Congress’ Marketplace Fairness Act to create a national rule for sales tax, with an exemption for small businesses doing $1 million in sales, has yet been passed. The SBA’s Office of Advocacy has issued a report on the impact of sales tax on Internet sales for small businesses. The report found that a small seller exemption of $1 million would subject only a small share of business to the internet sales tax: less than 4.5% of electronic shopping and mail order houses and less than 2% of all non-store retailers.
My new book, Smooth Failing: Top industry leaders share their secrets for turning pain into profit, is available now! This “Living Edition” will grow as new chapters are added at no cost to those who purchase a copy. Also, available is J.K. Lasser’s Guide to Self-Employment: Taxes, Tips, and Money-Saving Strategies for Schedule C Filers .
