I was in a store recently and I noticed the sign that said “No Sales Tax”. I was shocked. Where I live, the sales tax is one of the highest in the country. There is no real way to avoid the sales tax if you are a resident of the state in which you live.
So I was in a store recently and I noticed the sign that said No Sales Tax. I was shocked. Where I live, the sales tax is one of the highest in the country. There is no real way to avoid the sales tax if you are a resident of the state in which you live.
I am an accountant. I have been for many years, but I had never thought of it as an issue for a store that I own. I can imagine, though, that if I was in the store and saw the sign, I could not be in the store and not pay the sales tax. The tax is so high in my area that I would have to pay the tax in cash.
I don’t know how that works, but if you live in your state, the actual amount you have to pay is based on your income and your state’s tax rate. In my state, we have a 15% tax bracket. If you fall into that bracket, you are required to pay a certain percentage of your income in taxes. This is for both business and personal use. I think this is a better system because it is more fair and equitable.
I agree. The sales tax is a real pain point for me. I live in a state where it is a 15% tax. What you are describing is about the same, but it is a little more complex. It is often very difficult for companies to hire a sales tax accountant because they have to pay the state tax in cash and get the tax deduction. Not to mention that the sales tax is not necessarily equal in all states.
I don’t think this is a bad system. I just think that it should be a lot easier to manage. It’s not like a lot of people are actually using it.
In a perfect world, every state would have the same sales tax rate, the same total amount of sales tax as California. The problem is that, for example, New York does not have the same sales tax rate as California. In fact, no state (other than New York) has the same sales tax rate as California. In New York, sales tax is 15% while in California, it is 6%.
Why not just have one state for all sales tax payments? You can still deduct your own sales tax from your taxes, you don’t have to pay it yourself.
It’s because New York’s sales tax is higher than California’s. Most states have a simple formula for calculating their sales tax rate. One of the most common formulas is the cost of living index, which measures the cost of living versus the price of a unit of a product or service. Using this formula, it is possible to determine the number of sales tax dollars you will owe per year for the next 10 years.
The formula makes it easier to determine your sales tax rate, but it does have some caveats. First off, the formula does not account for inflation, so if your state has a high cost of living now, you could be paying more in taxes than you think. Also, it does not account for the fact that some states have lower cost of living now than they did 20 years ago, so if you are from that state you could be paying more in taxes than you think.
