What Is Sales Tax?
Sales tax is calculated based on a percentage of your products and services sold, and it’s a consumption tax that is a part of almost all transactions. Depending on your state, county, and city, sales tax might not be applied to specific products and services.
If you want to learn more about the sales tax guidelines in your area, there are numerous resources you can use that are similar to the following guide linked below:
Every state will also have its own policies on what the rate will be on various items. Some items like clothing might have little to no sales tax in a few states while the rate could be higher in others.
Whether or not your business owes sales tax will depend on the policies set by your state, city, and county.
Be sure to research what is required of your business when it comes to sales taxes and all accounting items. Different kinds of businesses and locations can change how you file a sales tax.
MS Bookkeeping Services provides numerous financial services and would be happy to meet with you to discuss whether your company is subject to sales tax.