Business News
SACRAMENTO – Now that most Californians have received their tax materials and are getting ready to file their 2011 personal income tax returns, the Board of Equalization (BOE) wants to remind taxpayers not to forget to include the “use tax” they owe on purchases made from out-of-state online and mail order retailers, or purchased from an out-of-state retailer and brought back into California.
To help make the reporting process more convenient, the BOE, working with the California Franchise Tax Board, has made available an easy-to-read reference guide, the Use Tax Lookup Table.
Californians will find the table included in the instructions that accompany tax Forms 540, 540A, and 540 2EZ, and on the BOE Web site at www.boe.ca.gov/pdf/2011UseTaxTable.pdf, providing a simple way to estimate use tax, based on California Adjusted Gross Income, on any number of non-business purchases less than $1,000 each.
What is “use tax”?
In its simplest form, it is tax due on any item bought from an out-of-state retailer that will be “used” in California that if purchased in the state would have been subject to sales tax. Generally, the use tax rate is equal to your local sales tax rate.
While all Californians have an obligation to pay use tax, the revenue it generates for the state and local communities helps to fund important services all Californians enjoy, such as public safety, education, and transportation.
Use tax is not an “Internet tax.” It has been on the books since 1935 to protect in-state retailers from the competitive price disadvantage held by out-of-state retailers who do not collect California tax.
The Use Tax Look-Up Table is estimated to bring in $10.6 million annually, and is an important tool to help close California’s $1.1 billion use tax gap.
For more information on sales and use tax rates, visit www.boe.ca.gov/sutax/pam71.htm, or call 800-400-7115.
Use Tax Look Look-Up Table: http://www.boe.ca.gov/pdf/2011UseTaxTable.pdf.
Use Tax Frequently Asked Questions: http://www.boe.ca.gov/sutax/faqusetax.htm.
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- Written by: Editor
LAKEPORT, Calif. – Watershed Books, owned and operated by Cheri Holden, has just been named “Business of the Quarter” by the Lakeport Main Street Association (LMSA).
The downtown store was nominated by customers and fellow businesses who commended Holden on her regular in-store special events and her community involvement.
She serves on the executive board of the Lake chapter of the Sierra Club, is the coordinator of the Tule Film Festival, is a member of the Clear Lake Advisory Committee and says that her chief passion, aside from books, is for the county to have a healthy lake.
Holden was awarded a certificate of excellence and a lovely scarf by LMSA Board of Directors president, Barbara Breunig, at a recent Main Street mixer.
Watershed Books will also be featured in a video on the LMSA Web site and in a front page article in the next LMSA newsletter.
Watershed Books is located at 305 N. Main St., Lakeport, offering a wide selection of new, used and rare books.
For more information visit www.watershedbookco.com or call 707-263-5787.
The Lakeport Main Street Association is a nonprofit organization which follows the National Trust Main Street program.
LMSA’s mission is to improve the economic health of downtown Lakeport, preserve its historic beauty and foster its small town friendliness.
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- Written by: Editor
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