Kintsugi AI

Stay ahead of the curve with our comprehensive overview of Connecticut’s sales tax updates for 2024. This presentation covers essential details, including current tax rates, compliance requirements, and the latest legislative changes affecting businesses. Discover how these updates may impact your business and learn strategies for managing sales tax effectively. Perfect for business owners, financial professionals, and anyone interested in Connecticut’s tax landscape.

Transcript

1. UNDERSTANDING THE UNDERSTANDING THE LANDSCAPE IN 2024 LANDSCAPE IN 2024 CONNECTICUT SALES TAX trykintsugi.com
2. trykintsugi.com Introduction Welcome to Kintsugi's rundown on sales tax in Connecticut! In this presentation, we’ll explore the state's sales tax rates and recent changes for 2024. CONTINUE
3. Sales Tax Rate Overview As of 2024, Connecticut’s base sales tax rate stands at 6.35%. Unlike many states, Connecticut does not have varying county or city rates, ensuring uniformity across the board. trykintsugi.com
4. General Sales Tax: 6.35% Luxury Goods Tax: 7.75% on items like jewelry over $5,000 Prepared Food: 7.35% for restaurant meals Hotel Tax: 15% on accommodations Digital Goods: 6.35% on e-books and streaming services. Sales Tax Breakdown LET’S BREAK DOWN CONNECTICUT'S SALES TAX CATEGORIES: trykintsugi.com
5. Calculating Sales Tax Determine the Taxable Amount: Include all charges. Apply the State Sales Tax Rate: Generally, it's 6.35%. E-commerce Sales: If sales exceed $100,000 or 200 transactions in Connecticut, tax must be collected. To calculate sales tax: trykintsugi.com
6. Understanding Use Tax Use tax applies to goods purchased out-of-state. It's equal to the sales tax rate, currently at 6.35%. Buyers must report it on their income tax return. trykintsugi.com
7. trykintsugi.com Recent Changes to Sales Tax Children’s Clothing Exemption: Now for items under $100. Prepared Meals Tax Rate Drop: From 7.35% to 6.35%. Digital Advertising Tax: A new 1% tax introduced. 2024 SAW SOME SIGNIFICANT UPDATES:
8. Excise and Other Taxes Alcohol and Tobacco with varying rates. Gasoline Tax included in pump prices. Hotel Occupancy Tax at 15%. trykintsugi.com Connecticut also imposes excise taxes on:
9. Physical Nexus: A presence in the state triggers tax obligations. Economic Nexus: Sales over $100,000 or 200 transactions require compliance. Nexus and Compliance UNDERSTANDING NEXUS IS CRUCIAL: trykintsugi.com
10. Threshold lowered to $100,000. All sales facilitated by affiliates must be documented Click-through Nexus Changes In 2024, click-through nexus rules have been tightened: trykintsugi.com
11. Conclusion Connecticut’s sales tax landscape in 2024 reflects stability, with a few notable changes aimed at easing the tax burden on families and adapting to the digital economy. Understanding these regulations is vital for compliance! trykintsugi.com
12. Contact Us +1 (415) 840-8847 trykintsugi.com growth@trykintsugi.com