Welcome to Tax preparation
Ohio Sales Tax Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Taxes - And Your Online Business - Do You Really Have To Pay?
from:By Deb St. George, on Online Business Taxes To Pay in your Tax Preparation Guide From BusinessNewsDirectory.net
If you are a neophyte in realm of online business, then perhaps you have a lot of questions that are plaguing your mind and one of them may be all about
whether you are obliged to pay taxes for your online business or not.
Calculating and paying your duly taxes alone is already one confusing ride, and surely it will get more confusing if it will be mixed with an online
business.
However, as they say, there’s no problem that cannot be solved. With just a few tips and guides, you can find out how to pay taxes for your online business
without any hassles or problems along the way.
The Charm Of Online Business
Before we talk about taxes and your online business, let’s discuss first why more and more people are getting attracted to starting their own online
business.
Well, first of all, it is very hassle-free compared to having a business in the non-virtual world. You see, in online business, you only have to type and click
for your business to boom.
Very minimal manual labor is needed in an online business and one can even get to work at home in their pajamas while managing their online business.
Now the question is: are online businessmen or entrepreneurs exempted from paying taxes? The answer is no. All individuals who are earning money online are required to pay taxes.
Sure, the government can’t possibly keep track of how much money each person generates online but then again, it’s one of the citizens’ responsibilities to go ahead and be responsible enough to pay for their taxes.
The Real Deal About Most Online Businesses
The truth is, not everybody who does business online is honestly paying their due taxes. Most online businesses include shopping and it’s a known fact that most if not all shoppers despise paying sales tax and adore a bargain that is luxuriously tax-free.
The Internet is actually considered to be a great venue for tax-free shopping which lures more and more customers each day. Online retailers have been using a no-tax shopping tag line to attract more online shoppers to their business.
Sounds like a win-win situation, right? Online shoppers enjoy numerous tax-free shopping sprees and online retailers don’t pay their taxes. Most people probably think that doing business through the Internet is considered to be tax-free.
However, the fact is, some Internet sales are actually subject to what we know as "sales tax" and online consumers are the ones often responsible to remit any unpaid sales tax on whatever online products they have purchased.
They can actually remit it directly to their state come tax-paying time.
Collecting Sales Tax The process of determining whether you should pay taxes for your online business or not may be quite confusing and overwhelming - especially if it’s your first time to get involved in online business.
However, here are just some few tips you should remember: the obligation to pay the so-called "Sales Tax" can be determined by the location of the customers, and not the seller.
If a business does not actually have a physical presence in a particular state (an example of this would be your online store or business), it is not required to collect sales tax from costumers in that certain state.
Ohio Sales Tax News
276 new area jobs tied to tax credits
Central Ohio stands to gain an estimated 276 jobs from companies that were offered state tax incentives yesterday to expand or bring new operations to the region.
Read more...Study: Ohio rates lag even with ‘fracking tax’
Even if Gov. John Kasich gets his “fracking tax,” Ohio would still have the lowest rates of any major shale state, a new analysis by the accounting firm Ernst & Young shows.
Read more...State wants ads at rest stops to offset its costs
Ohio’s interstate rest areas soon might come with a sales pitch.
Read more...DSW Inc. Reports First Quarter 2012 Financial Results
COLUMBUS, Ohio, May 22, 2012 /PRNewswire/ -- Sales increased 10.9% to $558.6 million; comparable sales increased 7.6% Including $0.09 of charges related to RVI, Reported EPS is $0.89 per share, which compares ...
Read more...TARTA may not seek sales tax in Nov.
TOLEDO, Ohio — Because of a lack of consensus among board members, a Toledo Area Regional Transit Authority (TARTA) proposal to place a sales-tax referendum on the November 6 ballot will probably not move forward, toledoBlade.com reported.
Read more...TARTA won't seek sales tax in Nov.
The Toledo Area Regional Transit Authority is “highly unlikely” to place a sales-tax referendum on the Nov. 6 ballot because of “obstacles we need to overcome,” the head of an ad-hoc committee revisiting the idea said today.
Read more...Summit County sales tax revenue still rebounding from pre-recession levels
Consumer spending in Summit County is increasing but still hasn’t fully rebounded from the Great Recession.
Read more...