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  #11  
Old 08-21-2012, 08:54 PM
Ijustwantausername's Avatar
Ijustwantausername Ijustwantausername is online now
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Join Date: May 2011
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Quote:
Originally Posted by grandview (2006) View Post
IDA's can grant sales tax exemptions on equipment purchased,but that's a whole different thing.
Oh okay. So what is it that my grandfather has for his farm that enables him to avoid the sales tax? Is the only purpose for my number when I file taxes?
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  #12  
Old 08-21-2012, 08:57 PM
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grandview (2006) grandview (2006) is offline
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Quote:
Originally Posted by Ijustwantausername View Post
Oh okay. So what is it that my grandfather has for his farm that enables him to avoid the sales tax? Is the only purpose for my number when I file taxes?
Farming ,same thing whole different cow. Yes,that is your ID for everything thing your company does. Bank accounts ,taxes,buying trucks in your company name.
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  #13  
Old 08-23-2012, 01:23 AM
32vld 32vld is online now
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In NY I bought a hedge trimmer, chain saw, repair to my mower, parts for the repairs and maintenance on equipment that I did myself.

I provided my state with a list of purchases made for my business that were not items for resale as listed above. Along with photo copies of the receipts.

NYS will refund the sales tax you paid or give you a credit against the sales tax you required to pay.

I just cashed a refund check for $128.

So the best thing to do is contact your states sales tax board.

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  #14  
Old 08-23-2012, 07:48 AM
Duekster Duekster is offline
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I suppose It depends on the the state but Sales tax in Texas goes to then end user.

That means I pay sales tax on tools and equipment to use in my business.

Service is taxable as well.

There is an exception to some "home improvement" activites but that is not what we are talking about here.

The upshot however is you include the sales tax in the cost basis of the equipment when you do your income taxes.
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