Handling Sales Tax on Home-Based Business Sales

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Handling Sales Tax on Home-Based Business Sales

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DerekN

posts: 3

Nov 29, 2007 3:35 PM ET Quote Report Abuse

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I`m starting a business out of my basement selling customized videos to people. How do I handle reporting sales tax to my state (Kentucky - I don`t have to worry about local sales tax)? Is it as simple as filing a sales tax return? Should I just hire an accountant?

Thanks.

PiperTax

posts: 116

Nov 29, 2007 4:01 PM ET Quote Report Abuse

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Often it`s just a form you fill out online. My monthly Illinois form takes about 8-10 minutes, so it really isn`t too bad. Honest truth, I wouldn`t hire an accountant just to handle that for you. (Though finding a good accountant is probably a good idea anyway.)

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LizardWisdom

posts: 54

Nov 29, 2007 7:06 PM ET Quote Report Abuse

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Honest truth, I wouldn`t hire an accountant just to handle that for you. (Though finding a good accountant is probably a good idea anyway.)

We can`t agree with PiperTax enough on this one! You should hire an accountant if you are going to be in business. It will take a load off of your mind knowing that the taxes/accounting is being handled properly.

We have both a state and city sales tax we deal with. State is filed online. City is done via a two page form which we just copy the state stuff onto. VERY easy, once you do it a few times.

grabitpack

posts: 62

Dec 02, 2007 12:23 AM ET Quote Report Abuse

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Check out your STATE BOARD OF EQUALIZATION site.

I agree with LizardWisdom you NEED an accountant. There are certain paths you can`t cut across and taxes is one of them. If you get a good one they will be glad to answer your questions regarding any issue at any time.

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