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Additional Details
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neciebez1 | I am going to be doing my first craft show tomorrow. Should I have gotten a tax number? |
Should I keep track of how much money I take in, so I can pay 6% sales tax to the state of Michigan? How do I report this? Do I get any discount because I paid tax on the materials I used to make the items I will be selling?
Additional Details
Well, the show was very small and no one mentioned tax. But I am going to try another one this week. Does anyone know whom I should contact in Michigan to get a number? |
 |
 
Steve
 |
Yes, you should have obtained a sales tax ID number. However, just because you did not get a number does not mean that you can't participate in the show.
Many states have a form where you can report collected sales tax even though you are not a registered sales tax vendor. In NY, the form is either ST-130 or ST-131. There could be representatives from Michigan Department of Revenue at the craft show that can get you set up to collect sales tax that day.
To collect the sales tax, add 6% to the price of all of your sales that are picked up at the craft show and all Michigan sales made as a result of the craft show. For example, your customer wants to purchase the item today and wants you to ship it directly to their house instead of taking delivery. You need to give a receipt to each customer anyway. That is how you keep track of the tax collected. Also, the tax must be separately stated on the invoice.
Since you paid tax on the materials used for goods for resale, you need to claim a credit against the tax collected at the craft show. However, you will need to attach the appropriate refund claim form with the form that shows the amount of sales tax collected. Be sure to keep your receipts of your purchases of materials.
Once you become a registered sales tax vendor, you should be allowed to make purchases of materials without paying tax. Again, you will need to have a resale certificate handy to claim this tax exemption. Your suppliers will not sell materials to you tax exempt if you do not have the proper documentation because they will be liable for the tax they didn't charge you if they get audited. |
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pinkstealth
 |
We had to have a license BEFORE, and a tax id #, |
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bostonianinmo
|
If you're going to be selling directly to the public you must have your tax certificate before you can set up. If the show's sponsors have things set up properly they should have requested your tax ID prior to renting you the space if you told them you would be selling.
As far as the tax you paid on the raw materials, you should have got your tax ID first. You could then have avoided paying sales tax on the raw materials that would be used to produce goods for sale. It may well be too late for that now though you can add the taxes paid to your Cost of Goods Sold. At least you won't have to pay any income taxes on the sales taxes that way.
Unfortunately it's too late to register to collect sales tax for a show tomorrow. In most jurisdictions you need a business license before you can register to collect sales tax so you've got a double whammy working against you. Sorry. |
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kimberbahr2000
 |
Yes,you should. However,I live in Minnesota,and some of the vendors will let you use your social security number as a temporary solution. Just call in as soon as possible to get one. When you get your tax number,you should also receive tax exempt forms. Here in Minnesota we give the form to the store we purchase our supplies from and that way we don't pay any tax on those items. You will receive an information packet that will answer all the questions you may have. Good luck at your show! |
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CAROL P
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You'll have to start on if you want to do that for your taxes.
get a tax #. busniess licences and all.
There is a lot to it. have to set up bank account for just
biz stuff. place in your home all that.
you'd be a home based business.
but for Saturday I'd keep track of money coming in
then figuar out what you put out.
see if you broke even. or ahead.
Get Business Expenses Publication 535 from the IRS
Department of the Treasury IRS www.irs.gov
They well help you find you answers.
Good Luck
www.yukon2.biz |
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Charles T
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Hi unfortunately everyone is right you should already have that stuff but How big is the show it may not matter any way keep track of you sales and good luck to you
PS By the way if you are looking for any wholesale products to sell with your crafts e-mail me |
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MukatA
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Do you mean sales tax permit? Because if you are sole proprietor and don't have employees, then your SSN is your tax ID.
To charge sales tax on good you sell, you must get Sales Tax Permit. If you don't have sales tax permit, I don't think that you can add sales tax to your sale price.
Without sales tax permit, when you buy goods for sale you pay sales tax. When are you required to have sale tax permit, check at your state's website. |
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Dare Man
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a tax # heeps you from paying taxes on products you buy for a business. include tax in selling price or charge tax and keep record of all transactions. |
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LittleBarb
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I don't know how it is done in YOUR state, but in NEW YORK STATE, if you are a vendor at a craft show you MUST have your sales tax certificates with you at all times.... You COULD be subjected to fines if you do not have a certificate with a tax number... anyone who MAY be investigating the craft show will have the right to shut you down, confiscate your goods and force you to appear in COURT where you will be FINED.... |
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