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Recession-Proofing: 6 Tips for Managing Your Finances During an Economic Downturn

January 15, 2023 by Reporter Leave a Comment

jobs
Photo: Alicia Christin Gerald / Unsplash

Increased instability, job losses, and record inflation have pushed society to the edge, and we’re now facing the very real possibility of having to cope with a recession (or possibly a depression). 

That certainly isn’t good news, as recessions and economic downturns are scary times, but it isn’t necessarily entirely doom and gloom either. As long as you take steps to protect yourself and your family from taking too much financial damage, you should be okay. That’s why we’ve put together this list of tips for managing your finances during an economic downturn.

Protect Your Future

While making it through your present-day obstacles is your main concern, it’s crucial to ensure you’re not putting your future self at risk so that current-you can be a little more comfortable.

So, if you have a self-managed super fund, now is the time to enlist the assistance of one of the best SMSF specialist accountants in town. Those with commercial funds should also re-evaluate their strategy and check whether their current fund is performing at an acceptable level.

Make (and Stick to) a Recession Budget

Your usual budget won’t cut it during an economic downturn. Instead, you need a specific recession budget. This type of budget includes increasing the buffer you have in your emergency fund and cutting costs, the latter of which we’ll look at more deeply in the following sections.

Diversify Your Income

You’ll also want to build additional income streams, so you’re not reliant on your primary paycheck. That could include a side hustle, selling things you no longer need, or doing odd jobs advertised on local platforms and noticeboards. 

Pay Yourself First

Even in a recession, saving should still be a priority. If you struggle to have funds left to save at the end of your pay cycle, try using the pay-yourself-first method. This strategy is particularly helpful if your emergency fund isn’t looking too healthy at the moment. However, paying yourself first can also help you reach financial goals you may not have otherwise been able to achieve. So it’s worth practising, no matter what your current situation is.

Look at Ways to Cut Costs

In addition to shopping around for groceries and seeing if your utility providers can give you a better deal, it’s also a good idea to look at ways to reduce your cost of living without sacrificing your lifestyle. While some sacrifices may become essential if times get rough, increasing the buffer between your expenses and income is always a good idea. Indeed, it is a vital step in preparing for a recession.

Invest if You Can

Finally, although spending extra money seems counter-intuitive when the world is going to hell in a handbasket, investing now can be highly beneficial to Future You if it’s within your means. That’s because stocks essentially “go on sale” during economic downturns, meaning you’ll be able to get a slice of the pie at a significantly reduced cost. 

Remember that your strategy needs to be long-term to provide the most benefit, so you need to avoid panicking over the state of your investment fund when times are tight. Also, follow the golden rule of only investing amounts you can’t afford to live without.

Recessions aren’t fun, but they don’t have to be the end of the world. Take steps to protect the financial security of yourself and your family, and you should be able to ride it out. Good luck, and don’t be afraid to ask for help if you need it. 

Filed Under: Australian, Business, World Tagged With: Jobs, Recruitment

Australia’s Traditional Industries: Examples Of Successful Digital Transformation

July 5, 2021 by Reporter Leave a Comment

Digital transformation has recently been proven to be successful, even in more traditional industries. The technology that is available has increased levels of digitisation around the country, often in industries where we wouldn’t have thought it possible. Looking at a few of these sectors below, we can see how adapting to digital technology will not only increase efficiency but drive improved profit margins overall. 

digital money online

Farming and agriculture

Many farmers believe that more traditional ways of farming are best, however there is a new generation of agricultural students that are being exposed to new farming technologies. These technologies are expected to help ease and streamline farming and agricultural industries and drive them forward into the future. For those looking to digitise their business, there is a wide range of new technologies to adopt.

A strong case is being made at expos around the country for the integration of digital technologies into farming and agricultural practices. These expos showcase the latest technology on the market, from remote cattle station tech to state-of-the-art vineyard processing equipment.

