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NY State Sales Tax

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  • Den82
    Career Member
    • Jan 17, 2011
    • 969

    NY State Sales Tax

    I'd like to start buying toys wholesale for my eBay store. Like the new SMDM stuff and maybe even Hot Toys if possible.

    What is the process and steps that must be taken?
  • toys2cool
    Ultimate Mego Warrior
    • Nov 27, 2006
    • 28605

    #2
    The Hot toys is an expensive thing man..The guy I buy from tells me he has to order a crap load to get a small discount
    "Time to nut up or shut up" -Tallahassee

    http://ultimatewarriorcollection.webs.com/
    My stuff on facebook Incompatible Browser | Facebook

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    • megocrazy
      Museum Trouble Maker
      • Feb 18, 2007
      • 3718

      #3
      You need to register as an actual business and get a tax id number. For small businesses it's usually your SS number. Some distributors will ask for pictures if you are a brick and mortar location or proof of business as an online seller for a period of time. You will usually need to place a large order initially. $2000 is common but I wouldn't be surprised to see $5000+. Once registered as a business you will need to file quarterly sales tax forms based on your taxable sales. You'll need to claim the sales on your income taxes, unless you can show that all profit was spent between stock and the actual web site costs.
      It's not a doll it's an action figure.

      Comment

      • Adam West
        Museum CPA
        • Apr 14, 2003
        • 6822

        #4
        Once you receive the business license; you can obtain a resale certificate. That way, you won't have to pay sales tax on the items you buy for re-sale.
        "The farther we go, the more the ultimate explanation recedes from us, and all we have left is faith."
        ~Vaclav Hlavaty

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