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MS BOOKKEEPING SERVICES

Bookkeeping for Small Businesses

Bookkeeping Help Blog

Blog

What Is Sales Tax?

Posted on August 22, 2022 at 9:45 AM Comments comments (18)

Sales tax is calculated based on a percentage of your products and services sold, and it’s a consumption tax that is a part of almost all transactions. Depending on your state, county, and city, sales tax might not be applied to specific products and services.

 

If you want to learn more about the sales tax guidelines in your area, there are numerous resources you can use that are similar to the following guide linked below:

https://howtostartanllc.com/taxes/sales-tax-guide


 

Every state will also have its own policies on what the rate will be on various items. Some items like clothing might have little to no sales tax in a few states while the rate could be higher in others.

 

Whether or not your business owes sales tax will depend on the policies set by your state, city, and county.

 

Be sure to research what is required of your business when it comes to sales taxes and all accounting items. Different kinds of businesses and locations can change how you file a sales tax.

 

 

MS Bookkeeping Services provides numerous financial services and would be happy to meet with you to discuss whether your company is subject to sales tax.

 

Year End Work

Posted on April 5, 2013 at 5:23 PM Comments comments (3)
Well, it is almost April 15th!
Hopefully all you small business owners have everything gathered up and ready for your CPA or tax preparer.
Here is a list of what you will need for your CPA or tax preparer, of course your CPA or tax preparer will probably have questions and add to this but this is a start.
 
A Jan - Dec  Profit and Loss Statement (with all bank accounts and credit card accounts reconciled)
 
A Dec 31st Balance Sheet
 
A copy of any 1099's that your company has sent out
 
If you have payroll:
 
A copy of any W2's that your company has sent out
A copy of all quarterly payroll tax filing
 
If anyone has any questions as to what these reports are or needs help getting these reports please feel free to ask me.  I will do my best to provide what help you need.