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How To Report Sales Taxes Article
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Provisions of Texas Sales Taxes
from:Unlike some states, Texas has some additional provisions in within Texas sales taxes. For example, Texas sales taxes command a rate of 6.25 percent, however, local governments and use taxes can accommodate another two percent, making the potential tax 8.25 per cent. Medicines, produce, meats, bakery products, and some other food items are exempt from Texas sales taxes, however, Texas also has a use tax that is equal to the sales tax and applies to items bought outside of Texas and brought into the state. Many states allow residents to buy items in other states, and be exempt from taxes, especially if the resident picks up the product in the state of origin. Unfortunately, Texas is not one of those states and still requires a use tax on certain things brought into the state from another state. Items that are exempt use tax are those used in production or post production such as cameras and camera accessories, film, and other similar items. Some items are not qualifying items for exemption even if they are used in motion picture production such as motor vehicles and trailers, director's chairs, hand tools, gas cans, ladders, shipping cases, and battery chargers.
Texas sales taxes can be very complicated when it comes to items that are exempt from use taxes, so if you're not sure, it's always best to ask an accountant or tax advisor. After all, you don't want to eliminate something that is not qualified and end up paying a penalty. It is much simpler to ask your accountant questions about Texas sales taxes so that you know you are doing the right thing. It is also a good idea to always stay informed since laws are subject to change frequently, and you may miss the notification. This is especially true of municipalities that may not have previously had a sales tax and decide to add one. If you are not aware of the change, you will be charging your customers the wrong rate on sales taxes, and thus, you will have to pay the difference when you submit your taxes to the taxing authorities. Though rare, there is also the possibility that a tax will be lowered or eliminated.
Always remember as a business owner to keep up with all of the current tax laws and provisions. Your knowledge of this will allow you to operate your business efficiently and prevent you from overpaying or underpaying on any of your taxes, including Texas sales taxes. The more informed you are, the less likely you are to make an error that is going to cost you a penalty or create a refund that isn't necessary.
How To Report Sales Taxes News
Boulder's first-quarter sales tax collections up slightly - Denver Post
Boulder's first-quarter sales tax collections up slightly Denver Post By Alicia Wallace, Camera Business Writer Boulder's sales tax collections during the first quarter remain relatively unchanged from the same year-ago period, according to a Boulder Finance Department report made public Tuesday. |
Report: State tobacco prevention funding lacking - BusinessWeek
 CBS News | Report: State tobacco prevention funding lacking BusinessWeek By MICHAEL FELBERBAUM States have spent only about 3 percent of the billions they've received in tobacco taxes and legal settlements over the last decade to fund tobacco prevention programs, making it harder to reduce the death and disease caused by ... CDC: States make billions from tobacco taxes and lawsuits, but spend little on ... |
Boulder County tax proposals get mixed responses in recent survey - Denver Post
Boulder County tax proposals get mixed responses in recent survey Denver Post By John Fryar Longmont Times-Call BOULDER -- A polling firm reports that Boulder County voters might support increasing their county sales taxes to help pay for existing programs that "address the social and emotional well-being of middle and high ... Boulder County voters' economic optimism may not equate to support for tax ... |
Sales tax revenue rises across the region - The City Wire
Sales tax revenue rises across the region The City Wire Cities across Northwest Arkansas continue to report strong sales tax collections in May, according to a report from the Arkansas Department of Finance earlier this week. Among the region's five largest retail markets sales tax revenue rose 5.06% from ... |
Middle-Class Americans Find Current Tax System Morally Objectionable: Report - Huffington Post
Middle-Class Americans Find Current Tax System Morally Objectionable: Report Huffington Post Eliminate the income tax and make all taxes consumption based. Put a 15% national sales tax on all retail sales and nothing is exempt no exceptions. This is a good way to make the 53% of Americans who weasel out of paying income taxes to start ponying ... |