Small business owners that purchase goods over the internet versus a traditional store front may want to start setting aside money to pay for the sales tax on the goods. The Supreme Court has recently backed the idea of state sales taxes on internet sales even though the many companies do not have a physical presence in the state. With the economy being down and state budgets being cut, many revenue departments are looking for ways to increase their bottom line. Small business owners should set aside money for sales taxes or at least research the taxability of online items before purchase. Sales taxes are based on state tax law, so the rules from state to state are different. Be sure to speak to your accountant regarding any sales tax issues that may arise especially when purchasing big ticket items online.
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