Active Now

Art Lover
my2cents
Discussion » Statements » Rosie's Corner » Is there any limit to the number of times the same item can be taxed? You pay tax when you buy it. You charge tax when you sell it. Right?

Is there any limit to the number of times the same item can be taxed? You pay tax when you buy it. You charge tax when you sell it. Right?

Is that just SOP? Individuals selling things don't charge tax. But a business has to charge the going tax rate doesn't it?

You buy it from the source. You sell it in your store to another business owner. He sells it to someone.

That's 3 taxes on the purchased item isn't it?

So limit?

Posted - May 28, 2021

Responses