Activities and entertainment

Across each generation we see a gradual move toward more technological and digital forms of entertainment. For boomers this may have been the television, and for millennials it was the introduction of the smartphone. Children today learn how to interact with ipads before they learn how to read. Companies like Sony have dominated the market with the introduction of their online gaming hub where players can interact with other like-minded people from around the world. A far cry from the days of Atari and Nintendo 64.

Online entertainment has revolutionised the way that we interact with people. Digital environments like those created by online casinos and social media networks have successfully adapted the ways in which we find and create experiences. We have more entertainment available to us than ever before, and all at the touch of a button.

Simplifying government communications

When the MyGov portal was released in 2013 the focus was to provide basic functions by securely connecting Australians to government services. By providing Australians with a digital GovID that is verified and secure, digitisation has remarkably improved the convenience of accessing government services for all. Where you would once have to visit multiple offices, which was not always convenient for those living in remote and rural areas, you can now interact directly from the comfort of your own home.

The digital transformation process for a range of government departments has also improved their communications to the public. The ATO now posts regular updates about important changes to the rules regarding taxation and superannuation via the MyGov site, which helps many Australians to keep a firm grasp on the current laws. Where you would once have to consult a tax agent who would check the laws in massive printed volumes, you can now access everything you need directly from the portal, providing both independence and freedom for those who wish to handle their own tax affairs.

Automotive sales industry

Something as simple as shopping for a new or second-hand car has been transformed by digitalisation. A search of Australia’s CarSales website will provide you with an extensive range of new or second-hand cars for sale in your area. This form of digital transformation is a great hybrid, as it doesn’t diminish the need for car dealerships and allows for the personal connection involved in the process of buying a car. Even those who still prefer the traditional method of visiting a dealership will research the closest vendor and explore their options via a smartphone.

No matter what industry you work in and where you are located, you can experience the positive effects of digital transformation. From farming to gaming, there’s no stopping this tech tidal wave of improved productivity and increased accessibility.

Filed Under: Australian, Cup betting offers, Technology, World Tagged With: Australian cup, Online Games, Sports, Sports Event

Melbourne Spring Racing Carnival Economic Impact

June 28, 2021 by Reporter Leave a Comment

the cup for racing

Have you heard of the Turnbull Stakes, The Sandown Guineas or the Moonee Valley Cup? These races run during The Melbourne Spring Racing Carnival. It is among the biggest and best events that appear on the sporting calendar. Organised in Melbourne, it occurs during the spring season and attracts many contestants from all over the continent. Besides the race, the carnival brings lots of foods, wine, fashion, and entertainment worldwide. As such, the economy in Melbourne and the cities around blossom during this time of the year. This article explores the economic impact that Melbourne Spring Racing Carnival has on the city and its environs.

It Generates Business Opportunities for the Locals

At the onset of the carnival, you can feel the heat from Melbourne. Local businesses begin to brace up to receive visitors and host them in the best possible way. They will start preparing all categories of cuisines and drinks. The hotel industry also blooms as these visitors find a place to stay during the carnival. Most hotels are usually fully booked by this time, hence making full returns for the owners. It is a beautiful time for the locals to reap massively.

It Boosts the Economy by Far

Festivals such as carnivals attract visitors. Visitors will be spending money while in the city, which boosts the local economy (on-site and the environs). For example, those attending the carnival will spend on admission fees, parking fees, food, beverages, and souvenir sales. If every person spends at least $40 per day, this translates into rich pockets for the locals. Looking at a broader perspective, the visitors will make stops at the local gas stations, restaurants, and souvenir shops. When night time comes, they will be spending time at the hotels within the city, bringing more revenue to the locals. Even the Turnball stakes go up. It is a win-win situation.

It Promotes Tourism in Melbourne

When visitors come to the city for the carnival, they are tourists. They will spend time at the carnival for a few days, bringing more money to the city. If they are not at the festival, they will visit the nearby attractions such as museums, national parks, theme parks, and resorts for some outdoor fun. It is a great time to explore Melbourne. As they move around, they will spend on different things such as food and hotels, contributing to more profits to the locals. It is a touristic event that wins better returns for Melbourne. If one sees great spots in Melbourne, they will tell more people about them, promoting tourism. Even better, they might plan to revisit the city and further explore.

