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For small businesses, paying sales tax on goods they sell is a simple concept. But with constantly evolving federal and state legislation, keeping track of all the changes can be challenging. That’s why our clients appreciate the services they get in tax preparation from Edgewater CPA Group. We know it’s a difficult task for small businesses owners to manage. Here are a few roadblocks you should be aware of in making sure your small business is compliant with paying sales tax.
1. Assuming all state laws are the same
Sadly, for small businesses aiming to go national, every state has different rules and procedures for assessing and paying sales tax. Filing deadlines, filing frequencies, various percentages, and other variables can make multi-state sales complicated. It’s up to you as the business owner to be aware of the differences, and Edgewater CPA Group is here to help!
2. Skimming past the fine print
Some states require a further breakdown in reporting sales tax paid based on local jurisdiction. Make sure you’re getting your numbers in right by checking for the fine print in state sales tax laws.
3. Skipping filing if no taxes were collected
Just because you didn’t collect any tax for a reporting period doesn’t mean you don’t have to file. Most states require you to file every reporting period, regardless of sales numbers. The danger in skipping requirements is the possibility of getting hit with late or non-filing penalties.
Get help to navigate ever-changing tax laws for small businesses
At Edgewater, we partner with business owners to provide valuable business tax preparation services so you don’t have to worry about making mistakes like these. Take advantage of our tax strategy solutions so you can focus on building your business. With offices in Fort Wayne and Indianapolis, we serve clients across the United States. Schedule your consultation today by calling us at (888) 317-4835.
Source: BusinessNewsDaily.com