Vermont – VT Did you remember to pay use tax on your Vt. return?

WCAX.COM
Posted: Mar 08, 2017 3:01 PM PST
Updated: Mar 08, 2017 3:46 PM PST
By Rose Gomez

MONTPELIER, Vt. –
Vermont will soon be getting millions of dollars in sales tax directly from Amazon, which will collect the state sales tax on purchases within the state. It’s not a new tax, just a new way of collecting. And if you buy from other online retailers, you’ll still be expected to pay the sales tax when you file your income tax returns.

“If you purchase something from out of state and you don’t pay sales tax on it in that state, but you’re going to use it here in Vermont, if it’s something that you would’ve paid sales tax on if you had purchased it here, then you owe the state of Vermont use tax,” said Colleen Montgomery, a CPA.

Taxpayers this season will still need to pay the use tax for Amazon purchases but in next year’s tax return, they won’t have to. For those who don’t know how much they’ve purchased during the year, there’s a chart that gives a dollar amount taxpayers owe based on their income. However, accountants say you could end up paying more than necessary by using that chart.


For Further Information:

http://www.wcax.com/story/34701028/did-you-remember-to-pay-use-tax-on-your-vt-return