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Taxing Imports

Started by baileyuph, June 23, 2018, 05:17:29 am

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baileyuph

From reading, I suppose one can expect an import tax on furniture and textiles (or an increase)?

To apply, say on a $400 chair brought in - is there enough information to learn what the increase
would be on an item such as the chair example?

I will keep reading for the answer -- anyone seen literal increase in the cost of imports (furniture)?

Fabric suppliers would see the same increase - % wise.

Speaking as such, are there any fabric mills left in the US?

Doyle


Mojo

We are not seeing any fabric increases with our awning company. I cannot say the same thing about our manufacturing company where we use a great deal of stainless and aluminum. The tariff's are hitting steel prices big time and we just got our first price increase on a load of stainless this week.

What really has us worried is the Supreme Court ruling this week that will now allow States to tax products that we ship to our customers. This is going to be a major headache as all the States have different tax laws and rates and we ship to all the States plus Canada & Europe.

We are real concerned as some experts are saying that remote companies that are small will end up going under due to the extra tax burdens placed by the various States. Imagine the bookkeeping nightmare of keeping track of sales tax for 50 plus States as well as sending quarterly checks out to all of them.

Time will tell but I hope Congress comes up with a solution.

Mojo 

Mojo

I should mention that 80 % of our revenue comes from out of State. You guys who only do local work are blessed. :)

Mojo

SteveA

I do mostly local work and have not had to collect sales tax for Jersey or Connecticut.  I do have to itemize between 10 counties whose rates are all different.  When I fill out the form I select the county - tell them how much business I did there that's taxable and the software calculates amount of tax due due.  At the end of the form they give me a percentage back for my time. 
Maybe around $ 10.00 and it takes me 2 hours every quarter to fill this out on line and submit it.  $ 10.00 is all I'm worth -
I wouldn't want to do this for 50 or 57 states depending on your political affiliation
SA

MinUph

  I was thinking about this Friday. For someone like Chris this will become a nightmare quickly. Sure you can find software to keep track of all the countys, states etc. to charge different rates for and print them out a check or electronically file the paperwork but WOW what an office burden on a small business doing sales in all states. Even do my local business I have to do the filing each month and tell the state how much goes to my county. It isn't bad for me as it takes about 10-15 minutes but that is for one county in one state.
 
Paul
Minichillo's Upholstery
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