TKK Posted July 31, 2012 Author Share Posted July 31, 2012 Thank you I honestly thought ud get it from ur bank account. So when are we supposed to pay taxes and does everyone here pay in income tax season Link to comment Share on other sites More sharing options...
mission vending Posted July 31, 2012 Share Posted July 31, 2012 Thank you I honestly thought ud get it from ur bank account. So when are we supposed to pay taxes and does everyone here pay in income tax season Depending on your monthly sales you will probably have to file and pay your sales taxes quarterly or monthly. Estimated Income tax payments for income taxes are usually due quarterly. Link to comment Share on other sites More sharing options...
TKK Posted July 31, 2012 Author Share Posted July 31, 2012 Thank you I honestly thought ud get it from ur bank aok so u pay quarterly and then when do u file ur. Yearly income tax w deductions etc Link to comment Share on other sites More sharing options...
mission vending Posted July 31, 2012 Share Posted July 31, 2012 Thank you I honestly thought ud get it from ur bank aok so u pay quarterly and then when do u file ur. Yearly income tax w deductions etc You really need to sit down with a accountant and spend the money to learn and make sure you get all the necessary taxes paid on time AS SOON AS POSSIBLE. The money you spend will be a lot less than the penalties and interest that will be applied if you wait till the end of the year. Link to comment Share on other sites More sharing options...
TKK Posted July 31, 2012 Author Share Posted July 31, 2012 So how does it work do you send a payment on what u think u spent on product Link to comment Share on other sites More sharing options...
decaturjack Posted July 31, 2012 Share Posted July 31, 2012 So how does it work do you send a payment on what u think u spent on product To pay sales tax you need to have a business license in all the areas you work. Then you pay state, county, and city taxes based on your gross receipts like loach33 detailed above with his $1.00 example. Once you've paid for a few months or a year depending on the municipality some will let you just pay quarterly which is nice. I have one county that I have to pay a 1/2 percent to and they want it monthly. Link to comment Share on other sites More sharing options...
mission vending Posted July 31, 2012 Share Posted July 31, 2012 So how does it work do you send a payment on what u think u spent on product You pay based on your total revenue. Once you get your sales tax ID# you can fill out a "resale certificate", this certificate will allow you to buy your product at Sam's or wherever without paying sales tax on it because you are declaring under penalty of law that you are "reselling" the items purchased and are responsible for all the sales taxes due. Sam's and Costco will keep it on file, if you go to Albertson's or wherever you will probably need to bring a copy every time you go there to buy product for the business and they will also probably hassle you about it because they have to keep track of items sold "tax exempt" and to who in case they are audited. To pay sales tax you need to have a business license in all the areas you work. Then you pay state, county, and city taxes based on your gross receipts like loach33 detailed above with his $1.00 example. Once you've paid for a few months or a year depending on the municipality some will let you just pay quarterly which is nice. I have one county that I have to pay a 1/2 percent to and they want it monthly. I'm sure every state is a little different, in TX you don't necessarily need a business license, unless you are referring to a "assumed name". We also are required to pay in different intervals based on our total projected annual tax liability. I'm not quite sure on the exact break point but its something like if your total estimated SALES TAX liability for the year is less than 10K you can pay quarterly, if its more than that then you pay monthly, weekly or even daily, again depending on estimated or historical total annual tax liability. Also, all local, city and county sales taxes are reported at the same time and paid to the state which then redistributes it to the local entitiy. Once you get your account setup its easy to do online. Link to comment Share on other sites More sharing options...
loach33 Posted July 31, 2012 Share Posted July 31, 2012 Bottom line is follow Mission Vending's link and get started. Or better yet, call someone there and explain to them that you need to set up a business. "How do I get started so I can make sure everything is legal?" I would imagine the person at the state will help you out with everything. Depending on your state there's not only income and sales tax but other taxes and fees too many to mention here. Get it all set up once and you'll be set. It's fairly easy once you just get started and do it. Link to comment Share on other sites More sharing options...
TKK Posted July 31, 2012 Author Share Posted July 31, 2012 Thanx for the advice guys. Does anyone have a rule of thumb like if u made 30k in one year you pay...$? Also so when u register u don't have to pay sales tax at sams? And when do u report your losses and expenses? Thought it was like self employment Link to comment Share on other sites More sharing options...
dogcow Posted July 31, 2012 Share Posted July 31, 2012 if you go to Albertson's or wherever you will probably need to bring a copy every time you go there to buy product for the business and they will also probably hassle you about it because they have to keep track of items sold "tax exempt" and to who in case they are audited. oh thats interesting didnt know they would do that,i have mine on file with sams and with some companies that sell plush and so on. Thanx for the advice guys. Does anyone have a rule of thumb like if u made 30k in one year you pay...$? Also so when u register u don't have to pay sales tax at sams? And when do u report your losses and expenses? Thought it was like self employment what you pay depends on your sales tax rate, you also have to pay INCOME tax which is where you take your deductions (state and/or federal ) yes if you have a resale certificate sams will set you up with a business account meaning you will be exempt from sales tax and you can come in early. most wholesalers will require one of these resale certificates to even bother dealing with u Link to comment Share on other sites More sharing options...
mission vending Posted July 31, 2012 Share Posted July 31, 2012 Thanx for the advice guys. Does anyone have a rule of thumb like if u made 30k in one year you pay...$? Also so when u register u don't have to pay sales tax at sams? And when do u report your losses and expenses? Thought it was like self employment You report your sales taxes based on total revenue, no deductions for expenses. You file your income tax return where you show losses and expenses every year, once a year. Depending on your income you might be required to pay a estimated income tax on a quarterly basis. oh thats interesting didnt know they would do that,i have mine on file with sams and with some companies that sell plush and so on. Will probably need to talk to the manager but when I was buying sodas on special at the grocery stores it worked for me. I just had to bring a copy with me each time because they would not keep it on file. Link to comment Share on other sites More sharing options...
ANDERSONVENDING Posted August 1, 2012 Share Posted August 1, 2012 I took my tax certificate to Walmart and got registered to buy there tax free. John Link to comment Share on other sites More sharing options...
mission vending Posted August 3, 2012 Share Posted August 3, 2012 Found this today, its a tax amnesty program currently being offered by the comptrollers office There's Still Time for a Fresh Start! If you find yourself with past-due reports or you’ve failed to register for a tax or fee you owe, you have until Aug. 17, 2012, to take advantage of Project Fresh Start. The Fresh Start limited tax amnesty program provides for the waiver of penalties and interest on eligible liabilities. Mark your calendar and get started on your Fresh Start now! For full program details and restrictions, visit the Project Fresh Start website. http://www.freshstart.texas.gov/ If you really intend to run your business the right way this is a good opportunity to save yourself some of the penalties that you already owe by not doing this properly from the beginning. I hope you take advantage of it. Link to comment Share on other sites More sharing options...
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