How do I know what to pay for my business taxes?
25.December, 2009
I have a sole proprietorship. I just started it. Indiana (IN) requires I report monthly. When I charge the regular/typical 7% for sales or service (home computer repair,) is that how much I pay? For example, I charge $40.00. The tax is $2.80. Do I remit that exact $2.80 over to the Indiana Department of Revenue? If not, how do I figure out how mcuh to report? THANKS
The state dept of revenue should have told you when and how to remit the money from the sales tax when you got your sales tax id from them. If you didn’t get one, get it NOW. If you have the id but not the info on how to report and remit the tax, call them and ask. But first go through anything they sent you with the tax id form. You’ll send in the tax you collected, maybe minus a small handling fee, I don’t know if IN allows that. Your paperwork should say. Whether you report on paper, by phone, or internet, there should be a sequence of questions.
You know that you also need to report the income and expenses on your federal and state tax returns?
25.December, 2009 um 8:31 pm
The state dept of revenue should have told you when and how to remit the money from the sales tax when you got your sales tax id from them. If you didn’t get one, get it NOW. If you have the id but not the info on how to report and remit the tax, call them and ask. But first go through anything they sent you with the tax id form. You’ll send in the tax you collected, maybe minus a small handling fee, I don’t know if IN allows that. Your paperwork should say. Whether you report on paper, by phone, or internet, there should be a sequence of questions.
You know that you also need to report the income and expenses on your federal and state tax returns?
References :
25.December, 2009 um 9:12 pm
haven’t you requested your state sales tax ID number? to remit the sales tax you have collected you need to register with the agency and get the forms
References :