NYS Business sales tax question?
If you are filing quarterly sales tax returns, do you have to follow IRS schedule starting March 1st or can you follow the regular calendar
And as an incorporated autorepair shop, besides income and sales, what other type of taxes am I subject to?
- 1 decade agoFavorite Answer
State sales tax returns have nothing to do with the IRS. File according to the state's published schedule.
There are many taxes that you may be subject to. Consult with a local tax pro if you are unsure.
- 5 years ago
When you buy something for your business, the cost includes sales tax. That means if you buy office supplies, display cases, etc. the sales tax is part of your expense. When you sell something, you don't pay sales tax. You collect it as an agent of the state. Sales tax is called a trust fund tax because the money isn't yours. If you sell something for $1,000 and collect $80 in sales tax, you still book only $1,000 in sales. The $80 becomes a payable. (debit cash, credit sales tax payable) I hope this helps. Gary