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Terence Avella, J.D., LL.M. Guest Blogger

Terence Avella, J.D., LL.M. Guest Blogger

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TAX TALK: Put your Audit in Reverse to Save Sales and Use Tax

Posted by Terence Avella, J.D., LL.M. Guest Blogger on Aug 21, 2017 11:42:00 AM

It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim — so slim that many businesses use reverse audits to find overpayments so they can seek refunds.

Claim your Exemptions

In most states, businesses are exempt from sales tax on equipment used in manufacturing or recycling, and many states don’t require them to pay taxes on the utilities and chemicals used in these processes, either. Additionally, in some states, custom software, computers and peripherals are exempt if they’re used for research and development projects.

This is just a sampling of sales and use tax exemptions that might be available but unless you’re diligent about claiming exemptions, you may be missing out on some to which you’re entitled.

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Topics: TAX TALK

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