BERKELEY HEIGHTS, N.J. ( TheStreet) -- As the year-end holiday and the New Year celebrations fade into the background, tax season is upon us. Given the economic slowdown and the state's enormous looming financial obligations (pensions, retiree health) states are getting more aggressive in looking to raise tax revenues.For example New Jersey has a form called the "New Jersey Sales and Use Tax Form." The New Jersey Sales and Use Tax act has been around for awhile and requires a tax be paid when goods and services are purchased for use in New Jerseyand sales tax was not collected by the retailer in the state of purchase, or was collected at a lower rate than the New Jersey rate of 7%. So what is different this year? New Jersey residents are required to answer the following questions right on their 2011 tax return:
- Did you make untaxed purchases from out-of-state retailers (e.g., on Internet)?
- Did you have individual purchases less than $1,000?
- For purchases less than $1,000, do you have all the receipts to enter below?
- If you answer "No," the optional use tax table will be compared to the use tax on entered purchases less than $1,000, and the greater tax will be used. If you answer "Yes," the use tax will be calculated based on your entries below.
- Did you have individual purchases of $1,000 and greater? You must enter individual purchases below.