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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.
Tax Sale News
Baltimore's tax sale: liens sold on 6545 properties, raising $20 million for city - Baltimore Sun
Baltimore's tax sale: liens sold on 6545 properties, raising $20 million for city Baltimore Sun Nearly 27000 city properties in March were in danger of going to tax sale, but ultimately about 10600 had liens included in the auction Monday. It's not unusual for property owners to pay up in April, just before the annual spring tax sale. |
Yahoo to Sell Alibaba Stake, Take Hit on Taxes - Wall Street Journal (blog)
 Telegraph.co.uk | Yahoo to Sell Alibaba Stake, Take Hit on Taxes Wall Street Journal (blog) Yahoo tried for years to find a tax-efficient way to unlock the value in its partial Alibaba ownership, but ultimately decided to eat the full 38% in federal, state and local taxes in order to finalize a deal, CFO Tim Morse said on Monday. Yahoo to sell half of its Alibaba stake for $7.1B Yahoo to sell an Alibaba stake for $7.1 billion, shares rise Yahoo's $7.1B deal with Alibaba offers ray of hope |
Jeeps Sell for $189750 as China Demand Offsets Import Tax: Cars - San Francisco Chronicle
Jeeps Sell for $189750 as China Demand Offsets Import Tax: Cars San Francisco Chronicle Not for sale here: Jeep sport-utility vehicles. Jeep gear is so popular in China that there are more than 1500 licensed clothing outlets in the country, where only 120 auto dealers sell the brand. While Jeep has a strong image connected to an ... |
Pasco tax sale earns $16.8M - Tbo.com
Pasco tax sale earns $16.8M Tbo.com By LAURA KINSLER | The Tampa Tribune Tax collector Mike Olson said his sale, conducted over the Internet on Tuesday, attracted a record 200 bidders representing nearly 2 million investment accounts. "This is our sixth year conducting the tax sale over ... |
Properties listed in advance of July 16 tax sale - The Hour
Properties listed in advance of July 16 tax sale The Hour Hour photo / Erik TrautmannNorwalk resident John Mosby looks over the tax sale properties posted in the City Hall atrium Friday. NORWALK -- Land parcels, condominiums, single-family homes, commercial properties and a large number of boat slips are ... |
Properties listed in advance of July 16 tax sale - The Hour
Properties listed in advance of July 16 tax sale The Hour Norwalk resident John Mosby looks over the tax sale properties posted in the City Hall atrium Friday. 1 Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language. 2 Don't Threaten or Abuse. Threats of harming another ... |
Scranton tax sale aims to recoup $4.1 million in delinquent taxes - Scranton Times-Tribune
Scranton tax sale aims to recoup $4.1 million in delinquent taxes Scranton Times-Tribune By Jim Lockwood (Staff Writer) Scranton will hold its first sale of tax-delinquent properties in 14 years in an effort to recoup $4.1 million in unpaid taxes, officials said. A tax sale of all parcels with delinquent tax claims and liens placed on them ... |