Online Tax Watch
Millions of people are shopping online and it looks as though it's still on
an upward trend. But if you live in West Virginia, be prepared to pay a little
more for that online purchase. West Virginia's state tax department is tracking
online purchases this year.
In an effort to boost its collections on such sales, the West Virginia state Tax Department will include a form in tax booklets next year to help taxpayers figure out how much they owe in sales tax from their online purchases. According to an article found at the DailyMail.com "Only 200 retailers nationwide have volunteered to collect states' sales tax from online or mail-order transactions. Customers that buy from a company that doesn't collect the tax are responsible for paying what they owe when tax time comes around in April."
Right now there's no uniform tax for online purchases. State officials estimate that they loose nearly 25 million dollars in lost revenue each year on purchases made online. Is a nationwide online tax coming soon? It's hard to tell but there is one thing that is certain - states are taking a much closer look.
Take the Online Sales Tax Survey: Should individual states adopt an online sales tax?