Product taxability lets users define exceptions.
>> The easy-to-use, built-in product taxability feature enables the user the ability to define product exceptions by clearly and concisely walking them through the steps necessary to define jurisdictions, product type, exemption status and the tax base.
>> This tax decision functionality will enable the user to take full advantage of the applicable state and local exemption provisions available on their products and/or services.
>> This translates to savings to the customer as well as tax savings to your own company with respect to purchases that may have been taxed or self-assessed in error. This important feature accounts for non-taxable items, partially exempt items (exempt at the state level but taxable at a local level), and items that should be taxed at different rates.
Product taxability overview:
>> Defines product types / categories that are exceptions
>> Taxes different products at different rates
>> Defines which products are tax-free
>> Accommodates special tax situations and reduced taxable basis calculations