by | Jul 2, 2012 | Accounting & Bookkeeping, Current Affairs, Small Business Owners
As a seller, you are responsible for collecting and remitting the correct amount to the state. If you do not collect from the customer or collect the wrong amount, you will owe any additional tax, plus you may be assessed penalties and interest. The main reason...
by | Jun 26, 2012 | Current Affairs, Income Taxes, Tax Tip of The Week
Tax court recently overruled the IRS (Ensyc Technologies, TC Summ. OP. 2012-55) and stated that forgetting to mail the return can be a “reasonable cause” for filing late and having the penalty waived. The case revolved around an accountant who, each year, prepared the...
by | Jun 23, 2012 | Accounting & Bookkeeping, Current Affairs, Small Business Owners
Yes. You must separately state the sales tax amount on your invoice or receipt unless you provide a written statement to the customer that the sales price includes sales tax. The “tax included” statement must be displayed where people normally are advised of the terms...
by | Jun 13, 2012 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Business Success Series, Current Affairs, Income Taxes, Small Business Owners, Tax Tip of The Week
Many owners of S Companies take low salaries so that the bulk of the profits are passed to their personal returns free of Social Security and Medicare taxes. Both the IRS and the courts are consistently ruling against such arrangements. In a recent case, a CPA set up...
by | Jun 12, 2012 | Current Affairs
The Texas state sales and use tax rate is 6.25%, But local taxing jurisdictions may also impose sales tax of up to 2% for a maximum rate of 8.25%. This is the rate in El Paso. Click on the following link to find the sales tax rate for your city....
by | Jun 1, 2012 | Accounting & Bookkeeping, Current Affairs
Texas sales taxes must be charged if you 1) sell tangible personal property in Texas, 2) lease tangible personal property in Texas, or 3) sell taxable services in Texas. Tangible personal property is defined as items that can be seen, measure, felt, or touched....
