My question:
1.How's the percentage of sales tax, if i sell something online in T.X?
2.What is the percentage of the tax in my profit, if i make a profit?
Thanks!!!
2006-07-23 11:37:46 · 2 answers · asked by Ian W 1 in Business & Finance ➔ Taxes ➔ United States
Reply to United-9198
I am now in T.X, and want to trade like other people in E-Bay. So, Will i still need to sell it with a certain sales tax rate(if, how many)?
2006-07-23 15:27:01 · update #1
maybe you can go to a search engine like yahoo, or google lol, they'll be able to help you more then anyone here.. Sorry
2006-07-23 11:41:20 · answer #1 · answered by Mikey 2 · 0⤊ 0⤋
If you are located in Texas, or have "nexus" there, you will be required to collect Texas sales tax. Nexus means that have a location in Texas or a nearby state and deliver into Texax with your trucks or have sales representative going into Texas to represent you. If you won't be located in Texas or have nexus there, you are not required to collect sales tax on internet sales.
The amount of tax on your profits will be determined by your business structure. I would form a corporation to protect myself personally from problems. Depending upon how that is set up, the corporation would pay taxes or the profits would be passed along to you as taxable income.
You will need to know the laws since ignorance is not a reason for failing to follow them. I would seek both legal help (lawyer) and financial help (CPA or accountant) to get set up and to make sure you stay on the good side of the law.
2006-07-23 20:47:36 · answer #2 · answered by united9198 7 · 0⤊ 0⤋