Equifax

Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter

 

Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

Online Shopping, Sales Tax, and You

Written by Eva Rosenberg on November 19, 2012 in Tax  |   No comments

There may be a new line on your tax return when you’re filing taxes next year. Have you paid sales taxes on any of your online purchases? Recently, there was a shopping frenzy in California as shoppers rushed to make major purchases before Amazon.com was…

There may be a new line on your tax return when you’re filing taxes next year. Have you paid sales taxes on any of your online purchases?

Recently, there was a shopping frenzy in California as shoppers rushed to make major purchases before Amazon.com was required to start charging California sales tax.

What’s wrong with this picture?

California already has a law requiring residents to pay use taxes on their annual personal income tax returns if they don’t pay sales taxes on their purchases from Amazon or other sites. So do many other states.

Why? Most states rely heavily on sales taxes to support the cost of governance—schools, highways, personnel, and so on. With increasing online sales, states have been losing millions of dollars in revenue and are now struggling to continue providing services to residents.

Montana and Oregon assess no sales taxes at all for individuals. States that have no income taxes or sales taxes, such as Alaska, do have sales taxes in some counties. You can find a state sales and use tax map at Governing.com that you can use to look up your state.

How does this affect you?

Online shopping is convenient, and we’re all doing more of it than ever, particularly as we start trusting online payment systems. Being smart shoppers, we can avoid shipping costs via discount codes or by waiting until our purchases add up to enough to meet the vendors’ minimums. We can take advantage of additional discount codes or affiliate discounts and other shopping perks, all without having to fuss with our coupon wallets at the register while shoppers standing behind us get ever more impatient.

We’re not really paying attention to whether or not sites are charging sales taxes—but we should be. If your state is among those that have the Use Tax line on the individual tax return, start saving the information on those untaxed purchases. You’ll need to report them when you file your tax return next April. If you didn’t pay sales tax originally (for example, you purchased an item in a state that doesn’t charge sales tax), you’ll need to pay the Use Tax.

Can you get around all this annoying recordkeeping? You bet! You only need to do two things:
1) Track large purchases—expensive gadgets, electronics, and other high-ticket purchases—that cost $1,000 or more.

2) Use the standard tables from your state’s tax return booklet. The tax may not be much, even on purchases over $1,000. For instance, in California, folks with adjusted gross income under $100,000 will only pay an extra $63 for a year’s worth of purchases, as shown in this chart:

Will your state audit you over this issue? Most likely not, as it’s too small an amount to waste precious auditor time. However, when the state audits the retailer, it will look at shoppers’ accounts—and it will assess you on that basis. Also, if the state audits you for other reasons, this could be picked up.

Should you worry? Not really. Even when underpaying $50 to $100 worth of taxes, the penalties are minor. But do think about it. If your state is closing libraries and cutting medical care, road maintenance, and school services, this could be a way to help.

Eva Rosenberg, EA is the publisher of TaxMama.com , where your tax questions are answered. Eva is the author of several books and ebooks, including the new edition of Small Business Taxes Made Easy. Eva teaches a tax pro course at IRSExams.com and tax courses you might enjoy at http://www.cpelink.com/teamtaxmama.

No comments yet


Leave a Comment


Name :


Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.


Tax Archive