AngryChris Posted February 29, 2012 Share Posted February 29, 2012 After a phonecall to my Tax Preparer today, and upon asking some "final" questions regarding my taxes, I was notified that my sales taxes are deductible because I do not charge them to my customers at the time of sale. I just wanted to notify many of the vendors on here that if you pay sales tax but do not collect the sales tax at the time of the sale, you are able to write this off of your gross revenue for your income taxes. This is what I was told, at least. Link to comment Share on other sites More sharing options...
mission vending Posted February 29, 2012 Share Posted February 29, 2012 After a phonecall to my Tax Preparer today, and upon asking some "final" questions regarding my taxes, I was notified that my sales taxes are deductible because I do not charge them to my customers at the time of sale. I just wanted to notify many of the vendors on here that if you pay sales tax but do not collect the sales tax at the time of the sale, you are able to write this off of your gross revenue for your income taxes. This is what I was told, at least. That would be correct. Link to comment Share on other sites More sharing options...
Mooman333 Posted March 1, 2012 Share Posted March 1, 2012 What circumstances would you be allowed to not have to pay sales tax on vending products? Example, selling soda, the government doesn't taxes paid on the wholesale level when we buy it, they expect you to pay taxes at the retail sale (us)... am in missing something? Link to comment Share on other sites More sharing options...
mission vending Posted March 2, 2012 Share Posted March 2, 2012 What circumstances would you be allowed to not have to pay sales tax on vending products? Example, selling soda, the government doesn't taxes paid on the wholesale level when we buy it, they expect you to pay taxes at the retail sale (us)... am in missing something? I think so. You can buy items without paying sales tax. You need to go to your state comptroller and get what is typically called a "resale certificate" or something like that. You then take a copy of this to the place you are buying your product from, Sam's (for example) will keep a copy on file and allow you to purchase items "tax exempt". We all know that vending machines cannot add sales tax to items at the point of purchase so by law you are required to pay sales taxes out of the vend price. Those taxes are due to the state usually on a monthly or quarterly basis. As far as I know from other members around here, all states have a very similar process for doing this. Link to comment Share on other sites More sharing options...
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