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General Business Discussions

A place to talk about general business discussions.
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  #11  
Old 01-29-2012, 05:55 PM
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Quote:
Originally Posted by eMCeeW View Post
How do you guys pay these taxes? Is it quarterly or yearly?
I used to pay quarterly but made too much last year and they moved me to monthly. If you make over $10000 taxable in a quarter you get moved to monthly. In PA you make sales & use tax payments online.

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Originally Posted by eMCeeW View Post
With tax season comming up how do you guys prepare or stay orgainized? Any tips would be nice! What tax "tricks" have you guys learned over the years?
I use gopher and quicken (home & business). Print out the tax reports and take them to the tax lady.
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  #12  
Old 01-29-2012, 06:27 PM
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Quote:
Originally Posted by mark123 View Post
I used to pay quarterly but made too much last year and they moved me to monthly. If you make over $10000 taxable in a quarter you get moved to monthly. In PA you make sales & use tax payments online.

I use gopher and quicken (home & business). Print out the tax reports and take them to the tax lady.

in jersey if you have 500.00 or more in any one month of sales tax collected you have to go from quarterly to monthly.

i beleive my state did not even have state income or sales tax prior to 1979 and the only tax you paid was federal just goes to show you how bad and how fast the politicians screwed my state up.
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Old 01-29-2012, 07:46 PM
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Yeah, NJ is 7% buy only on labor. No tax on material if you pay the tax when you but it or it would be double taxation. Also, disposal fees are non taxable. Gets crazy. We were audited a few years ago.
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Old 01-29-2012, 07:51 PM
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There are only two things were guaranteed to get Death and Taxes.
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Old 01-29-2012, 09:22 PM
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Here in my part of Iowa it's 7% on services if you make over $5,000 a year.
So it would $7.00
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Old 01-29-2012, 09:48 PM
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In my area you add 5% (GST/TPS) to your price;

My example price = $100

$100 + 5% = $105

Then you take your new price '$105' and add 9.5% to it (TVQ/QST);

105 + 9.5% = 114.97
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Old 01-30-2012, 09:07 AM
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Quote:
Originally Posted by Gnella View Post
Yeah, NJ is 7% buy only on labor. No tax on material if you pay the tax when you but it or it would be double taxation. Also, disposal fees are non taxable. Gets crazy. We were audited a few years ago.
allthough the state allows deductions and has a line on the quarterly or monthly report, you are supposed to give the vendors you use a resale tax certificate and handle all yourself.
they don't really bust chops about it too much but they want you to have your certificate on file with your most active suppliers to minimize the deductions.

initially the deduction line was actually intended for the retail businesses that sold to other businesses for resale.

no one likes the resale certificate because it is a little extra work, not much, but it raises the red flag and the likelyhood of getting a audit if you have too many deductions for too much money each month.
they may all be legit but it is a hassle when you got to take the time and show all your paperwork to back the deductions and it also gives them the opportunity to scratch you for something else.

but it is NJ, the police and tax state.
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