It Brings Pride to the Community

How does it feel when you host visitors in your home? Visitors always come with great things. Hosting the Melbourne Spring Racing Carnival alone is a prestigious title. The greatest thing about it is that it comes with goodies and profits for the locals in business. In preparation for the event, Melbourne’s administrators’ prep the city and venue in order to accommodate the visitors. It is a plus for the residents.

Carnivals are great. The Melbourne Spring Racing Carnival has been happening every year and has brought loads of benefits to both the attendees and contestants. While they focus on the core values of the business, Melbourne rejoices from the huge economic benefits. It is a touristic event that stimulates tourism growth, the growth of the business, and Melbourne’s economy at large.

Filed Under: Australian, Sports, Victoria, World Tagged With: Melbourne, Melbourne cup racing

The incredible rewards of supporting charitable causes

March 17, 2021 by Reporter Leave a Comment

Charitable causes have always had an important place in the world. While so many of us are truly blessed to have wonderful lives where we are in no immediate danger or disadvantage, there are so many individuals who unfortunately are not in the same position. As such, it ought to come as no surprise that charities have always had and will always have an important role to play in the world around us and the way that we navigate and appreciate the world for what it is and what it has to offer.

Individuals who are in a position of advantage and privilege often find themselves questioning if they should take the time and make the intention to donate to charity. For some individuals, the question is easy to answer and to follow through with meaningful and lasting action and impact. For others, that question sometimes comes with further questions. So, it certainly pays to acknowledge and understand the rewards that always come hand in hand with donating to charitable causes – and the lasting impacts that donations have.

Donating to charity

Making the active and conscious decision to donate to charity is a decision that is, above all else, the acknowledgement and intention of an individual in a position of privilege to donate and improve the lives of individuals (human or otherwise) and/or the world in a meaningful and lasting way. Donations to charitable causes are designed and intended from the ground up to effectively and successfully go into improving an aspect of life as we know it and for this reason they have always been important causes to support and they always will be important causes to support.

The rewards of supporting charity

The incredible rewards of supporting charitable causes are rewards that so often (if not nearly always) go hand in hand with the understanding that by investing some of your hard earned money into someone or something else meaningfully positive, you are improving the world in one way or another. That feeling of doing a good deed is one of the biggest and most important rewards. Additionally, donating to and supporting charitable causes comes with the reward of knowing that you are doing a good thing with no self interest involved in the process. And finally, there is also the awareness that charitable causes are such because they are important. And there is no better investment than an investment in bettering the world.

The overall goal of charity donation

For anyone and everyone who donates to charitable causes, the overall goal of charity donation is very much a goal that is intrinsically linked to collectively and individually working towards having an active hand in creating a better future for us all. The world can always do with more good. So, it makes all the sense in the world that the overall goal of charity donation and support is to continuously take steps towards improving the world in one way or another.

Filed Under: Australian, Perth WA, Queensland, UN, WA, World Tagged With: Money, Rewards, World

The Ultimate Guide to Hobart Cup Weekend for 2020

December 2, 2019 by Reporter Leave a Comment

tasmania cup australia

The Hobart Cup is a race run over 2,400 meters and takes place each year in early February. The cup is deemed to be among the three biggest races that occur during the whole Tasmania’s racing schedule.

Prior to being held as a group 3 race, it had previously been placed in the group 2 category. It had been placed in this category for more than ten years, and to-date, it still happens to be among the few Group listed Tasmania races.

Traditionally, the race occurs two weeks before the Launceston Cup. It’s run at the same distance as this race and using the same set of conditions. It, therefore, acts as the perfect predictor of what will occur during the Launceston Cup.

