Thursday, January 10, 2013

Internet Sales Tax - Online Retailers

It's the start of a new year - 2013!

You may have an amazing idea to build a new product. Once that product is built, you may want to start selling it online and shipping it everywhere in the United States, and even the rest of the world.

You can set up your shopping cart and integrate paypal and be ready to start taking orders soon, but you need to add and collect a state tax on any product you are selling?

Many of you have heard that Amazon has slowly started to collect sales tax, state by state. As Amazon continues to comply with new rules and regulations being implemented, it would be a good idea for you to start talking to your accountant to see if there are any taxes for which you should be aware.

If you are just starting out, most likely you have not hit a certain minimum threshhold for sales to even be looked at by a state taxing authority. But for others that may be selling millions of dollars of merchandise each year, you should definitely put 'sales tax review' on your to do list.

A recent article in businessweek talks about this hot topic: "It’s Retailer vs. Retailer in Internet Sales Tax Push"

Good luck with your new online venture, but make sure to talk to your accountant and attorney for additional  items to consider as you continue to grow!

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