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1 "correct" answer available (5 pts) 3 "helpful" answers available (4 pts)

10 Replies Last post: Jan 10, 2008 12:30 AM by Lighthouse24

Sales Tax

Jan 9, 2008 4:22 PM

Moundman 5 posts since
Jan 9, 2008

Hello everyone I new to the forum and I have a question that I hope can be answered. I'm starting a retail business, it's a sole prop, and I was wondering what I have to do for the sales tax portion. Do I have to talk to the state and/or county? My business will be for ganite statues monuments and memorials and I expect it to be a slow process to start up.

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Lighthouse24 2,396 posts since
Oct 10, 2007

1. Re: Sales Tax Jan 9, 2008 4:29 PM

Your state -- the specific department depends on which state. You can probably search your state government website for "sales tax" and find exactly what you need. If not, just let us know where your business is located and someone here can probably point you to the right info.

Welcome to the community and best wishes.

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LUCKIEST 7,926 posts since
Aug 6, 2007

2. Re: Sales Tax Jan 9, 2008 4:54 PM

M, Welcome to this website. Sales Tax is a fun tax. You collect it and then you pay it to the state.
Lets start at the beginning, You are a sole prop. A sole prop is the most common form of business.
I am guessing you have a Business Name?? Do you have a Federal I D Number??
First the Fed I D, then the State Sales tax.
Do you have an Accountant??, Good luck, LUCKIEST

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Moundman 5 posts since
Jan 9, 2008

3. Re: Sales Tax Jan 9, 2008 8:36 PM

in response to: LUCKIEST

Yes I do have a Business name and I have a Fed Tax ID. I believe the only thing I might be needing is the accountant. That would probably help out a lot. I thought I read somewhere that you have to pay sales tax every quarter, does that sound right? Also I know these questions might sound dumb but do you just pay in what you get? Example: you collect $200 the first 1/4 of 2008 so you pay the state $200? Thanks for the help.

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Moundman 5 posts since
Jan 9, 2008

4. Re: Sales Tax Jan 9, 2008 8:36 PM

in response to: Lighthouse24

My business is located in Mooresville, NC just north of Charlotte. Thanks

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LT Lawn Care 36 posts since
Oct 4, 2007

5. Re: Sales Tax Jan 9, 2008 8:58 PM

in response to: Moundman

Moundman,

Your are right you pay sales tax in most cases quarterly. Like Luckiest says it can be fun tax. I say fun because you can collect the money for sales tax all quarter, but the goverment's money in your own interest bearing account and pay them just what you are that are owed each quarter. So you are in essence making a little interest off the governments money before you need to pay them.

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fandmsearch 8 posts since
Oct 13, 2007

6. Re: Sales Tax Jan 9, 2008 8:59 PM

The state handles sales tax. (The Department of Revenue). They are also very useful when you have questions or need help with other areas in your business. They cannot offer perticular business recommendations but they can make suggestions. Division of Corporations also have a very good web site that will guide you through start to finish of your business. It's under sunbiz.org. Make sure you are up to date on your county and state license or major problems and expenses will occur. They can guide you through this area also to make sure everything is updated and current. I hope this has helped you. Good luck!

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Moundman 5 posts since
Jan 9, 2008

7. Re: Sales Tax Jan 9, 2008 9:30 PM

in response to: fandmsearch

Alright, so far I have a Fed Tax ID, and a DBA. I'll be running my business from my home for awhile and I'm not sure if that matters or not. Do I need a state and County business license? Probably anither easy question, but I just want to make sure. Thanks.

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Lighthouse24 2,396 posts since
Oct 10, 2007

8. Re: Sales Tax Jan 9, 2008 11:54 PM

in response to: Moundman

Mooresville . . . Lowes, NASCAR . . . In case you haven't found these sites, for sales tax info:
http://www.dor.state.nc.us/taxes/sales/
and for business license info:
http://www.businesslicenses.com/Licenses/NC/Iredell/Mooresville-3709744220/

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Moundman 5 posts since
Jan 9, 2008

9. Re: Sales Tax Jan 10, 2008 12:02 AM

in response to: Lighthouse24

You are truely a saint Lighthouse.

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Lighthouse24 2,396 posts since
Oct 10, 2007

10. Re: Sales Tax Jan 10, 2008 12:30 AM

in response to: Moundman

Thanks -- glad I could help.

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This Question is Possibly Answered

Sales Tax

Jan 9, 2008 4:22 PM

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