sales tax

If you sell anything, you’ll want to pay close attention to some state laws that are changing that can really affect how and when you collect sales tax.

There seems to have been a theme over at the First Class Lounge forum this past week. Watch out for aggressive states! States are going broke and they are going to only get more desperate for funding. And, at the same time, eCommerce is cutting a big hole in their sales tax revenue.

I’ve been using the Internet now for almost 15 years, and buying things on eBay for most of that time. And for all of that time I’ve loved every sales-tax free minute of Internet-based shopping. But as the Streamlined Sales Tax Act continues to pick up steam, I’m beginning to believe that we will see those days eventually come to an end.

Sometimes we get TOO focused on income tax and Alternative Minimum Tax. One of the sneaky taxes is Sales Tax. I just heard the story of a taxpayer who suddenly got hit with sales tax and BIG penalties to the tune of almost $150,000 because he had sales in states he didn’t know he had.

It’s funny - there’s a tremendous emphasis on words like “security” and “safety” when it comes to the traditional investment market. Mutual funds, blue chip stocks - they’re all pushed as safe, secure places to put your money.