sales tax Archives - Edgewater CPA Group

Business Tax Preparation: 3 To-Do Items to Close Your Small Business

December 17, 2020 | Indiana

Many small businesses have been negatively impacted in 2020, and Indiana businesses are no exception. Edgewater CPA Group witnessed the closing of many longstanding Indiana businesses, such as the Butler-Tarkington hardware store owner who closed up shop after 43 years in business. Costumes by Margie closed after 50 years in business. Moreover, restaurants, hairdressers, and movie theaters have also been hit hard due to the pandemic. If your small business closed permanently this year, here are three things you need to do for your final business tax preparation.1. File Your Final Tax ReturnThe IRS requires final tax reporting, as does the Indiana Department of Revenue, along with the satisfaction of tax debt upon the close of your business. The tax and reporting requirements can be cumbersome, and mistakes can be costly. Here are the final tax return requirements for your business tax preparation.Sole proprietors. File a final Schedule C. Note: Schedule C … Continued

3 Sales Tax Mistakes Small Businesses Should Avoid

3 Sales Tax Mistakes for Small Businesses to Avoid

September 11, 2020 | Fort Wayne

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.