Welcome to Tax preparation
Tax Controller Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Taxes - And Your Online Business: Paying Online Sales Tax Doesn’t Have To Be Taxing
from:By Deb St. George, on Paying Online Business Taxes in your Tax Preparation Guide From BusinessNewsDirectory.net
Almost all tax payers would say that the process of
paying taxes is one of the most tedious and less-liked
activities that they can imagine and paying sales tax
for an online business is not exempted from the common
misconception.
When the issue pertaining to taxes and your online
business arise, you usually take it negatively which
would in turn end up in a negative note.
However, if you decide to change the way you think and
turn your negative approach to a positive one, then
you would surely realize that paying online sales tax
is not a taxing job at all.
Online business owners or e-tailers are commonly
complaining about online sales tax primarily because
they don’t clearly understand and grasp the meaning,
scope and limitations of the law and regulation that
pertains to it.
If you want your online business to boom and prosper,
you should have the initiative to gain as much
knowledge as you can about taxes and online
businesses.
Be Aware Of Taxability And Exemptions
You should be aware that not all services or products
are taxable or taxed in the same way as other services
and products are.
Furthermore, the taxability of some products also
differ from state to state. There are also exemptions
based on how the product is used as well as who uses
them.
An example to this would be schools and non-profit
organizations - these kinds of institutions may not be
required to pay sales tax if they avail any of your
products or services.
Take note that exemptions require clear and concise
documentation.
Consider State Sourcing Rules and Validate Addresses
There are more or less 12,500 tax regions in the
United States and for you to come up with an accurate
sales tax calculation, you have to identify and
validate the "roof top address" and then apply it to
the exact set of sales tax rates of that certain
transaction.
You must remember that the rate of the sales tax
applied to a sale or purchase may be made up of a
country sales tax, a state sales tax, a city sales tax
and other special taxing jurisdictions.
The so-called "roof top address" is very important is
because it serves as a warning that one household in a
neighbourhood can have a different sales tax rate that
its neighbour, if it is located physically in a
different zone already.
Use Tax
Consumer use tax or use tax is a kind of tax that
pertains to the using, consuming, storing and
sometimes distribution of personal tangible property.
Aside from that, it can also be applied to services
which are taxable. For short, you will need to pay use
tax in a state where that "usage" occurs.
A clear example for this would be: you bought a pair
of shoes over the Internet and you did not pay any tax
to the seller.
However, you used those pair of shoes in your state,
so you are subject to pay your state the use tax.
As an online business merchant, the abovementioned
tips and guidelines are just few of the other tips and
guidelines that you need to learn.
Taxes and your online business should work together,
if you want you business to become successful.
Tax Controller News
San Francisco Controller’s Report Outlines Plan To Ditch City’s Payroll Tax
A new report from the San Francisco City Controller lays out a plan for businesses to switch from a payroll tax to a gross receipts tax.
Read more...Empire State Building IPO change may help pay tax
NEW YORK (Reuters) - The controller of the Empire State Building has offered investors the opportunity to sell some of their shares and relieve some of the expected tax burden if a proposed initial public offering is approved before the end of the year, according to a federal filing on Tuesday. But that may not be enough to help the 2,824 investors pay what could be a tax liability somewhere ...
Read more...Willbros Announces Management Changes and Search for Chief Accounting Officer
HOUSTON, May 17, 2012 /PRNewswire/ -- Willbros Group, Inc. (WG) announced today that as a result of the planned retirement of its Vice President Accounting & Tax and Corporate Controller at the end ...
Read more...County on the hook for tax
Calaveras County government leaders Tuesday will review a state audit that shows the county owes nearly $600,000 in property taxes to an education fund. A state controller’s office audit of property tax collection in Calaveras County between 2003 and 2010 shows a miscalculation led to a $2.7 million shortage in funds that should have been allocated to the state’s educational revenue augmentation ...
Read more...Ax the Tax political consultant Guetzloe gets 15 months for failing to pay taxes
An Orlando political consultant will spend 15 months locked up for cheating on his taxes. In all, authorities said Doug Guetzloe owes between $39,000 and $50,000 in back taxes to the Internal Revenue Service. His lawyer said Guetzloe has already cut a $20,000 check to pay off his tax debt, but federal Judge Gregory Presnell said it was "too little too late" and sentenced him to federal prison ...
Read more...California wants to tax rich
Tax the rich! That's how California Governor Jerry Brown wants to solve the state's growing budget crisis that now nears $16 billion.
Read more...California wants to tax rich to solve budget woes
Tax the rich! That's how California Governor Jerry Brown wants to solve the state's growing budget crisis that now nears $16 billion.
Read more...