State Use Tax - An Expensive Tax Trap Small Businesses May Not Know About
Update: 2023-01-30
Description
In this month’s edition of The More Report Podcast Edition, Jonathan C. Wolnik discusses Ohio use tax and why it can be an expensive tax trap for small businesses. State use tax is generally owed by the purchaser of tangible personal property or services when the vendor does not collect sales tax, assuming the transaction is taxable. Sales tax is often omitted in the context of purchases from out of state vendors who may be unfamiliar with various state and county tax rates applicable in Ohio. It is important to know when state sales tax is omitted from a sale and timely file a use tax return when applicable. Small businesses owners are likely to benefit from Jonathan's informative overview of Ohio use tax.
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