Taxes – And Your Online Business
(Theyll Catch Up On You)
Doing business online is starting to be a much preferred way of transacting business both by the sellers and the buyers not only because it is way more hassle-free than real shopping but also because it provides a chance for a tax-free business transaction to transpire.
However, the happy days of transacting business without worrying about the taxes that come along with it will soon be over because on July 1, 2008, Washington will be joining 18 other states in America that oblige certain online or e-commerce businesses to pay and collect sale taxes.
If you have an online business or if you are planning to start one, then you will also be required to collect taxes from your consumers or costumers if ever you are residing in a state that requires you to pay taxes.
A State Law Passed In 2007
The changes to be implemented on July 1 are the result of a state law passed in 2007. The certain state law changes the way the taxes are calculated – a major alteration that spurs some headaches and confusion among all online retailers.
Take this situation for example: if you...
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