Before you begin researching sales tax rates, the first step to collecting tax is to register for a sales tax permit in the state (or states) in which you havesales tax nexus. Sales tax nexus commonly occurs in two ways: physical or economic. Physical nexus means having enough tangible phy...
Topics include the number of states that do not apply a sales tax to online sales, why retailers are attempting to negotiate with sales tax collecting states, and the implementation of affiliate tax laws. Infor...
The reason these two actions are often coupled together is because sales tax returns and payment are generally due at the same time. While each business has a unique filing and remittance frequency, high-volume businesses are often required to file more frequently than small businesses. The tax ...
If you run a business that sells taxable goods or services, you need to get asales tax licensefrom your state and charge sales tax. As a small business owner, you're responsible for collecting the right amount of tax and paying it to the state. You must send sales tax to any tax are...
Sales tax is an additional cost for the goods or services you're selling and is used to support the operation of local and state governments. Knowing how to charge sales tax isn't always a straightforward process, as the sales tax rules are different at all levels. Some states have a ...
While the IRS doesn't guarantee refund dates, the published schedule is a reliable indicator of when you might receive your direct deposit or refund check. Receiving your refund after approval: Once the IRS approves your refund, how long does it take for it to show in your ba...
To record a sales tax write off, you'll have to create an income account first, Boyd. Let me walk you through the process Before anything else, it’s important to note that we'll have to use the correct account type when adjusting sales tax. Since...
The sales tax deduction, which is a part of the state and local tax (SALT) deductions, lets you reduce your taxable income by up to $10,000 if you itemize. But you have to choose between claiming the state and local sales tax deduction and the state and local income tax deduction —...
Selling a rental property can be a real headache. The first thing that likely comes to mind for owners is a big influx of cash and fewer responsibilities. However, there are also many hurdles to navigate, including being hit with a potentially big tax bill. ...
For example, if a US$10 item is being purchased and the sales tax rate is 5%, the sales tax owed would be 50¢, making the purchase price US$10.50 (if there are no other fees or taxes involved). When to collect sales tax from customers ...