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Thread: 2008 Maine Geocoin

  1. #21
    Join Date
    Feb 2007
    Location
    Oakland, Maine
    Posts
    528

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    Sales Tax? Wow, I dislike this state at times.
    Geocaching Parrotheads

    Why can't we get a government sponsered tick eradication program?

  2. #22
    Join Date
    Jan 2008
    Location
    Canaan , Maine
    Posts
    498

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    Does Maine tax you because it's an orginazation?? You personaly have them made and you personally sell them to people . Why does the state tax you?
    Someone asks if they can buy a coin and we sell it to them, no taxes involved.
    And they don't tax Auctions on Ebay. Unless you have a store.
    I'm not trying to be a jerk, I can't understand why they tax you. Why do they get involved with your personal business.
    Help please?
    Opalsns

  3. #23
    Join Date
    Dec 2007
    Location
    So. China Maine
    Posts
    1,588

    Default Taxes

    I think I might be of help here. There's certainly no taxes when private individuals buy and sell with each other.

    Being an "organization" also doesn't necessarily mean that it will get taxed. The usual starting point has to do with whether the entity is engaging in an activity for profit. If not, then taxes are unlikely. For example, Geocaching Maine could be set up as a non-profit and sell coins to support its "non-profit" activities. It could apply for an exemption from sales taxes from the Maine Revenue Service. If the organization makes money from the sale of coins but uses that for its general purposes, there would still be no tax. There comes a point where informational tax returns might be required but I'll defer to CPA's for that as the rules frequently change from year to year.

    Hope that helps.
    Quote Originally Posted by Opalsns View Post
    Does Maine tax you because it's an orginazation?? You personaly have them made and you personally sell them to people . Why does the state tax you?
    Someone asks if they can buy a coin and we sell it to them, no taxes involved.
    And they don't tax Auctions on Ebay. Unless you have a store.
    I'm not trying to be a jerk, I can't understand why they tax you. Why do they get involved with your personal business.
    Help please?
    Opalsns
    Sometimes the road less traveled is less traveled for a reason.

  4. #24
    Join Date
    Jun 2004
    Location
    Brewer, Maine
    Posts
    1,808

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    At the point when we did the first coin, we weren't sure WHAT the exact situation was, but felt that it was worth collecting/paying the 5% to avoid any potential issues with the state coming to us for a collection. We had also discussed the potential for a lawsuit if someone's kid swallowed a coin and we got sued, etc. We worked through a lot of what if's, but decided that this would be the safe route to take.

  5. #25
    Join Date
    Dec 2007
    Location
    So. China Maine
    Posts
    1,588

    Default Sales Tax

    Did you actually send in sales tax money to the State?
    Sometimes the road less traveled is less traveled for a reason.

  6. #26
    Join Date
    Jun 2004
    Location
    Brewer, Maine
    Posts
    1,808

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    Yeah, it isn't much. I just create a sales invoice lump sum. I think it was about 30 cents/coin.

  7. #27
    Join Date
    Jan 2008
    Location
    Canaan , Maine
    Posts
    498

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    Thanx to both Dubord and Sudonum,
    I understand now.
    Opalsns

  8. #28
    Join Date
    Jun 2004
    Location
    Bangor, ME
    Posts
    6,058

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    Quote Originally Posted by Opalsns View Post
    Actually, Your wrong,
    I volunteered on several posts to help get the ball rolling and was, of course, shot down and my ideas questioned. You can ask Medaweisla about that because she READ the posts. Or I can cut and paste them to this thread so you can read them !
    Yes, you as well as many others made suggestions. Some ideas were used, some were not. What I am saying is there should be one or two people to see the entire process though. From sending out feelers about the coin and it's entire process and a rough time line. If you read through that thread it's basically a free for all. And maybe that's good enough since it looks like there will be a coin, perhaps I just like more organization.

    We all have ideas that get shot down. If you check many of my suggestions in other posts, you'll see many of my ideas didn't make it far either. But if you don't put your idea out there, you'll never know.

    Quote Originally Posted by Opalsns View Post
    Maybe the board shold use another coin maker ???????
    Opalsns
    "The board" doesn't use a coin maker. We as a group do. It took a year to get this coin made, imagine how much longer it might have been if we had a discussion over changing the coin maker. Again, better reason for more organization.
    DNFTT! DNFTT! DNFTT!

    "The funniest thing about this particular signature is that by the time you realize it doesn't say anything it's to late to stop reading it..."

  9. #29
    Join Date
    Jan 2008
    Location
    Canaan , Maine
    Posts
    498

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    Hollora,
    Thank you for your email. No hard feelings to you either.Though I'm having trouble emailing, I can answer you here.
    I didn't mean that people were stealing coins and selling them on ebay, I meant they're popular to be stolen. And people pay big money on ebay to get any coins. Not to get Stolen coins.
    I'm sorry you were bothered by my dealer comment. I don't want someone making a bunch of money on something I created.
    You said a coin has to be pretty spectacular for it to sell for 15.00 and up. I think it depends how bad someone wants it and how many want it.
    You said there are poor quality coins that you would only get if someone gave it to you, I really haven't seen a poor quality coin yet. Honestly!!!
    And I'm really sorry that you hate crows.
    I don't know what a crow did to you to make you hate them, but to us , the crow is representation of Bubba's younger brother who died of a misdiagnosis of intestinal cancer at the age of 31. He was a Bass player in the Raven Street Band. After he passed a huge crow started following Bubba around.
    Again, No hard feelings to you, and I hope this helps you understand me.
    Opalsns

  10. #30
    Join Date
    Dec 2005
    Location
    ME
    Posts
    3,517

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    Quote Originally Posted by Opalsns View Post
    Hollora,
    Thank you for your email. No hard feelings to you either.Though I'm having trouble emailing, I can answer you here.
    I didn't mean that people were stealing coins and selling them on ebay, I meant they're popular to be stolen. And people pay big money on ebay to get any coins. Not to get Stolen coins.
    I'm sorry you were bothered by my dealer comment. I don't want someone making a bunch of money on something I created.
    You said a coin has to be pretty spectacular for it to sell for 15.00 and up. I think it depends how bad someone wants it and how many want it.
    You said there are poor quality coins that you would only get if someone gave it to you, I really haven't seen a poor quality coin yet. Honestly!!!
    And I'm really sorry that you hate crows.
    I don't know what a crow did to you to make you hate them, but to us , the crow is representation of Bubba's younger brother who died of a misdiagnosis of intestinal cancer at the age of 31. He was a Bass player in the Raven Street Band. After he passed a huge crow started following Bubba around.
    Again, No hard feelings to you, and I hope this helps you understand me.
    Opalsns
    It said I needed 10 characters - though I was character enough.

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