Legal And Tax Strategies For The Online Retailer – Protecting Yourself And Your Assets
When you open an eBiz, its important you remember that it really is a business and approach it as you would any other business. Dont just jump in and start selling. Consider all the legal issuesyour responsibilities and the risks youre assumingin order to safe-guard your investments.
Do I Need to Charge Taxes Online?
If youre running an internet company, its your responsibility to keep current on tax laws that affect you. As a retailer, youre obligated to know the laws regarding both the collection and payment of state sales taxes.
According to CPA Jim Reed, of Teton Tax (http://www.tetontax.com), The collection of sales tax for items sold over the internet is only required if the business has a physical presence in that state. In other words, if you run a home-based candle business in Oregon and you sell a box of votive candle holders to a customer in Portland, youll need to charge them sales tax.
If, however, you sell a candelabrum to a customer in Texas, where your business has no physical presence, you dont need to charge sales tax, so youre able...
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