For example lets say I sell something and I charge sales tax, do I use that tax for extra income or put it aside to pay my taxes at the end of the year?
2007-03-26 03:06:39 · 6 answers · asked by TNA Ambassador 6 in Business & Finance ➔ Small Business
Put it aside. Never count it as income. By putting it aside you cover your butt when it comes to the tax man. Set it in an account that makes interest. Now think about it. Now you have income from taxes paid.
2007-03-26 03:16:42 · answer #1 · answered by eks_spurt 4 · 0⤊ 0⤋
The best thing to do is to put the taxes into an interest bearing account so that at the end of the year you have the necessary funds to pay the taxes and you will have some extra income as well from the interest.
2007-03-26 10:20:18 · answer #2 · answered by amon420 2 · 0⤊ 0⤋
You pay your sales taxes to the state. You will have to file your sales taxes depending on the amounts by the month or by the quarter. check on your states web site for sales tax info or call them. But you cant keep it, you must pay the state all of the sales tax you collect.
2007-03-26 10:15:10 · answer #3 · answered by KUJayhawksfan* 5 · 1⤊ 0⤋
The 2nd answer is correct. You have to pay sales tax to your state you do business in. Get on your State's government website to find out their procedures.
2007-03-26 10:57:22 · answer #4 · answered by GreeneyedCowgirl 5 · 0⤊ 0⤋
save it you have to pay quarter taxes for sales tax
2007-03-26 22:44:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋
dear,
we all grow up to know that taxes belong to the government.if you to grow your business in big way,learn to pay every taxes to your government.dont add the money to your income.if you need extra money,apply here:http://www.incentaclick.com/nclick.php?id=6002&cid=2969
2007-03-26 10:29:10 · answer #6 · answered by Joshua O 1 · 0⤊ 1⤋