I try to pay my New Jersey End Use Tax each year. My friends think I am crazy, but I wonder what would happen if they were audited and could not even come up with a good-faith attempt at paying tax due.My biggest supplier is Amazon.com, but there are others too. The tax in NJ is 7% for most things. If I buy something from out of state, and the selling state collects no sales tax, I must pay 7%. If the state collects less than 7%, I need pay only the difference.The biggest trouble with paying the tax is knowing what items are taxable and what ones are not. Long ago, I got a booklet from the state with the rules that are too ambiguous to follow. They include two tables; one is taxable items and the other is nontaxable items. Both were labeled as being incomplete. There may be rhyme to it, but no reason. Books are taxable, magazines are not, unless you have a subscription, in which case they are. (I may not have this straight.) But what about the items not in either table?For example, is a toy piano a toy, or a musical instrument? For most people, it is just a toy, but for some, it is definitely a musical instrument. A friend of mind has played toy piano at Carnegie Hall.https://www.youtube.com/watch?v=-Sr8YP1zWl8That is no kid banging on a toy. (I think she is actually playing two toy pianos.) She also is a serious player of adult pianos. Here she plays a Modern Love Waltz that she arranged from a piece of the same name by Philip Glass. with the left hand on a Steinway and the right on a Schoenhut.https://www.youtube.com/watch?v=fPUg0OIbkc4(Satie Blues, by Toby Twining)And I notice Amazon.com charges NJ tax on some items and not on others. But I can find no current list of taxable items or nontaxable items. So it is pretty much hopeless.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra