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FIB - Scams 101 - Ye Olde Archives
Posted By: pete In Response To: How/Where do you report "use" or out-of state purchases? (Bluto Samartino)
Saturday, 14 January 2006, at 3:15 p.m.
The term USe Tax came from the original purpose of the tax, when companies bought stuff supposedly for resale, but then converted the tax exempt items for their own use. As simple as an office supply store taking a box of pens off the shelf for use in the office. Or an auto parts store taking parts off the shelf to fix a company truck, etc. If you have ever seen a sales tax return there is always a line in there for goods taken from inventory for your own use.
With first national mail order compnies and now the net, Use Taxes are being applied to personal purchases of individuals. Whether it's that house full of furniture you drive to NC for or stuff you buy on the net, they want the equivilant of the sales taxes due.
In my state there is a line on the state income tax form for you to report tax free purchases and a chance to make payment. Don't know how they do it elsewhere, but if you go to most state's sales tax website you will find it called Sales and Use Tax, or Consumption Tax. And it only applies to purchases, not to gifts and used stuff.
Inexpensive Accounting Software for Small Businesses
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