What the Tax????!!!!!

[buymycards]

Originally Posted by Johnny630

Boots on the Ground Card Shows might start to get Heat Up Again !

I set up at card shows. I have a Wisconsin sellers permit and I pay sales taxes on everything that I sell at shows. I don't charge the customers, so I effectively lose 5.5% on every sale at a show. This has been going on for years. Nothing new. The Wisconsin Department of Revenue has been known to show up at shows to check the dealers to see if they have a sellers permit.

I also pay Federal and State taxes on my net profit at the end of the year, along with around 15% for Medicare and Social Security. When I purchase a collection I have to get if for a really low price in order to make a profit.

Most of my fellow dealers don't have a permit and they don't pay taxes on their sales. That is why most dealers don't accept debit or credit cards, or PayPal or checks. They deal in cash so they can avoid taxes.

It is hard for me to believe that paying sales tax on a purchases is a big hardship for most buyers, and I wouldn't let 5% stop me from buying something for my collection. The people who are cancelling purchases because of the sales tax are flippers, and the 5% eats into their profit.

Rick

[Johnny630]

Originally Posted by buymycards

I set up at card shows. I have a Wisconsin sellers permit and I pay sales taxes on everything that I sell at shows. I don't charge the customers, so I effectively lose 5.5% on every sale at a show. This has been going on for years. Nothing new. The Wisconsin Department of Revenue has been known to show up at shows to check the dealers to see if they have a sellers permit.

I also pay Federal and State taxes on my net profit at the end of the year, along with around 15% for Medicare and Social Security. When I purchase a collection I have to get if for a really low price in order to make a profit.

Most of my fellow dealers don't have a permit and they don't pay taxes on their sales. That is why most dealers don't accept debit or credit cards, or PayPal or checks. They deal in cash so they can avoid taxes.

It is hard for me to believe that paying sales tax on a purchases is a big hardship for most buyers, and I wouldn't let 5% stop me from buying something for my collection. The people who are cancelling purchases because of the sales tax are flippers, and the 5% eats into their profit.

Rick

Agree Most People nowadays who Set up at shows do this for a living.... back in the 80’s and early 90’s many guys set up at shows had full time jobs, they were weekend warriors. I loved those days. I’d say collector dealers are now under 20% at the major shows vs %80 full time sellers/not collectors. eBay turned everyone into a dealer. Not everyone I’m exaggerating but you get my drift. It’s all about the money now not the cards. Has been for 20 plus years.
I hope shows become the new thing again....that will be cool! Lower prices on vintage have already started.

[pokerplyr80]

Sales tax is 9.25 out here. I am not a dealer or even much of a card flipper, but when you factor it in along with say 10% ebay fees and 3% for PayPal, or 16-20% for an auction house it makes a difference.

It's hard to find a card you can buy for 70-75% of it's current market value to quickly turn around and sell for a profit. At least for me. And then if I do I would probably just break even trying to sell it. Not worth the hassle.

[ValKehl]

Originally Posted by buymycards

I set up at card shows. I have a Wisconsin sellers permit and I pay sales taxes on everything that I sell at shows. I don't charge the customers, so I effectively lose 5.5% on every sale at a show. This has been going on for years. Nothing new. The Wisconsin Department of Revenue has been known to show up at shows to check the dealers to see if they have a sellers permit.

I also pay Federal and State taxes on my net profit at the end of the year, along with around 15% for Medicare and Social Security. When I purchase a collection I have to get if for a really low price in order to make a profit.

Most of my fellow dealers don't have a permit and they don't pay taxes on their sales. That is why most dealers don't accept debit or credit cards, or PayPal or checks. They deal in cash so they can avoid taxes.

It is hard for me to believe that paying sales tax on a purchases is a big hardship for most buyers, and I wouldn't let 5% stop me from buying something for my collection. The people who are cancelling purchases because of the sales tax are flippers, and the 5% eats into their profit.

Rick

Very well said, Rick. I sense that your level of personal integrity is much higher than that of most people.

[Buythatcard]

Originally Posted by buymycards

I set up at card shows. I have a Wisconsin sellers permit and I pay sales taxes on everything that I sell at shows. I don't charge the customers, so I effectively lose 5.5% on every sale at a show. This has been going on for years. Nothing new. The Wisconsin Department of Revenue has been known to show up at shows to check the dealers to see if they have a sellers permit.

I also pay Federal and State taxes on my net profit at the end of the year, along with around 15% for Medicare and Social Security. When I purchase a collection I have to get if for a really low price in order to make a profit.

Most of my fellow dealers don't have a permit and they don't pay taxes on their sales. That is why most dealers don't accept debit or credit cards, or PayPal or checks. They deal in cash so they can avoid taxes.

It is hard for me to believe that paying sales tax on a purchases is a big hardship for most buyers, and I wouldn't let 5% stop me from buying something for my collection. The people who are cancelling purchases because of the sales tax are flippers, and the 5% eats into their profit.

Rick

Rick,

I agree with you 100%.

I also pay my taxes at the end of the year on every single item that I sell. It's all part of running any legit business.
I know sellers who do business on eBay that never record their online earnings. I believe that will catch up with them one day.

Buyers need to understand that it's not the Seller's or eBay's fault for collecting any tax. Eventually, it will be mandatory for all online sales. It's just a matter of time, when the online AH's start collecting too.
Like death, you can't avoid it.