Ask Experts Questions for FREE Help !
Ask
    SalesTaxNerd's Avatar
    SalesTaxNerd Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 12, 2009, 09:14 AM
    Sales Taxes on Invoices
    Is it necessary for me to separate sales tax when I am paying an invoice? Will there ever come a need for me to show that I have been paying sales tax on my invoices?

    Thanks!
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
    		  
    #2

    Oct 12, 2009, 11:57 AM

    It depends on whether your business is registered with sales tax authorities.

    If registered, you must keep a record for sales tax paid on purchases so that you can adjust the collection against collections made from sales made.

    If not registered, then no need to keep a separate record for sales tax since the sales tax paid is part of the cost of your purchases
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #3

    Oct 14, 2009, 07:58 PM
    Quote Originally Posted by rehmanvohra View Post
    If registered, you must keep a record for sales tax paid on purchases so that you can adjust the collection against collections made from sales made.

    If not registered, then no need to keep a separate record for sales tax since the sales tax paid is part of the cost of your purchases
    This once again depends on where you live.

    Therefore, SalesTaxNerd, it would be good to know where you live. (No, I don't mean your exact city or anything.)
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Sales Taxes [ 1 Answers ]

In setting up our chart of accounts for our newly installed Oracle, I have to set up accounts for Sales Taxes. One account is for Sales Tax collected, which is a liability account The other one needs to be set up for Sales taxes charged on purchases of resale goods. What account should I set...

What kind of sales taxes do I charge for different states and Provinces? [ 1 Answers ]

I have an online store and am unable to find the answer to: What sales taxes to charge for all states and provinces?

How do e-commerce sites charge NY sales taxes? [ 3 Answers ]

I am trying to figure out how to charge sales taxes on an e-commerce site. I will be based in NY and be selling mainly gift items. I was told that I need to charge all orders being shipped to a NY address NY sales taxes based on the NYS County jurisdiction list Publication 718 (and not by zipcode)....

Nonresident aliens and state sales taxes [ 3 Answers ]

Hello, I moved to the US from Canada on a TN (now H1B) status in August 2005 and so will be filing my US taxes as a nonresident alien for 2005. (I didn't meet substantial presence.) My question is: does anybody know if nonresident aliens can deduct state and local SALES taxes? I live in Florida,...

View more questions Search