It seems simple enough to handle, yet sales taxes can give businesses unnecessary grief!
In fact, not paying all of your sales taxes can even lead to an unexpected shutdown. This is the last thing that you want for your business, and yet there are businesses out there that have met their early demise simply because they failed to pay their sales taxes.
Ignorance won’t buy you forgiveness, not when it comes to taxes. Sales tax may seem like a minor issue to you, but it’s a big deal to the agencies who collect it. If your business fails to pay sales tax, the consequences can be significant.
There are several sales tax traps out there you’re probably unaware of, but not knowing about them can penalize your business by burdening you with unnecessary taxes, interest, and penalties.
Make sure this doesn’t happen to you! Utilize our tax preparation services, and we’ll make sure to handle your sales taxes correctly. Whether you’re a new business or an established one, we can help manage your taxes.
First of all, we will work with you to help you know what your sales tax obligations are. As you’re probably aware, sales tax differs from one state to the next. Do you know what is taxable here in the state of New Jersey? If not, then that’s a great place to start! We will determine which taxes apply to your business and which do not, and we’ll go from there.
If you owe back taxes, this can be a significant burden on you and your business. But all hope is not lost! We can help you to come up with a strategy to secure the funds that you need to pay back taxes, even if the task seems impossible. Nothing is impossible if you have a viable strategy in place.
Here are some of the many points we can go over with you, and help you with, in the sales tax arena:
- What is taxable and what isn’t
- Accurately computing and calculating your taxes
- How to report sales tax
- Where to pay it
- How to collect sales tax from your clients
- Are you paying too much in sales tax?
- Are you paying enough?
- How to catch up if you back owe
- What to do if agencies are going after you for not paying
We never want it to reach the point where organizations are trying to shut you down because you owe sales tax, but if you find yourself in this position, consult with us. We’ll work with you to develop a strategy for paying what you owe while staying in business.
New Jersey is not one of the states where sales tax is nonexistent, unfortunately! If your business is in The Garden State, you have to pay sales tax.
One of the questions that we’re often asked is what is and what is not subject to sales tax in NJ. We can certainly go over these points with you when you set up a consultation with us. Our tax professionals will ask the right questions so that we can give you the correct answers.
As individuals with extensive professional backgrounds in accounting, business management, and taxes, we are here to serve as your consultants, guides, and advocates in everything related to finances and taxes. We don’t expect you to know everything you need to know about sales tax, but we do hope that you’ll take the initiative and contact the specialists who are available and willing to help you.
Our experienced team can help you navigate the complex sales tax regulations and minimize additional unnecessary costs from these taxes. Contact Straight Talk CPAs today!