Friday, December 04, 2009

You're missing some tax breaks

I was chatting with a woman who bragged about finding a really big sales and use tax break for the company she worked for. What stunned her was that it was just a matter of reading the rules for her industry...the exemption was clear. She had to do a little digging - but it was right there! And her company had been handing over money for years without realizing that they didn't have to.

Not only that, but other folks in the same industry didn't know about the exemption either.

The fact that no one was using the exemption made her nervous. She contacted a sales and use tax lawyer who basically said, "Yeah, it's right there. So what's the problem?"

The moral is that you should very carefully comb the sales tax and/or use tax laws and exemptions in your states. Look for rules that could apply to you. They may be relevant to your industry. Or they might just be something that only tangentially is relevant. And they might be a little hard to tease out. But if there is a law that you can use to save money, why aren't you?

Remember, the auditor will be carefully checking that you've paid all your taxes. But she won't be telling you about the exemptions that will save you taxes. You have to do that yourself. Go crack the books and do some research.

Look! Research! Use it!

Sales Tax Guy

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