Hello,
When I meet a guy in a van across the state line, who sells me product,
I do not ask him a sales tax number,
I have him meet me, so I do not have to drive all the way to new York.
When I sell the goods, I keep an accounting of what I bought,versus what I sold,
The difference,is my profit.
I do not collect sales tax on anything I sell.
Because then,I am obligated to forward same to the revenue sales tax dept of my state.
I have business license from my state for each master s corp I own.
I also pay a personal property tax,which is for my copiers,my printers,my pcs, my desks,office furniture,all of which depreciates over time.
I use the LIFO method.
Which is last in, first out approach .
My cost of goods,is actual cash value,not accrual method.
You can have all of your questions answered by an hr block employee in January.
Once you start keeping good records,this will all be second nature to you.
If you keep terrible record, and it costs you say an extra $5-$10k in taxes,you will
Keep much better record the following year,believe me.
Good luck
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