jlhcky Posted October 18, 2013 Share Posted October 18, 2013 Does anyone know what forms are necessary to become tax exempt in NY. All of my machines are 25 cents therfore i know i do not need to collect tax. I believe its a resale certificate but im not sure. Any help would be apprecaited. Thanks Link to comment Share on other sites More sharing options...
orsd Posted October 19, 2013 Share Posted October 19, 2013 Some one else here made a good point If you ever do get audited, saying that a bunch of people who don't even live in ny said on a forum that something is tax free wont cover your rear end But something in writing from your local tax professional or government will Link to comment Share on other sites More sharing options...
jlhcky Posted October 19, 2013 Author Share Posted October 19, 2013 I know my question is more which form do i need to fill out. Link to comment Share on other sites More sharing options...
havending Posted October 20, 2013 Share Posted October 20, 2013 I know my question is more which form do i need to fill out. A call to the state should answer your question. Just remember that a state exemption may not exclude you from obtaining a license in every city or town you have a machine you will need to contact each one. Some may require a machine sticker. Reading through the tax post its clear that only a couple operators here have an understanding of tax law. Link to comment Share on other sites More sharing options...
Mr Vendor Posted November 2, 2013 Share Posted November 2, 2013 Have you gotten through the red tape yet? Also live in NY and would like to know form and how to get it done cheap and fast if it must be done. Hard enough to earn, Why must they make it soo hard to start in the first place? Link to comment Share on other sites More sharing options...
jlhcky Posted November 3, 2013 Author Share Posted November 3, 2013 Not yet im working on it. Was trying to get My LLC paperwork done first Link to comment Share on other sites More sharing options...
Grazing Hippo Vending Posted November 5, 2013 Share Posted November 5, 2013 I'm in upstate NY and all I believe all you need to do is get a NYS sales tax ID number. In fact, if you just get a federal EIN that will also double as your NY sales tax number. When you go to a business to buy product you give them a tax exempt form (quick and simple to fill out). If you don't have any blank forms, most businesses can give you one on the spot to fill out. Also, I think $.50 and less is exempt from collecting sales tax. If you own more than 1 business then you must remember that each entity can only have ONE federal EIN/NYS sales tax ID. Example: You are a sole proprietorship and you own DBA Joe's Lawn Cutting AND DBA Joe's Bulk Vending. You MUST use the same tax ID for both in NYS. However, if 1 business is incorporated and 1 is a sole proprietorship then you would have a separate tax ID for each. Remember, in NYS your sales tax ID is the SAME as your federal EIN. Also, laws and regulations are OFTEN different in NYC so depending on where you are in NY your mileage may vary. It never hurts to call the state and ask them (enjoy being on hold forever!). A CPA or an attorney could also tell you this but a good CPA is a much cheaper option. Hope this helps! Oh, just to be clear. Even if you have a federal EIN you STILL have to apply for the NYS sales rad ID even though the 2 numbers will be the same. Link to comment Share on other sites More sharing options...
Mr Vendor Posted November 9, 2013 Share Posted November 9, 2013 Found out some info http://public.leginfo.state.ny.us/LAWSSEAF.cgi?QUERYTYPE=LAWS+&QUERYDATA=$$GBS399-T*2$$@TXGBS0399-T*2+&LIST=LAW+&BROWSER=BROWSER+&TOKEN=00256727+&TARGET=VIEW General Vending Machine rules for NY My question now is do we have to even get a sales tax certificate if we're selling for 75 cents or less because my inventory comes from another state so don't think certificate would even be worth it. And if I call to ask, have a feeling they're gonna tax my ___. Link to comment Share on other sites More sharing options...
Grazing Hippo Vending Posted November 10, 2013 Share Posted November 10, 2013 I would advise everyone who has any uncertainty to contact a good CPA. A good honest CPA will not charge you for an initial consultation. At that time you would be able to get a definitive answer to ALL questions. It may not be a question of whether or not YOU WANT to get a NYS sales tax number, but rather whether or not you are REQUIRED to get one. Further, if you are self employed running a for profit business (as bulk vendors do) and you start to earn a decent profit, you may be required to file quarterly income taxes in NYS. I own another business and I am required to file quarterly income taxes (paying your unemployment tax, FICA, SS, and whatever amount for the tax bracket you are in). In closing, everyone doing any business really has no reason for not consulting with a CPA. Generally free for the first visit, fairly inexpensive thereafter, and you will have your own expert to call on for any finance related questions that may arise. Link to comment Share on other sites More sharing options...
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