They’ll Catch Up On You
Taxes – And Your Online Company (sales and income tax issues)
Working online is starting to be a much favored method of negotiating business both by the sellers and the buyers not only due to the fact that it is easier and usually instant.
This problem-free business method also has it downsides because it offers an opportunity for a tax-free company deal to transpire.
However, the delighted days of negotiating company online profits without worrying about the taxes that occur with it will soon be over because on July 1, 2015 Washington DC will be joining 18 other countries that oblige specific online or e-commerce companies to pay and collect sale taxes. There goes this past income source!
If you have an online business that makes taxable sales, or if you are preparing to start to begin one, then you will likewise be needed to collect taxes from your consumers or customers if ever.
you are residing in a state that needs you to pay taxes (which is most of them at this time).
A State Law Passed In 2014, being the internet tax collection Act of 2014. The modifications to be carried out on July 1 are the result of the law that was passed by Congress and not vetied by the President.
The Tax Is Not Levied On Business, but the consumer like the consumption tax of Europe. It is the goal of online businesses to collect the tax so the IRS and States do not have to thus making it more valuable source of income since income since collection costs are low. While we all need to pay our fair share of taxes, it seems odd that such tax collection burden has been shifted to citizens themselves.