Quick Facts on the Hobart Cup in 2020

Inaugural Race: 1875

Race Day: 9th February 2020

Track Location:  Racecourse

Track Surface: Turf

Type: Thoroughbred

Grade: Group 3

Operator: Tasmanian Race Club

Prize Money: $200,000- $250,000

The Weekend

Thursday

The Hobart Cup weekend often begins on Thursday when guests start to arrive from different parts of the country. Given that there are different accommodation venues in the vicinity, it’s not hard to find somewhere comfortable to stay for the duration of the racing weekend. You can also spend your time on arrival to get to know and interact with the other visitors.

Friday

Friday is the day to head to the racing club for what is known as the replacement Trots meeting. This is a chance for you to see how well you can translate the information and knowledge you have on thoroughbreds to that of the Standardbreds. If travelling as part of a tour, you can rest assured that the tour organizers will do everything they can to make sure that you have the best views of the racing track.

Saturday

Saturday is often a day dedicated to learning the local region. You can use this day to check out the locality that comprises of the Peppermint Bay Cruise that will help you get a feeling of the real Tasmania. If you get to be a part of the cruise, you will get an opportunity to take in local sights such as the stunning d’Entrecasteaux Channel, the city and harbour views, the magnificent estuary along River Derwent, and the stunning local bay.

Sunday

Sunday is the main race day. The race often starts at 11:30 am. For those travelling as part of a tour, you can expect to view the race from the comfort of the Committee Room. It’s a room known to provide amazing views of what is happening in the racetrack below it. The races will continue all day before concluding at around 6 pm. This should leave you with enough time to sample the region as you reminiscence on the time spent in the region.

Hobart and Surroundings

Hobart provides a contrasting mixture of culture, scenery, world-class activities, heritage, and various attractions nearby. Hobart is nestled in the midst of Mt. Wellington foothills and is renowned for its ability to combine modern lifestyle with heritage charm in a setting filled with natural, exceptional beauty. This may explain the reasons why Lonely Planet once classified as among the top 10 places to visit in the globe.

During your free time, consider taking a short walk along the length of the Hobart iconic waterfront. From here you can grab a bus or a ferry upwards to Hobart’s iconic Museum of old and new art (MONA) to experience an art experience that is out of this world. The good news is that it’s only a short distance away from the track which means that you will be able to get back in time to watch all your favourite races.

Filed Under: News Australia, Sports, World Tagged With: Horse Meat, Punt, Sports Event

How to Get the Most Out Your Business Trip to Australia

June 26, 2019 by Reporter Leave a Comment

trip to australia business

When making a business trip to Australia, you may wonder how you can make the best out of your journey. If you take care of the following concerns, it may be easier for you to make your business trip to Australia a thrilling event.

Organise Your Schedule

While travelling to Australia, there is a need to have an order to prevent unnecessary anxiety. Have a clear hierarchy of events so that nothing may overwhelm you as you take part in the trip. This will ensure that you get the best out of your business trip to Australia.

Consider Renting a Car

While on your trip you will need to have transport facilities. It is necessary that you get the most convenient means while remaining within the scope of your mission. Hiring a car will be an excellent way to solve your transport of issues. Remember that people in Australia drive on the left side of the road. Also, in Australia, there are many private car transport companies. Don’t forget to have a plan for any accidents on the road as well!

Online Services

Business trips, in most cases, do not give you too much time at your disposal. Instead of taking everything personal, try making an online booking to save on time and costs. Doing this will ensure you do things quickly and avoid moving around. You may get lost and end up in the headlines. Take advantage of technology.

Use Corporate Apartments

Hotel rooms have been used for many years to solve accommodation issues. Though while in your business trip to Australia, you may consider a better provider of this service. The corporate residence will give an assurance of personalised services which can suit your business trip. It will also be quite adventures having an out of hotel experience.

Money

Monetary issues are quite fundamental in most aspects of human life. In your trip, you must also be in a position to understand this vital determinant. What is the worth of your currency compared to that of Australia? You may need to have your cash exchanged to the local currency to make your work easier and trip enjoyable. It is also wise to have enough money for your trip.

