Sales-Masters-Global

Question:

What are the tax liabilities for personal small business internet sales?

I’d like to sell my hand-made jewelry through an internet site through which one can sell hand-made items for a small fee. The site is similar to E-bay. I can’t seem to find information concerning income tax (U.S.) regulations without dredging through IRS guidelines. Does one simply keep track of sales and file a 1099, or does the IRS even monitor this type of income? Any advice is greatly appreciated.
Would it be profitable and advantageous to get a tax id. number in order to purchase supplies required for my jewelry?

Best answer:

Answer by ninasgramma
The simplest way to do this would be as a sole proprietor and file Schedule C. You would pay income tax on the net profits as figured on Schedule C, subtracting your expenses.

Read the instructions to Schedule C. Or just keep track of your income and expenses and take that to a preparer.

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Question:

What is the sales tax in florida? Are there any special taxes/fees on car tires there?

Im going to florida on vacation and am buying a set of tires while there. Are there any special fees? What is the state sales tax there?

Best answer:

Answer by traceysandy917
6%. Tires would be priced the same as regular items you buy. Unless Florida is different from Tenn.

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Question:

At what point should I start worrying about charging sales tax?

I have been selling a few things on ebay over the last couple of months. I have sold. A lot of it is expensive photographic equipment and computers that I have bought from friends, on craigslist and at the swap meet. I have sold ,019.31 over a 2-month period.

Is it time to file with the California Franchise Board yet or should I wait a while longer? Also, do I have to charge sales tax if an item is used?

Best answer:

Answer by A A
The following factors, although not all inclusive, may help you to determine whether your activity is an activity engaged in for profit or a hobby:

Does the time and effort put into the activity indicate an intention to make a profit?
Do you depend on income from the activity?
If there are losses, are they due to circumstances beyond your control or did they occur in the start-up phase of the business?
Have you changed methods of operation to improve profitability?
Do you have the knowledge needed to carry on the activity as a successful business?
Have you made a profit in similar activities in the past?
Does the activity make a profit in some years?
Do you expect to make a profit in the future from the appreciation of assets used in the activity?
An activity is presumed for profit if it makes a profit in at least three of the last five tax years, including the current year (or at least two of the last seven years for activities that consist primarily of breeding, showing, training or racing horses).

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Question:

When do you need to obtain a retail sales tax permit in Iowa?

I am a contractor in Iowa. I am obviously charged sales tax when I purchase goods for a job. The customer is in turn charged this sales tax on the final invoice along with the rest of the material prices. Do I need to obtain a sales tax permit and file it quarterly with my other quarterly taxes?

Best answer:

Answer by Judy
Uh, what have you been doing with the sales tax money you collect from your customers? Just keeping it?

YES you need to get a retail sales tax permit, to allow you to collect sales tax which you’ll then remit to the state, and to allow you to buy goods for resale without paying sales tax when you buy them.

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