Proper Way to Enter Taxable Purchases

[Jean-David Beyer]

On 04/03/2014 05:53 PM, Jean-David Beyer wrote:
> On 04/03/2014 10:52 AM, Fast Radio wrote:
>> Buy the book, it gives precise details about taxes.
> 
> What book?

What book are you talking about? I need a book that specifies
specifically what items are subject to New Jersey End Use Tax and what
items are not.
>>
>> On Thursday, April 3, 2014 6:11 AM, Jean-David Beyer
>> <jeandavid8 at verizon.net> wrote:
>> On 04/03/2014 06:48 AM, Maf. King wrote:
>>> On Wed 2 April 14 14:07:52 Donna Pfeifer wrote:
>>
>>> If your sales tax works the same way as our VAT, then you would need
>> an asset
>>> account called something like "Sales Tax Paid on Purchases" and split the
>>> purchase transaction between Expenses:Widgets and SalesTaxPaid.
>>>
>>
>> I live in New Jersey and there is a sales tax on most things I buy (7%)
>> and that tax is collected at the time of purchase. But in addition,
>> there is an end-use tax charged on things I purchase from out of state.
>> This is very confusing for several reasons:
>>
>> 1.) It is impossible to get an authoritative statement of which items
>> are taxable and which are not.
>>
>> 2.) Some out of state businesses collect New Jersey sales tax, and some
>> do not. Amazon.com collects the tax on some things and not on others.
>>
>> 3.) If you buy something out of state and pay their sales tax, the end
>> use tax in New Jersey is just the amount that New Jersey Tax exceeds the
>> tax you paid out of state.
>>
> [snip]
> 
> 


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