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What small business owners need to know about sales and use tax

As a buyer, you walk into any retail store, pick up the item you want to purchase and then pay for the cost of the item plus sales tax at the cash register. It seems simple enough. As a small business owner, however, sales taxes can be more complicated and potentially more costly than you think.

Here are some elements of sales and use tax law that may impact your small business:

It pays to stay informed about sales and use tax rules, rates, and assessments. Don’t assume that one rate of tax applies to all of the items you sell, all of your customers, or even all of your locations. Consult your tax advisor or implementation consultant for help correctly assessing, collecting, and remitting sales and use tax in your business.