TJM CPA ACCOUNTING BLOG
Leadership and Solutions for Small Businesses.
Online shoppers, pull out your calculators.
The state is requiring you to declare how much sales tax (at a rate of 6.6 cents on the dollar) you would have paid for online sales made in 2011, as well as items purchased out of state if there was no sales tax levied on the purchase.
It’s nothing new, but the reporting requirement has long been obscure and ignored.
To make the task easier and more obvious, the Arizona Legislature earlier this year passed a law requiring that a special line be added to the 2011 individual-income tax forms for reporting such purchases. It makes Arizona the 23rd state to add such a specific reporting requirement.
The line is being added after the balance of tax has been calculated but before taxpayers apply any credits.
Look for tax forms mailed out this month.