5 replies to this topic

[Ruskie]

OK guys and gals, how many of you actually pay state and county sales tax? Do you report all of your sales or just a portion? Do you seperate the carb from the non carb BS. Another words, how accurate are you with reporting since this is an all cash busniess.

Thanks for you input.
Ruskie

[coinvestor]

OK guys and gals, how many of you actually pay state and county sales tax? Do you report all of your sales or just a portion? Do you seperate the carb from the non carb BS. Another words, how accurate are you with reporting since this is an all cash busniess.

Thanks for you input.
Ruskie

Very accurate...

Remember up until 6-7 years ago when they started taking debit cards Mc Donalds was an "all cash business". Do you think they took short cuts with there sales tax?

You can't just lie on the sales tax reporting, you would have to lie on your federal returns also to be consistant. Keep in mind that your route/business value is based on these numbers.

Although its not real evident with vending, a company does not pay sales tax, they collect it and mail a check. Its paid by the consumer.

I have heard "its an all cash business" many many times in vending. To me this is just an excuse for dishonest people to be dishonest. Character and integrity is not what you do when others are watching, its what you do when nobody is watching.

JD

[danl]

I completely agree with JD. I keep meticulous records on all my cash transactions and every quarter write a check for the exact amount of money I've collected in taxes on my sales. If I were ever audited I have complete confidence that I would pass with flying colors.

Just as an aside, although I do have a tax exempt certificate which allows me to forego paying tax when I purchase inventory at the point of sale (POS), I don't use it. Instead, I pay whatever sales tax applies at the POS and at the end of each quarter I deduct the amount of taxes already paid at POS from what I owe quarterly. This complicates my record keeping just a little. I still end up paying the same amount of total tax each quarter except that some of it was paid out in small amounts during the quarter. That way my quarterly payment is a few hundred dollars less. It might seem to be an odd way of doing it but it does help me stretch out my tax payments over the quarter somewhat.

Dan

[clvending]

Another comment about sales tax. Remember what you collect goes to city,count and state services. I like to believe that I am doing my part.

Just my 2 cents

Lee

[kaschlegel]

I just bought one machine in Florida, and i need to pay 6% quarterly tax on resales. About half of my products I pay tax on when I purchase them. Can anyone recommend an iphone app or really cheap software for tracking and keeping my tax filings simple? I'm trying to follow the rules, but I need something simple until I really know what I'm doing. Thanks!

[bcron]

You aren't from the IRS are you?