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Sales Tax

Sales taxes are complex and routinely inconsistently applied from state to state and even within the same state.  Many goods and services are subject to sales taxes, but with several exceptions to their application.  When reviewing your products and services which should have sales taxes applied you should consider such things as whether they are:

  • Intrastate or Interstate in nature
  • Will be resold to an end user customer
  • Are for building repair or new construction
  • Where is the service being delivered
  • Whether the recipient may be an exempt organization

Kiesling Associates has extensive experience in sales tax rules.  If you would like assistance in reviewing your sales tax billings please contact your Kiesling Associates representative.

News & Announcements

Automobile Depreciation Deduction Limits

The IRS has updated its limitations on depreciation deductions for owners of passenger automobiles first placed in service during 2010 and the amounts to be inlcuded in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2010.

For passenger autos the depreciation limit is $3,060 for the first tax year, $4,900 for the second tax year, $2,950 for the third tax year, and $1,775 for each successive tax year.  Trucks and vans are $3,160 for the first tax year, $5,100 for the second, $3,050 for the third, and $1,875 for each successsive tax year.

Lease tables and further details on deductions can be found at IRS Rev. Proc. 2010-18.

 

Valuing employer-provided vehicles in 2010

(1) The maximum value of employer-provided vehicles first made available to employees for personal use in calendar year 2010 for which the vehicle cents-per-mile valuation rule provided under section 1.61-21(e) of the Income Tax Regulations may be applicable is $15,300 for a passenger automobile and $16,000 for a truck or van; (2) the maximum value of employer-provided vehicles first made available to employees for personal use in calendar year 2010 for which the fleet-average valuation rule provided under section 1.61-21(d) of the regulations may be applicable is $20,300 for a passenger automobile and $21,000 for a truck or van.

Important Dates & Events

Corporate Tax Payments.
December 31 fiscal year corporate filers are required to file or extend their return by March 15, 2010.  EFTPS payments should be initiated by March 12th.
Personal Tax Payments
1st quarter estimated tax payments are due April 15, 2010.