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Taxes - And Your Online Business: Basic Things You Need To Know
from:By Deb St. George, on Online Business Tax Basics in your Tax Preparation Guide From BusinessNewsDirectory.net
So you want to start your very own online business. Aside from having unlimited access to the Internet, you also need to be armed with adequate knowledge about taxes and your online business because without it, you will surely be at loss.
Online retailers, or more commonly known as e-tailers are not exempted from paying taxes, contrary to the common misconception of most people. E-tailers are still included in the rush for meeting the April 15 deadline for tax filings.
However, veteran e-tailers would say that the most difficult part for online business owners is navigating and complying with the confusing and complicated laws and conditions governing day to day sales taxes.
An Everyday Challenge If you are one e-tailer who would like to take your online business seriously, then you should be prepared to deal with the fact that handling and managing sales taxes is actually an everyday challenge.
The truth is, a lot of e-tailers are required by the government or their state to file and remit sales tax to states on either a monthly or regular interval. The basis for the filing of sales taxes would more or less depend on how much revenue you online business
generates.
Few Tips For E-tailers
It is very vital that you understand your responsibility for sales tax. You must also know that the idea that e-commerce companies are required to collect and remit sales tax in every state is one big myth.
You only have to pay sales tax if you have nexus in that certain state. If you are a neophyte in online business, perhaps you don’t have an idea what the word
nexus means, right?
Well, in online business jargon, nexus means a "connection". Put in application, making a sale in another state does not mean that you automatically have a sales tax obligation.
You have to put in mind that there are many rules and laws that you need to consider before you can determine whether or not you will need to pay for sales tax in a certain state.
When you create your very own nexus in a certain state, you are then required to calculate, collect, report and remit the sales that you make in that certain state every time you have a transaction there.
This is the reason why you are obliged to pay tax sales based on the location of your business.
However, you must also keep in mind that there are also other ways to create your very own nexus in a state. Aside from physical presence or structure of your business establishment in a certain state, you can also establish a nexus by having sales
representatives present in that state, tradeshows, mobile stores, etc.
Trying to make an online business work amidst the seemingly confusing and complicated rules that apply to different states can be quite impossible.
However, one must not lose hope; with the help of professionals in the legal field and certified public accountants, you will surely be enlightened as to what steps you should take for your online business to stabilize and prosper.
By being armed with the right knowledge about taxes and your online business will surely help you achieve success in the realm of online businesses.
Inheritance Tax News
Senate Tax Chief Baucus Eyes Inherited IRAs for $4.6 Billion - San Francisco Chronicle
Senate Tax Chief Baucus Eyes Inherited IRAs for $4.6 Billion San Francisco Chronicle 7 (Bloomberg) -- Senate Finance Committee Chairman Max Baucus is proposing tougher requirements on inherited individual retirement accounts that would require younger beneficiaries to pay taxes over five years instead of spreading them over their ... |
Legislature poised to reduce or eliminate state's inheritance tax - nwitimes.com
Legislature poised to reduce or eliminate state's inheritance tax nwitimes.com The Republican-controlled Indiana House last week approved legislation to phase out Indiana's inheritance tax, and the Republican-led Senate voted to keep the tax but significantly reduce its size and scope. Under law, the spouse of a decedent pays no ... |
How much money am I allowed to gift my grandchildren without inheritance tax ... - This is Money
How much money am I allowed to gift my grandchildren without inheritance tax ... This is Money I have a sufficient, modest income with no tax obligations. I think I am well below inheritance tax commitments. What size of gift is allowed? JC Linda Mckay, of This is Money, replies: With your grandchildren about to start university or maybe trying ... |
Inheritance tax take declines - McCook Daily Gazette
Inheritance tax take declines McCook Daily Gazette McCOOK, Nebraska -- Red Willow County has been collecting less and less inheritance tax money over the past three years, but it will disappear entirely if a state senator has her way. According to a three-year recap, provided by the Red Willow County ... |
Starwatch Consumer | Tax tweak considered on IRA inheritance - Kansas City Star
Starwatch Consumer | Tax tweak considered on IRA inheritance Kansas City Star Senate Finance Committee Chairman Max Baucus is proposing tougher requirements on inherited individual retirement accounts that would require younger beneficiaries to pay taxes over five years instead of spreading them over their lifetime. |
Gov. Haslam Pushes Cutting Grocery and Estate Taxes - WREG
Gov. Haslam Pushes Cutting Grocery and Estate Taxes WREG This has Haslam recommending an increase in the number of people who can now be exempt from the state`s inheritance tax as well. Right now an heir only pays an estate tax if what they inherit is worth over a million dollars. Cut taxes? Plan ahead! |
The Purple Tax Plan - Huffington Post
The Purple Tax Plan Huffington Post The Purple Tax Plan replaces the federal personal and corporate income taxes as well as the estate and gift tax with a broad-based, low-rate, progressive consumption tax and a low-rate, progressive inheritance tax. It also makes the highly regressive ... |