Kill Two Birds with One Stone

You can try solving most of your problems using one service provider. Most companies nowadays have linked services. The corporate apartments may also have car rental services etc. Try answering all your questions using one service provider to help boost your bargaining power and ensure quick and timely transactions.

Seek Necessary Information

While on your trip to Australia, try knowing more about the country, its culture, the dos, the don’ts, and the untouchables. It will help you understand how to behave and respond to specific issues. It will also prepare you to know what to expect outside the scope of your trip.

Have Plans to Explore the Locality

Australia, like many other countries, have a lot of things peculiar about them. The cultural practices, the animals, and the natural aesthetics will be of great benefit to your adventurous impel. Get out of the tight and official schedule and have some fun. It is necessary to give yourself a little holiday on the trip to relax and create some memories.

The above golden tips will add more fun to your trip to Australia, and you will have a memory preserved. You can mean business and not spoil anything with some fun. Enjoy Your Trip.

Filed Under: Business, Finance, Rates, Stock Market, World Tagged With: Foreign Exchange, Forex, Forex trading

The Ultimate Vape Cloud Guide

January 31, 2019 by Reporter Leave a Comment

vaping  for quitting article1

If you are in the vaping scene you may have wondered how some vapers get their clouds so big. There are a group of people who go by the collective of cloud chasers which essentially means that they build and modify their vape set ups to create those massive plumes that you see on the street, however, not everywhere you can vape. Many people also refer to the act as extreme vaping or stunt vaping.

The cloud chasing fad stemmed from the original vaping trend where people would start to figure out all the cool things that they can do with their clouds. It now has a massive cult following with many social media accounts dedicated to the craze. To help you fully understand cloud chasing we have put together a short little guide.

Where it came from

According to E-cigarette Club an e-cigarette shop – there are mixed reports of the origin of cloud chasing but many people claim that it originated off the west coast of America. A lot of people who are new to the vaping scene use cloud chasing as their entry point to help them become more acquainted. Not all vapers are fans of the cloud craze though. There is a distinctive split amongst the community of those who believe it is a legitimate representation of the culture and those who believe it gives the rest of them a bad name.

It is now a sport

What started off as a recreational hobby has turned into a competitive scene. Across the globe there are many competitions where vapers can show off their skills and produce the thickest clouds. These competitions also offer the winners thousands of dollars in cash to further promote the activity as a sport. This scene can be thought of as a subculture within a subculture that is starting to gain a lot of traction thanks to social media.

How you can get started

There are 9 main factors that you should take into consideration before you start trying to blow the biggest clouds.

E-liquid

E-liquids or e-juice can in two main categories, those with PG and the other with VG. VG produces more vapour which makes it a dominant product. Additionally cloud chasers don’t usually use nicotine in their vapours as it can leave you short of breath quicker than an e-juice without it.

Battery

Batteries and their safety are of the highest concern. Be sure to use trusted and safe products and don’t be afraid to ask other vapers or even the people who you are buying the products from.

Atomizer

Sub-ohm tanks are starting to become the preferred choice when it comes to cloud chasing. However as the products aren’t perfect yet, many people still tend to go with a RDA model with airflow control.

Airflow

The key to the best clouds is the right combination of airflow and resistance. Less resistance means more airflow but if it gets to thin you vapour will disperse and won’t produce as much.

Wicking

Using the right material for your wicking it vital when letting air and your e-juice flow to the coils in an efficient manner.

Coil Build

There are many different coil builds that affect how your vapour is produced. Generally speaking people tend to go for a low resistance build to maximise the amount of vapour produced.

Modifications

Modifications are a big part of the competitive scene. Mech mods are common as they offer a lot of power to your device.

Technique

Techniques and practice play a big part in all tricks. You need to perfect every aspect including inhaling and exhaling techniques as well as having the right body posture.

Lung capacity

At the end of the day some people are just born with a higher lung capacity than others. This plays a big part in how much you can inhale and exhale.

