REFINANCE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed refi 3.96%  0.01 3.97%
15 year fixed refi 3.18%  0.06 3.12%
10 year fixed refi 3.21%  0.07 3.14%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.56% --0.00 4.56%
50K FICO-based HELOC 4.07% --0.00 4.07%
100K FICO-based HELOC 3.83% --0.00 3.83%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.65%  0.27 2.92%
48 month used car loan 2.87%  0.08 2.79%
60 month new car loan 3.14%  0.08 3.06%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 1.05% --0.01 1.04%
2 Year CD 1.16%  0.01 1.17%
5 Year CD 1.72%  0.02 1.70%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.93%  0.05 15.88%
Cash Back Cards 16.48%  0.05 16.43%
Low Interest Cards 11.10%  0.07 11.03%
 
Next
advertisement

Connect with us