Which States Require Online Sales Tax Collection?

How do you avoid taxes on gold?

Sell any form of precious metal at a profit and the profit will be taxed at a federal rate of 28% or less.

Sell any form of precious metal at a loss and it will be used to offset any capital gains you have..

Which states do not have online sales tax?

The following states do not have an Internet sales tax:Alaska.Delaware.New Hampshire.Montana.Oregon.

Which state is tax free in USA?

Even though there may be drawbacks, the five states that don’t have sales tax are Alaska, Delaware, Montana, New Hampshire and Oregon.

What happens if a customer refuses to pay sales tax?

In the case that you have a customer that refuses to pay for a good or service, you have one recourse: take the amount off of your sales and take the tax deduction for the bad debt. Before you can take a deduction for bad debts, you must be using the accrual accounting system. Most small businesses use the cash system.

Do I pay tax on gold coins?

The reason: The U.S. Internal Revenue Service (IRS) categorizes gold and other precious metals as “collectibles” which are taxed at a 28% long-term capital gains rate. Gains on most other assets held for more than a year are subject to the 15% or 20% long-term capital gains rates.

Who has highest state sales tax?

TennesseeOn the other end of the spectrum is Tennessee, whose state sales tax is 9.55 percent — the highest in the U.S. Following Tennessee on the ranking of the states with the highest sales taxes are Arkansas (9.53 percent), Louisiana (9.52 percent), Washington (9.23 percent) and Alabama (9.22 percent).

Who has the highest state tax?

The top 10 highest income tax states for 2019 are:California 13.3%Hawaii 11%Oregon 9.9%Minnesota 9.85%Iowa 8.98%New Jersey 8.97%Vermont 8.95%District of Columbia 8.95%More items…•

Which states do not tax gold purchases?

You can buy gold and silver tax-free from Bullion Exchanges online if you are ordering from Alaska, Delaware, New Hampshire, Montana, and Oregon. These states do not impose any online sales tax as of 2020.

What state has the lowest sales tax 2020?

The five states with the lowest average combined rates are Alaska (1.76 percent), Hawaii (4.44 percent), Wyoming (5.34 percent), Wisconsin (5.46 percent), and Maine (5.50 percent).

What is the least taxed state?

AlaskaAlaska is one of five states with no state sales tax. If you’re heading north to Alaska, just remember that local sales taxes – up to 7.5% – might apply. But, according to the Tax Foundation, the statewide local sales tax average is only 1.76%. Property taxes are middle-of-the-road in Alaska.

Which state is the most tax friendly for retirees?

Delaware1. Delaware. Congratulations, Delaware – you’re the most tax-friendly state for retirees! With no sales tax, low property taxes, and no death taxes, it’s easy to see why Delaware is a tax haven for retirees.

Which states do not tax Social Security?

Alaska and New Hampshire are the only states with no sales, income or Social Security tax. Alaska also pay a dividend each year from the Alaska Permanent Fund (PFD) and in 2019 it was $1,606 per resident.

Should you charge sales tax for out of state customers?

You would charge the destination state’s rate, in addition to any local or county sales taxes for the address to which you’re shipping. You would not additionally collect your state’s sales tax on products you’re shipping out of state.

How much gold can I buy without reporting?

However, no government regulations require the reporting of the purchases of any precious metals, per se. If payment is made by cash greater than $10,000, however, it becomes a “cash reporting transaction.” It is not the gold that the government wants reported but the cash.

Who pays the estate tax?

Who pays the estate tax? The top 10 percent of income earners pays more than 90 percent of the tax, with nearly 40 percent paid by the richest 0.1 percent. Few farms or family businesses pay the tax.

Do I pay tax on wholesale sales?

When you sell wholesale you do not charge sales tax on the order (the retailer will tax the customer for each item at time of purchase and that will be paid to the state as sales tax on that item.)

Do all states collect sales tax on online sales?

The basic rule for collecting sales tax from online sales is: If your business has a physical presence, or “nexus”, in a state, you must collect applicable sales taxes from online customers in that state. If you do not have a physical presence, you generally do not have to collect sales tax for online sales.

Is sales tax required in all states?

Key Takeaways. State sales tax can factor into making purchases large or small, by increasing the cost you pay above the sticker price. Most states have sales tax to help generate revenue for its operations – but five states currently have no sales tax: Alaska, Delaware, Montana, New Hampshire, and Oregon.

Who pays sales tax seller or buyer?

For the most part, sales taxes must be paid or collected by the seller. In contrast, the responsibility for reporting and paying use taxes generally falls on the purchaser.

What states are state tax free?

The states with no income tax are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. If you live in one of those seven states — or New Hampshire or Tennessee, which don’t tax income but do tax investment earnings — you may not need to file a state return.