I have a Lingerie mail order business. I am based in Florida but the merchandise ships from California.
Other - Taxes - 2 Answers
Random Answers, Critics, Comments, Opinions :
1 :
The individual or company that profits owes the federal income tax, regardless of the location of its vendors(suppliers). Also, about state income taxes...consult the Florida State Income Tax Law since you may owe these taxes as well. New Hampshire for instance has no State Income Tax. And finally, you certainly may deduct from your gross profit, the ordinary expenses you incurred while turning a profit, such as your cost of the lingerie.
2 :
Negative. Same as purchasing via the net.
