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sales tax help

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Old February 27th, 2015 Feb 27, 2015 6:03:12 AM -   #1 (permalink)
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Default sales tax help

This is my first time filing business taxes and I just found out I'm late for filing my sales tax. I got on to file last night and went through the forms. I have two questions. Hopefully someone can help me.

1) all of my sales last year were online, to people out of state. The sales tax form asks for my gross sales, but there is no where to tell it that those sales were done online so it automatically issues a sales tax payment for me. Since they were online sales and I don't have to pay sales tax should I just enter 0 dollars for that? When I file my business taxes I am going to enter the correct gross income so I am worried that if I have two filings and one says 0 dollars for gross earnings and the other has a different value that its going to be a red flag for me to be audited. I want to do this correctly. can you help?

2) I have inventory of finished shirts waiting to be sold. However, those shirts are going to be sold online like the others, so I wont be needing to pay sales tax on them. on the sales tax form it asks for taxable inventory. I'm sure my business tax form is going to ask for the same. Do I again enter 0 dollars inventory on the sales tax form, and a different value on my business filing form?

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Old February 27th, 2015 Feb 27, 2015 6:22:57 PM -   #2 (permalink)
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Default Re: sales tax help

In texas, the boxes ask for total sales, and taxible sales. If you absolutly don't have this option, I would enter the sales that get the sales tax amount correct.

There are penalties for not paying the correct sales tax. I enter the correct total sales, but as far as I know, there is no penalty if I did put the wrong number in that box, so long as the tax amount to remit is correct.

I would do zero for taxible inventory. I don't even know why they would ask, and most of the time, volunteering information not legally required does not earn you a prize, and can haunt you later.

Edited to add: I remembered something my CPA-in-law told me. Some states require that if you don't collect and remit sales tax for the out of state sales, that you collect and remit sales tax (based on your location's rate) to your home state.

You need to look up and see if you should be doing this.
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Last edited by Posylane; February 27th, 2015 at 08:28 PM..

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