Sales and Use Tax
The NYS Department of Tax and Finance has announced that beginning on February 1, 2014 the Ulster County's local sales and use tax rate increases from 3% to 4%. Therefore, the combined state and local tax rate imposed in Ulster County increases from 7% to 8%.
This new tax rate applies to all taxable sales, services, deliveries, and uses in Ulster County. PLEASE BE AWARE that this means that your December 2013 through January 31, 2014 sales will be taxed at the 7% rate, and then starting February 1, 2014 the 8% rate will be in effect. You will need to keep separate totals of your December 1, 2013 through January 31, 2014 sales, and your February 2014 sales.
Please call our office if you have any questions.
As we come to the end of the year, now is the time to consider gifting to those you wish to give money to, be it a relative, friend, or significant other.
Individuals may make a gift up to $14,000 to each person tax free each year. If you have a plan of annual gifting, make sure that you maximize your gifting for 2013 by December 31, or, if possible, make sure the checks clear by December 31, 2013.
New York State Sales Tax Due
The quarterly New York State Sales Tax returns for the quarter ended November 30, 2013, are due by December 20, 2013 (for the period September 1 - November 30, 2013).
New York State now requires all vendors to file their sales tax returns electronically. If you have not yet set up your Sales Tax Web File account, go to www.tax.ny.gov and click on Businesses. You will find the directions there.
Do not wait until the last minute to do this, as it can take a couple of days for the account to be activated during high traffic times, and your Sales Tax payments could be in danger of being late. Sales tax rules are very strict, and it would be best to avoid that last minute rush.
Also, a reminder for annual sales tax filers: annual sales taxes are not due this month. Annual sales tax forms are filed after the next sales tax quarter, this is, the quarter ended February 28, 2014, due by March 20, 2014.
If you have any questions or want to know more, please go to www.tax.ny.gov, or call our office at 845-246-4300.
DONATED ITEMS: The value of donated items, i.e. clothes, household goods, furniture, are tax deductible. Be sure to get a written receipt for same. Starting in 2007, the law requires a receipt or some sort of written confirmation for all charitable contributions. The Salvation Army and Goodwill, for example, have value guides for donated items on their websites. Donations to individuals are not considered tax deductible contributions. If you need more information, please call our office.
STAR Rebate: New York State is now requiring all homeowners who currently receive the BASIC STAR property tax exemption to re-register for the program with the State, in order to reduce fraud. New York State has requested that homeowners who currently receive BASIC STAR go online or call the Department of Taxation and Finance in order to remain eligible for the rebate.
The deadline to register is December 31, 2013. For more information, you can call the New York State Department of Taxation and Finance at 518-457-2036, or go on the web to www.tax.ny.gov, or call our office.
For those receiving the ENHANCED STAR property tax exemption, they would still go to the local Town Clerk's office to register. Many localities also offer the option to register with the NYS Department of Taxation and Finance, so that the Town Clerk can automatically download senior tax information from the NYS website each year, to avoid forgetting to register. Ask at your local clerk's office to see if they offer that option.