New York....Help

[mxer518]

I have been looking for hours online for somewhere online for information concerning tax laws for full line operators in NY. I have heard paying sales tax is not necessary for vends .75 cents and under but I can not find anywhere that states this. also I have been looking for information for Tax Exempt applications. Any help would be great! 

[alyssamma]

$0.75 is correct - they are trying to raise it to $1.50. It was enacted in 2000. Here is a link: http://www.nysava.org/

This link can give you info about exemptions: http://www.tax.state.ny.us/pdf/publications/sales/pub750_208.pdf

There are several members here from NY who can probably give you more detailed info.

Kevin

[mxer518]

Thanks this helps, it is just all very confusing with sales tax and such. so if I understand this correctly and if not correct me, since everything I sell in bulk and full line machines is under 75 cents I do not have to pay anything in sales tax to uncle SAM, I just have to pay the normal earned income tax?

[alyssamma]

Well, Sales Tax goes to the state and not to the IRS

But, yes, that is my understanding. To be safe I would simply call the dept of taxation.

It is insane how complicated taxes are. The funny thing is that I find local and sales taxes far more complicated than federal income taxes (unless you have some crazy stuff going on). I mean the PDF file I gave you is 56 pages long - and it only covers sales tax! It makes it very difficult for the average small business owner to be in compliance. Anyway...

You may also have to pay local taxes depending on where the machines are. I'm guessing you aren't in the city only because you are selling everything for under $0.75

Kevin