Sales Tax, and the bottom line

Jan 19, 2008 09:46


With sales taxes due at the end of the month, and a week of travel ( Read more... )

hsx, taxes, albums

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Comments 5

singlemaltsilk January 19 2008, 18:24:06 UTC
My understanding, based on my own business and my contributions on others' CDs, is that contributor and promotional copies are considered business expenses, and thus not subject to sales tax. Gift copies, OTOH, would be items drawn from your business for personal use, and thus subject to certain taxes, including sales.

But I would definitely seek feedback from the experienced likes of billroper, bedlamhouse, cadhla, filkertom and tollers.

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mdlbear January 19 2008, 19:14:28 UTC
That would be my guess as well. I also have to pay "use tax" on items mail-ordered from out of state. Which, now that you mention it, is something I haven't done yet. Urk!

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aerowolf January 20 2008, 01:13:58 UTC
Wisconsin has the 'use tax' concept on its income tax form 1 and 1A. Where and how does a private person/non-sole-proprietor file use tax in California?

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mdlbear January 20 2008, 03:07:27 UTC
One files for a seller's permit from the California State Board of Equalization; this also makes it possible for you to buy raw materials at places like Costco without paying sales tax.

I believe there's a box on the state income tax form that people who don't have a seller's permit can use to file use tax, but I've never heard of anyone actually using it.

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drewkitty January 20 2008, 19:59:03 UTC
>> I may have to leave off some related expenses in order to convince the IRS that I've made a profit

Don't even joke about that, let alone put it in a public LJ post.

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