This week I attended a Retail workshop by the Arizona Department of Revenue ($15). Some of the things I already knew, but I learned a few things I want to pass along. Obviously this is for Arizona and I am no CPA!
1. This might sound dumb to most, but I did not know that I should not be paying taxes to my suppliers as I re-sell the goods. A simple Arizona form 5000 does the job. You send it to your supplier and they know not to charge you. Wonder if it works if you go buy somehting at say Costco... Haven't tried yet. Needless to say this impacts the bottom line!
2. Learned that for e-commerce the average of local sales in which one needs to charge local tax is about 2%.
3. Learned about usage tax. If you decide to grab something from your inventory for a gift or for charity, you are responsible for paying the sales tax.
4. If you attend a trade show and sell goods there, you must get a local biz license and collect sales tax according to their rates.
Thought some might find this useful.
1. This might sound dumb to most, but I did not know that I should not be paying taxes to my suppliers as I re-sell the goods. A simple Arizona form 5000 does the job. You send it to your supplier and they know not to charge you. Wonder if it works if you go buy somehting at say Costco... Haven't tried yet. Needless to say this impacts the bottom line!
2. Learned that for e-commerce the average of local sales in which one needs to charge local tax is about 2%.
3. Learned about usage tax. If you decide to grab something from your inventory for a gift or for charity, you are responsible for paying the sales tax.
4. If you attend a trade show and sell goods there, you must get a local biz license and collect sales tax according to their rates.
Thought some might find this useful.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Last edited:
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
