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Author: zol Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121592  
Subject: Re: Poll: Tax on internet purchases Date: 2/25/2014 2:41 PM
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Many online places now charge sales tax and what your CPA would be asking me to do is determine which online purchases have and have not charged sales tax. I pay these bills with credit card and I don't keep sales receipts for either online or any other routine purchases. I do scan my receipts for items that I might need to know the value of in the event of a theft for example.

I found it easy to determine use tax due on online purchases. I get an email receipt with purchase confirmation. It is easy to set up a folder to move those receipts until tax time. The email account I use also has excellent search capabilities.

Also, Amazon purchases are the bulk of my online purchases. I can look up all my purchases under the account tab and add up the amount to be taxed.

I prefer to go through the trouble rather than risk being audited and/or having to pay an estimate based on income. I checked actual vs estimate and it is definitely lower.

- zol
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