Tracking Use Tax
Many states impose Use (or Usage) Taxes on purchases that are shipped to you from a different state than the one in which you have your business, this is becoming more common as we purchase more items on the internet, and generally the purpose of Use Tax is to equalize the tax burden when buying from in-state and out of state vendors.
While QuickBooks does an excellent job of tracking Sales Tax, even when you have to collect Sales Tax from multiple jurisdictions, it does not automatically calculate Use Tax for you – - – but it is possible to track Use Tax using these instructions.
This article provides you with step-by-step instructions for tracking use tax on goods or services that you purchase which are subject to use tax.
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