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Granted there are probably a lot of stupid sellers (and buyers) in your state, but if you think they aren't adding the tax to the purchase price, the joke's on you.
Whichever one i make more profit at. If the one with the higher tax does more than 5 tims the business then it would be it. But all things being equal ( customer base, appearence of building, placement of booth) the one with the lower price should be the better producier).
But if for some reason the one with the lower tax is not filled with customers and the higher tax one is then i would go with the higher tax one.
You would ask why that might be the case?
Maybe the lower one is in a high crime area, had a murder, has parking issues, building is falling apart, has a very rude owner, or is just not known... Maybe no one knows about the place. While the other one advertises or has been there forever so everyone knows to go there.
One had a tax of 10% on every sale and the other had a 2% tax on every sale, at which one would you rather sell your goods?
All other things being even.
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Originally Posted by mike0618
Whichever one i make more profit at. If the one with the higher tax does more than 5 tims the business then it would be it. But all things being equal ( customer base, appearence of building, placement of booth) the one with the lower price should be the better producier).
But if for some reason the one with the lower tax is not filled with customers and the higher tax one is then i would go with the higher tax one.
You would ask why that might be the case?
Maybe the lower one is in a high crime area, had a murder, has parking issues, building is falling apart, has a very rude owner, or is just not known... Maybe no one knows about the place. While the other one advertises or has been there forever so everyone knows to go there.
I hope that answers your question.
I didn't realize 'All other things being even' was that hard to understand.
Nope. Ask anybody selling their crap at a flea market if they charge or pay tax on it. Their answer would be something like this:
BWAHAHAHAHAHA!
You know why? Because most don't make a profit on it, genius.
I love absoultes....genius....
THe SBA disagrees with you.....BTW, SBA stands for Small Business Administration.
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Do I need to pay taxes? The short answer is it depends, but probably. The tax question really can be broken down into two parts: federal and state & local. For federal tax purposes, you need to report your profits from each of these events. If you are an individual, you will submit the income on your tax return and if you are a business, it will be reported as business income. There are no special procedures for federal taxes. State and local taxes are more difficult to generalize because each state and locality has their own tax laws. Some states require you to pay taxes on all your sales while others have certain floors that must be met first. For example, in Minnesota, vendors do not have to collect sales tax if they qualify for an Isolated and Occasional Sales Exemption. With this exemption, there are certain restrictions the number of days and amount of sales. If you do not qualify for the exemption, you will need to pay all state and local sales taxes. For more information, check with the event manager and your state tax agency.
I didn't realize 'All other things being even' was that hard to understand.
The question is about tax.
Theres no way all things between two places will be exactly even.
But lets go with that premise and the ovious answer is the one with less tax because venders eat that cost at a flea market. Now at a business where the customer eats that cost then all things being equal it wouldnt matter because all things being equel includes same amount of sales doesnt it?
Fyi i am not a lefty but felt like answering the question anyways.
I would set my table up in Montana.
No sales tax, period.
However, if I sell at more than a certain number of markets per year, I will probably need a business license, and that means I will have to report profits and pay income taxes.
That includes rummage/yard/garage sales at my own home. If I have more than 2 or 3 per year, I need the business license.
It is really very simple, KNOW the tax laws where you wish to do business, and OBEY those laws!
I would set my table up in Montana. No sales tax, period.
However, if I sell at more than a certain number of markets per year, I will probably need a business license, and that means I will have to report profits and pay income taxes.
That includes rummage/yard/garage sales at my own home. If I have more than 2 or 3 per year, I need the business license.
It is really very simple, KNOW the tax laws where you wish to do business, and OBEY those laws!
And that's the way it should be.
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