#BusinessTipTuesday
Third Quarter Sales Tax Due!
By Amanda DiGiacomo
This week’s business tip is third quarter sales tax due October 31st!
You have been killing it all quarter long. We have seen you book those pop ups, expand your Etsy or Shopify stores, and market the hell out of your products on social media.
Don’t let all that hard work go to waste continue by reviewing your sales for the quarter.
- Start by determining your gross sales
- Next compile all your receipts for cost of goods sold
- Then separate any sales that do not require sales tax
- Finally check to see if you paid any sales tax on your cost of goods sold
These four steps will help you be prepared for your sales tax return.
Many new, small businesses file sales tax annually instead of quarterly this might be where your business falls under. If so we still think it is important to review your quarterly sales and figure out how much you owe in sales tax so you can start saving that money.
If you sell out of state the new laws require you to file a sales tax return in each state. Separating sales by each state is going to be super important.
We use an awesome app that tracks all this for you and get this the software even files the sales tax return for you in those states.
Contact us today we would love to tell you about it!
If your business files annually we highly suggest moving to quarterly so that you’re not stuck in January coming up with all the money you owe. The CDTFA will only allow for one payment plan after you use that payment plan they will want to audit your books to see why you do not have their money.
If you need help with your sales tax we would love to sit down with you and answer any questions!
