Taxes

[RamseyReelRepair]

So looking for y'all's thoughts on this. I collect sales tax whenever I do a reel repair because I charge for parts and this is considered reselling in GA. But if my customer is from Tennessee do I have to charge TN tax since GA is a destination based state? And if so then do I have to file a TN return as well? How do y'all handle this? I know I can call the GA tax office but I've done that twice and it takes forever so I thought I'd see what you guys do first for some better understanding.

West

[Ron Jones]

I'm not accustomed to paying sales tax on out of state sales. The supreme court just changed that for online sales, but I'm pretty sure it hasn't changed for snail mail.
Ron

[Swami805]

Sales taxes are a state deal,the IRS doesn't do that at least not yet. Every state is different.

[RamseyReelRepair]

I'm not accustomed to paying sales tax on out of state sales. The supreme court just changed that for online sales, but I'm pretty sure it hasn't changed for snail mail.
Ron

That would be nice if that's the case

West

[Cortez_Conversions]

Pay and collect your taxes.
Nothing gets small companies in more hot water than unpaid taxes. I'm not going to debate this topic because inevitably it get political and we don't do that here. It's just easier to be legal.
I use PayPal and quick books to keep everything on the level. I have a bank account set up just for taxes. It automatically takes a set amount from the business account every month so there's always money to pay the piper.
You don't need to file tax returns in other states you do business with. Tax is owed on goods and services you perform in your state.
Tom

[RamseyReelRepair]

Tom thanks for your insights

West

[Reel 224]

Right Tom. It's a tough subject to discus and both me and Ruth have small business and we have been through audit a few times. With good results thank goodness.......................................Joe

[Three se7ens]

Accountants are not terribly expensive, even for a small business.  And what they can save you in deductions and such you didnt know about may more than pay for their services.  I highly recommend getting a business accountant lined up to do your taxes, and sit down with them as early as you can to go over what you need to be doing throughout the year.

[Reel 224]

And yet another excellent suggestion Ours have saved our buts a few times......................Joe

[Keta]

I live in a sales tax free state and I strive to be a "non profit"....and my scrap tub proves it.