Business Sales Tax Law?

Question

I didnt pay sales tax from jul 06 to dec 06 in Nebraska. and i lost last year around 25,000 from my business. i didnt made any money from the business. still i have to pay state sales tax ?if yes how much time i have to pay last years sales tax? i filed tax return to IRS showing the lose. and i am shutting down the business next month.

Answer 1

You probably have to file quarterly, from 7/1-9/30 and from 10/1-12/31. The sales tax returns are way overdue. The third quarter's report was due in October, and the fourth quarter's report was due in January.

If you collected any sales tax at all, you are required to pay this amount to the state. Any sales tax past due is also incurring interest each day it is overdue.

Here is the website with Nebraska sales tax forms.
http://www.revenue.ne.gov/tax/current/current.htm#sale

Answer 2

Sales tax has nothing to do with whether or not you make a profit. If what you are talking about is sales tax due on sales that you made, you collected the money from your customers and owe it to the state. If you are talking about sales tax you owe on things you bought, then you still owe it, you bought and used the items.
Income tax cares about gain or loss, it has nothing to do with sales tax. Shutting down you business won't help either, assuming you operated as a sole proprietor and not a corporation or other type of entity.
As to time, you will owe penalty for being late, and interest will continue to accrue until it is paid.

Answer 3

If you were engaged in retail sales, you must pay to the state any sales tax that you collected. Sales tax collections have nothing to do with profit or loss in the business or income taxes.