May 7, 2010, Newsletter Issue #285: Sales Taxes

Tip of the Week

As a seller, you are generally responsible for seeing that the taxes are paid to the state(s) you in which you do business. If your business involves taxable sales of property or services, you should be prepared to handle the following obligations:
*Registration - the first thing you should do is to secure sales permits for each of your business sites.
*Collections - because you usually collect sales taxes from your purchasers, youŽll have to account for your sales taxes with each taxable sale.
*You will also need to know when you donŽt need to collect because purchasers have asserted valid claims for exemptions (as with tax-exempt organizations)
*Payments and returns - once youŽve collected the tax, you then need to remit the taxes with the appropriate returns to the appropriate tax agencies.

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