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Tax Exemption

Wavebid provides companies with flexible taxing options, including the option to mark whole auctions, individual lots, customer, or invoices as tax exempt. This article describes the steps for settings tax exemption at each of these levels. For information on tax reporting, see Tax Summary Report.

Auction Level

Lot Level

Customer Level

Invoice Level

Fees/Premium Taxes

 

Auction Level                                                                                           

An auction's tax status can be changed on an individual invoice or lot level. Meaning that the entire auction can be set to be tax exempt, while one lot or invoice can still be taxable.

To set an entire auction as tax exempt:

  1. Navigate to the applicable auction from the Dashboard, then selecting Auction > Edit Settings
  2. Click on the Accounting tab.
  3. Check the Auction Tax Exempt box on the right side of the page. AuctionTaxExempt.PNG
  4. Click the Disk icon in the top right corner of the page to Save.

 

Lot Level                                                                                                   

The Auction's Settings will need to be updated before exemption can be applied at a lot level:

  1. Navigate to the applicable auction from the Dashboard, then select Auction > Edit Settings.
  2. Under the Auction Attributes tab, check the Different Tax Rates per lot? box. (If Advanced Auction Attributes have been enabled under the company profile, this option will be found under the Adv. Auction Attributes tab.)
  3. Click the Disk icon in the top right corner of the page to save the auction.

 

Once the settings have been updated, tax exemption can be applied to any lot:

  1. Navigate to the applicable auction from the Dashboard, then select Catalogs > Lot Builder.
  2. Create a new lot or use the Go to lot drop-down menu at the top of the page to select the appropriate lot. For information on creating a lot, see Lot Builder.
  3. Check the Tax Exempt box under the Lot Details tab at the bottom of the page. LotTaxExempt.PNG
  4. Click the Disk icon in the top right corner to Save the lot.

 

Customer Level                                                                                        

Individual Auctions

To mark a bidder as being tax exempt for a specific auction during check-in:

  1. Navigate to the applicable auction from the Dashboard, then select Accounting > Check-In.
  2. Use the Find Customer field to locate the bidder or create a new bidder. For more information, see Bidder Check-In.
  3. Check the Tax Exempt? box. ExemptBidderCheckIn.PNG
  4. Click the Disk in the top right corner of the page to Save.

All Auctions

To mark a customer as being tax exempt for all auctions:

  1. Navigate to My Links > Company > Customers > Create/Edit.
  2. Use the Find Customer field to locate the bidder or create a new bidder. 
  3. Click on the Tax Info tab at the bottom of the page.
  4. Enter the tax exemption details. CustomerTaxExempt.PNG
  5. Click the Save button in the top right corner of the page.

 

Invoice Level                                                                                             

Tax exemption can be applied to an item on the invoice, or to an invoice as a whole, as long as payments have not already been applied to the invoice. If payments have already been applied to the invoice, they will need to be removed before the tax can be adjusted. For more information, see Payments.

  1. Navigate to the appropriate auction on the Dashboard, then select Accounting > Invoices.
  2. Click on the Invoice Number of the applicable invoice.
  3. To set tax exemption for an individual item, click on the blue tax value in the Tax or Sale Price Tax column. To set tax exemption for the entire invoice, click on the blue Tax column header. ExemptTaxonInvoice.PNG
  4. A pop-up window will appear. Click the Tax Exempt? check box.
  5. Click the Set Tax Code button. The tax will be adjusted on the invoice.

 

Fee/Premium Taxes                                                                                  

For information on Buyer's Premium tax, see Buyer's Premiums.

For information on Convenience (credit card) fee taxes, see the Accounting Tab section in Auction Settings.

For information on invoice fee taxes, see Fee Management.

 

 

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