Quick question-does Ridge charge sales tax on MB futures? I am trying to finish my taxes, and forgot to check that.
I don’t use the online account with Ridge, so I can’t just pull it up. I’ve sent an e-mail, and wouldn’t be surprised to have an answer yet this morning from them, but if someone here just knows, I could submit the damn thing now.
I assume you opt to deduct actual state sales taxes paid instead of deducting actual state income taxes paid (i.e., most beneficial in states with no income tax but sales tax).
Yeah, unless you get AMT - then it is a complete waste of time - because it will not take it anyway. Trust me - I killed hours gathering everything to find out nothing happened to what I owed. Doing everything i can to not turn this political
I actually need the info more to complete the state tax return. Most, but not all, CA wineries charge WI sales tax up front for my orders, and I pay in for those that don’t.
For me, it doesn’t get to the point where I get to consider paying sales/use tax as a political, ideological or civic activity, or even just playing by the rules, though as an attorney I try to play by the rules if for no other reason than I think it’s harder for those of my ilk to claim we weren’t aware of them.
Because brass tacks, Wisconsin has the ability to track one’s direct purchases from wineries, and will try to collect if sales/use tax does not match their data. I believe this started with 2007, when they changed the shipping rules.
I’m a CPA w/ a MS in Taxation. We always joke that the NJ 1040 should come with pre-printed zeroes on the Use Tax line. Any individual that self assesses use tax is being ridiculous. Or they’re a Priest. There is no auditing mechanism for states to go after individuals for use tax. And even if their were, it wouldn’t be worth their valuable assets to do so. Businesses are another issue. We pay more use tax than we do sales tax.
In California, something between 0.5% and 1% of State returns pay use tax. It’s been slowly rising, used to be 0.3% or less. I’m part of the <1%. I personally know two other people who pay it, as well.