Filed Under: Australian, Lifestyle, Technology, World Tagged With: Gadgets

How Did the Markets React to the ECB’s Interest Rate Announcements, and Mario Draghi’s Press Conference?

February 27, 2017 by Reporter Leave a Comment

Sometimes, announcements from the ECB and the following press conference with bank president Mario Draghi can be interesting occasions that leave us with plenty to discuss – such as the time in April 2015 when a protestor attacked Draghi with glitter and confetti before he had a chance to make his comments. The interest rate announcement on the 19th of January in Frankfurt, however, was far less dramatic, both in terms of content and eventfulness.

image

Royalty Free Photo

No Change in Interest Rates

As anticipated, the ECB has decided to keep interest rates as they are for the time being, reasoning that the desired effects of the current low rates were beginning to show. The refinancing or ‘refi’ rates are to stay at zero, and deposit rates will remain at -0.40%, This is not only what was expected from this announcement, but is expected to be the status quo for some time to come.

It was also announced that quantitative easing will be set to continue without any reduction in investment from the current rate.

Mario Draghi’s Dovish Stance

Draghi’s press conference did surprise some forex and indices trading analysts – with positive signs indicating a potential uplift in the inflation and growth in the Eurozone, some were wondering why quantitative easing is to continue at its current rate. The answer that was received was that core inflation isn’t showing a convincing enough upward trend to convince Draghi and the ECB that quantitative easing (a program of investment by the ECB into government bonds intended to bolster the Eurozone countries) should begin to be reduced at this time.

Draghi is known for his prudent, sensible and often – in trader terms – dovish style, and this was very much in evidence on this occasion. It is likely that Draghi intends to wait and see how things play out in the changing economic landscape that is being created by events like the UK leaving the single market, and Trump beginning to put his presidential plans into place.

The Market’s Reaction

In the time leading up to the announcement, the euro ramped up a little, before taking a bit of a dive after Draghi’s press conference. This indicates that some might have been hoping to see some more bullish tactics from Draghi, especially with regard to quantitative easing (interest rates not changing was already taken as a given). However, the days when announcements like these take place are always volatile ones for currency pairs that include the euro, and generally, there are no real knock on effects from this, with the euro seeing a bit of turbulence throughout the trade day but ending up pretty close to where it started.

Effectively, this has been an interesting time for the euro, but with Theresa May’s announcements about her plans for Brexit involving leaving the single market and Trump’s official inauguration, for once, this ECB announcement was probably one of the least impactful things to happen in the week’s trading!

Some analysts predict that QE will need to start being dialled back soon, and that now would have been better than later, however other than that, there was very little that could be read into this announcement and press conference other than that the ECB doesn’t seem keen to add any more complication into the global mix right now!

Filed Under: UK, World Tagged With: ASX, Forex, Trader, Trading

5 Techniques for Effective Leaflet Distribution in London

September 24, 2014 by Reporter Leave a Comment

Leaflet distribution is still one of the most preferred types of marketing for small business owners. Although, many people feel skeptical about it and think its ineffective when compared to modern marketing channels such as radio, television and newspapers. However, the truth is that leaflet distribution in London actually helps you achieve far higher response rate than any of the previously mentioned marketing channels.

london business leaflets

Similarly to every marketing approach, leaflet distribution requires careful planning and research in order to be successful. You need to learn as much as possible about your target audience, asses your distribution locations and plan the entire campaign from scratch. However, the most important thing to consider at that stage is the technique you will use for the actual distribution.

Door-to-door leaflet distribution

Door-to-door leaflet distribution achieves the highest response rates among all other techniques – more than 75% of the people read or keep leaflets delivered to their front door. It also enables you to personalize your leaflet and make it even more appealing for your prospects. However, keep in mind that unless you can create your own leaflet distribution team, you can always hire professionals to help you with that task. There are numerous benefits in hiring leaflet distribution company in London, including easier planning and detailed performance metrics.

