Hmm..didn't see this coming..

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Ours closed almost a year ago.

Retail stores can't compete with Google and the Internet. When I can buy a drill press over the 'net for $200 less than my local store and get free shipping and no tax... Local stores all over will be closing more and more as time goes on.

GK
 
While I didn't exactly see the end for all the stores coming, I did see the trend.

Years ago, here in the Dallas/Ft. Worth metroplex, if you wanted anything computer related, you went to the Soft-warehouse which was later renamed the Hard-warehouse then bought by the then new CompUSA. They were literally the only game in town if you didn't want the Radio Shack stuff.

For years, my saturday mornings consisted of visiting either CompUSA or a local sidewalk sale in search of goodies.

I think even CompUSA’s biggest rival, Best Buy will eventually fall on hard times as the internet becomes more entwined with our daily lives.

I foresee the day when our shopping habits will force the majority of local retail stores we see today into becoming relics of the past, just like having milk delivered to your doorstep!
 
Sad but true, not only the demise of the big boys but also Mom and Pop retail stores. Not to long ago when Nascar started its boom the LOML and I opened a Racing collectable store in Shawnee, business right from the start was terrific, rarely will a Mom and Pop retail store make a profit in its first few years but we were in the black in the first 6 months and very profiiable for the first 4 years, our competition was 2 stores in OKC malls and 2 other strip stores in the metro.I saw the internet starting with E-bay getting more and more into the selling of collectables and before long the stores in the malls closed,then the 2 in strip centers closed as the internet people didn't have any overhead except a computer and web-site but we had rent,phone,insurance,taxes,workers comp, well you get the picture as you will be hard pressed to find a Nascar collectable store now the internet has eaten us up as even the Distributers are selling direct to the internet public now.

Originally posted by Texatdurango
<br />While I didn't exactly see the end for all the stores coming, I did see the trend.

Years ago, here in the Dallas/Ft. Worth metroplex, if you wanted anything computer related, you went to the Soft-warehouse which was later renamed the Hard-warehouse then bought by the then new CompUSA. They were literally the only game in town if you didn't want the Radio Shack stuff.

For years, my saturday mornings consisted of visiting either CompUSA or a local sidewalk sale in search of goodies.

I think even CompUSA’s biggest rival, Best Buy will eventually fall on hard times as the internet becomes more entwined with our daily lives.

I foresee the day when our shopping habits will force the majority of local retail stores we see today into becoming relics of the past, just like having milk delivered to your doorstep!
Click to expand...
 
Originally posted by gketell
<br />Ours closed almost a year ago.

Retail stores can't compete with Google and the Internet. When I can buy a drill press over the 'net for $200 less than my local store and get free shipping and no tax... Local stores all over will be closing more and more as time goes on.

GK
Click to expand...

Just as an FYI..just because you don't get charged tax, it doesn't mean you don't owe tax. Although I can't answer for your state, in mine (and others), it's called Sales and <b>USE</b> Tax.
There is a line on our income tax return to pay USE tax on all internet purchases. This isn't a post to chastise anyone for not paying. It's just to point out that in the internet vs. retail debate, the "no tax" for internet purchases can be a misperception. I have seen instances where a business was audited and tax bills (from NC) were sent to customers who made purchases.
 
Here in California it is just Sales Tax. They don't charge a USE tax. Sounds like NC would start charging you to use their oxygen if they could figure out how to track it. [B)][8][:(]

GK
 
Greg, Been in effect since 30's I believe. It was designed to protect local retailers from anyone crossing a border if the neighboring state had a lower tax rate. I've seen some people get a real surprise when purchasing car, boat or even an airplane out of state. These things are regulary tracked through their serial numbers, VIN's etc. I'm just waiting for them to audit someone like Amazon and send bills to their customers.

A lot of info in tax laws if they are actually understood. But they are usually written so you can't.
 
Originally posted by gketell
<br />Here in California it is just Sales Tax. They don't charge a USE tax. Sounds like NC would start charging you to use their oxygen if they could figure out how to track it. [B)][8][:(]

GK
Click to expand...

Yes, but we do have a line on our return that asks how much we purchased over the internet so they can tax it.
 
So far in OK. no tax on Internet purchashes as long as they come from outside OK. as far as I know[;)].
 
As far I know, every state (including OK and CA) that charges sales tax also charges use tax. Sales tax is expected to be collected and remitted by the seller, use tax is to be paid directly to the state by the buyer in cases where the purchase was made out of state, primarily through catalogs and over the internet. Internet sales are not exempt from tax, it is internet sellers who are exempted from collecting taxes.

Most sales tax charging states have agreements with neighboring states to prevent sellers of big ticket items like cars, furniture and appliances from avoiding sales tax by selling in one state and delivering in another. But I'm not aware of any state that has followed through with the fink threat, that is, requiring the out of state seller to provide the names of out of in state purchasers so the resident state can make sure that use taxes are paid.

If you are making out of state purchases without paying in state use tax on them (maybe a few pen kits?). Your state has the right to require you to pay use tax at the local sales tax rate. If you are paying income taxes on your pen sales business; carefully saving all of your internet purchase receipts so you can call them expenses, you could walk into a state tax audit and show them your receipts that serve the unintended purpose of proving that you are not remitting your local/state use taxes.
 
Gerry, in NC, the large ticket items like planes, boats etc are caught when they are registered. You must pay the use tax before you can register the boat and get the required Wildlife sticker. Cars used to be this way, but now they are subject to Highway Use tax. Same type of deal though. Any car, truck or trailer brought into NC will have to pay this before getting a license plate and title. This includes USED vehicles if you register them here from another state. Also if the internet business has any type of location inside the state (they call it nexus) it is required to collect sales tax from customers located in that state. That's why Dell computers are taxed when delivered to NC.

The states realize they are losing potential revenue and are doing everything they can to find a way to tax these sales. The reason it hasn't happened before is the internet sellers are exempt from collecting Sales and currently it costs more to determine who owes the USE tax than they can collect on a wide scale basis. But with estimates between $16 and $30 BILLION dollars, you can bet they won't stop trying.

But you have a good point about the audit, proving one deduction may also prove another liability. With NC law, they normally audit for 3 years, they can easily go back 5 years. If they see a pattern, they will go 10 years. If they can prove fraud, there is no limit to how far the CAN go back. Doesn't happen often, but it's possible.
 
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