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Don't forget the sales taxes if selling on ebay!

If your ebay store has only one location, in most cases you will only collect sales taxes on ebay sales to those shipments within your home state. You must remember, however, that when you set yourself up as a seller, you will need to contact your state taxing authority to obtain the information you need for submitting taxes on sales of goods to buyers in your state of operation.

Where you sell the product is important!

Although most of your customers will probably be in a different state, there is the occasion when you will get orders from someone in your state, and then you will need to collect sales taxes on your EBay sales. Of course, in those cases you are going to charge the tax to the buyer, but it is your responsibility as a seller to see that the funds are submitted to the taxing authority in your state.

You also may want to check with your accountant as you set up your ebay store for more information since some states do not exempt sales to other states. Normally referred to as a "use tax," this involves a tax on merchandise purchased in one state but used in another. Though not all states have this tax, you need to know the states that do in order to pay taxes on EBay sales when it is necessary.

Start selling with the correct sales tax information!

It's a good idea before you open your ebay store to obtain all of the information that you need and know when you have to collect taxes on ebay sales. You don't want to neglect this important item and find yourself stuck with penalties and interest. You can't go back to the buyer after the close of the sale and expect him to come up with more money to cover taxes you should have billed in the beginning, so you will have to pay taxes on ebay sales on your own with no help from your buyers.

Thus, it is of utmost importance to know when and to whom you have to pay taxes before you start selling any products. For example, if you have a store or storefront but have several different shipping points, you will need to pay taxes on sales that leave your other shipping points.

How to keep from a state sales tax audit!

Like any other business, selling on ebay is not without business expenses. The more successful you become the more likely your state Department of Revenue will become aware of your activity. You don’t need a retroactive audit of your sales activity and a big bill with penalties and interest if you do not file the appropriate and complete sales tax returns.

You must be aware of when you need to collect sales taxes so that you can pass this along to your customers before the products ship. If you don't, you will be the one paying the sales taxes you should have been able to pass along to the buyer. Have all the tax information you need before you transact the first sale.

We invite you to learn more about taxes and their effect on your finances. Visit the links listed above and be sure to get the latest Tax Ideas at our Blog.

With all tax issues, competent professional assistance should be obtained before you take any action.

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