SPONSORS
2024 ICRBE EXPO |
Taxes on Repair Work
Posted by:
Dwayne Rye
(---.wff.nasa.gov)
Date: February 24, 2002 04:52PM
Can anyone that understands the tax requirements help me determine if taxes are required on repair work. I've always assumed it was. Last night I was informed by another rod builder that I do not need to collect taxes for, or report income made on, repair work. Any help will be greatly appreciated Re: Taxes on Repair Work
Posted by:
Tom Kirkman
(---.dialsprint.net)
Date: February 24, 2002 05:06PM
Any monies made from repair work or finished rod sales must be reported as income and taxed accordingly. State sales tax must also be collected on any parts used in the repair. In most states, labor on repair work is not taxable. You need to check with your local authorities on this. On finished rods the sales tax is figured on the total selling price - you cannot break labor and component charges apart on finished rods as you are selling a rod, not a repair. The Federal Excise Tax on fishing rods does NOT apply to rod repair work. It is a different type of tax and applies and is figured differently. I still have copies of how to figure this particular tax for those would like them. You will need to send me an SASE however. (RodMaker, PO Box 1322, High Point, NC 27261) .......................... Re: Taxes on Repair Work
Posted by:
Dwayne Rye
(---.wff.nasa.gov)
Date: February 24, 2002 05:21PM
Thanks again Tom for the clarification, I'll be sending the SASE shortly. Sorry, only registered users may post in this forum.
|