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Sales and Use Taxes

Sales & Use Taxes

Sales taxes are collected by business owners who sell products to their clients.  Sales tax returns are generally due monthly.  States, counties, and localities vary on their tax rates so owners should determine with their tax accountants where their businesses have nexus, and make sure they have the required tax licenses, and that they file the required sales tax returns when due.

Use taxes are imposed on businesses who provide services and other businesses who use products for internal use in their businesses.  If businesses pay the sales tax within their own locality, and keep their purchase receipts, then they do not need to report these transactions on their annual use tax returns.  Any purchases of goods to use internally in a business, must be either paid for at the point of sale with receipts retained, or reported on the sales tax return at the wholesale pricing or the pricing of the locality (ieas) outside of the business location.  If businesses have paid for items outside of their business area, and sales tax rates are cheaper than in their business location locality, then they should pay the difference up to the sales tax rate of their locality when reporting on the sales tax return.  The same sales tax rates as used on sales tax returns will be used on use tax returns.   States, counties, and localities vary on their tax rates so owners should determine with their tax accountants where their businesses have nexus, and make sure they have the required tax licenses, and that they file the required sales tax returns when due.

Download a free sales tax table from reputed company Avalara - they update it monthly at https://www.avalara.com/taxrates/en/download-tax-tables.html and we highly recommend them as great vendors if you do a lot of sales tax reporting.

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