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Taxes and More Taxes for BusinessesMy last several posts have briefly touched on various taxes you be resposible for as a business owner. For more information, you wish to contact as tax professional such as a CPA ( certified public accountant ) or visit the IRS website. In addition to those types of taxes I recently posted about, there are: State Taxes Local Taxes Sales and Use Tax Today, I'd like to touch briefly on the Sales and Use Tax Sales taxes are added to the cost of a product or service and are generally paid by the customer. Most states and local taxing authorities impose a general sales tax on retail sales and certain services. Business owners are responsible for collecting these taxes and remitting them to the appropriate taxing authority. Goods purchased to resell from manufacturers or wholesalers are exempt from sales taxes because the tax will be paid by the retail customer. This is commonly referred to as a resale exemption. Every business that sells taxable goods or services must obtain a sales tax license from the state in which it does business prior to engaging in business. Use taxes are generally levied on the sales price or rental charge for tangible personal property on which no sales tax has been paid. This most commonly occurs when the item is purchased from a business in another state and shipped to the user’s state (most states do not impose sales taxes on products that are shipped to another state). Thanks for stopping by. I hope you've gotten a little insight on your tax responsibility. See you here tomorrow. Suzie Suzie's Business Blog Posted: Thursday 26th 12:41 AM |