Leaflets handout

Events, shows and popular venues are great way to meet up with dozens of new prospects and introduce them to your leaflet. When handing out your leaflets at specific locations, it will be easier to make simple sales pitch and increase the response rate among people.

If you plan to handout your leaflets at public places, consider their size. Studies suggest that the smaller the leaflets are, the higher are the chances that people will keep them and read them later on. According to researches made by the Direct Marketing Association, credit card sized leaflets work best when distributed from hand to hand.

Local newspapers and magazines

Showing your leaflet in local newspapers and magazines is great way to build credibility for your business. There are varying costs for that type of leaflet distribution service, but most of the time these are quite cost-effective. The prices are calculated often based on the size of your leaflet and personalized message.

Through subscribers and existing customers

If you keep a mailing list for your business, you should include your leaflets with every newsletter you send out. It is also great idea to include your latest leaflets with new order deliveries. You can even call your customers, ask them to review your service and enquire whether they will be happy to send out leaflets about your business to their friends and relatives. Your existing subscriber/customer base is great for distributing your leaflets, so take advantage of it.

Showcase your leaflets at local and public places

There are many great ways to showcase your leaflets at popular local and public places to earn even more exposure for your business. Great places to start your leaflet distribution in London are café’s, shopping bags, public bulletin boards and gas stations. Depending on the type of services or products you offer, you can choose specific locations that complement them in some way.

Filed Under: World Tagged With: Business newspapers

How are your taxes calculated in US?

May 29, 2014 by Reporter Leave a Comment

tax law in states us  australia

Taxes are common for every state or city you live in, all over the United States and if you do not pay them on time, you are likely to get in trouble. What many people don’t realize is that the amount of taxes owed actually varies from state to state and even from town to town. The reason for this is the fact that for tax calculations each state considers different factors and follows different laws.

What are some unique tax laws for the different US cities?

Although most of the taxes are rather trivial – you owe tax for your pet, vehicle and property, there are some that seem more or less strange, here are some of them:

· In the state of Colorado, some food packaging is not considered essential and therefore it’s eligible for taxation. For example, if you go to any fast food chain and order your favorite drink – its cup is considered essential, but the closing lid is not, so it will be taxed with 2.9%!

· In the state of Indian, you will owe sales taxes if you decide to get custom made Halloween costume. However, if you decide to get a pre-made one, you will not owe extra taxes.

· In Kansas taxes are applied to "any place providing amusement, entertainment or recreation services." Although, taxes can’t be imposed to airlines and airport passengers, the state’s department decided to apply sales taxes only to hot air balloon rides.

· In Kentucky candy not containing flour is imposed with taxes, while products containing it are exempt.

· In New York you will owe sales taxes if you decide to visit a haunted house! Think this is weird – you owe taxes for prepared bagels, but the ones you cook yourself are tax free!

· Fine Texas clothing is also eligible for extra sales taxes. For example, you can buy nice leather belt is tax free, but if you purchase a belt buckle you will be charged with sales tax.

· In Wisconsin ice cream cakes are subject of sales taxes, if the ice cream is mixed with another food item by the retailer. If you made the ice cream cake yourself or by anyone else than the retailer, you might not have to pay taxes unless it can be considered a prepared food.

· Since the 1960s businesses offering their customers the opportunity to dance in the state of Washington are subject to sales taxes!

· If you are more than 100 years old in the state of New Mexico you are able to receive tax-exempt. Why? Because for 100 years you have paid enough taxes according to the state’s laws.

· Some Virginia and Maryland residents need to pay taxes for flushing their toilets!

· Business owners in Utah, employing nude or partially nude workers need to pay 10$ sales tax.

· If you are resident of the state of Arkansas and you have tattoos, you will be required to pay 6% sales tax.

Besides these rather weird and unique tax laws for every state, there are many other things you need to know when it comes to calculating the amount of taxes you owe. You can learn more from this beautiful infographic titled – The Geography of Taxation!

Filed Under: TAX, World Tagged With: States, Taxation

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