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December 18, 2013 | Ben Heisler | Comments 0

Finding Hidden Taxes

Shine light on hidden taxesTaxes are a part of life, but they can be easy to budget for when you know what taxes you have to pay and how much. However, there are all kinds of “hidden taxes” that can really add up and throw a wrench into the plans of someone trying to stick to a tight budget. Here is a list of common “hidden taxes” from the tax experts at the Equifax Finance blog; knowing about these taxes in advance can help you better budget for them:

  • Cell phone taxes – check your bill to see how much you pay in state and federal cell phone taxes
  • Gasoline taxes – every time you fill up your tank, you pay state and federal taxes
  • Hotel/accommodation taxes – when you travel and spend the night in a hotel or other type of lodging/accommodation, you pay a hefty federal, state and local tax
  • Utility taxes – you likely pay taxes on cable, landline phones, electricity, and natural gas
  • Cigarette and alcohol taxes – if you smoke or drink alcoholic beverages you pay a premium for it in taxes
  • Use taxes – these are separate from sales tax and are often associated with out of state and/or online purchases on which taxes may have not been paid to the seller but on which you are still responsible for paying to your state
  • Other taxes through your paycheck – you pay federal Social Security taxes, Medicare taxes and income taxes; you may also pay an additional income tax in your state

According to the article, consumers should keep in mind that the amount they pay in total in taxes depends largely on where they live, as taxes vary greatly by state and local jurisdictions. The full article provides resources for an individual to use to determine their total tax burden. Read the full article, “Tax Tips: Hidden Taxes That Can Bust Your Budget” at the Equifax Finance blog, and while there, get more information on taxes and other personal finance topics, from insurance to credit to retirement to identity theft protection and more.

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Filed Under: Atlanta Real EstateEducation

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