Sales Tax Reporting & Filing
If you are an individual or a business that sells tangible goods or property, or you provide taxable services, you may be responsible for filing and paying state and local sales taxes, a complex and time-consuming process. At Chandler & Knowles, we provide sales tax filing services for those businesses and business professionals who are obligated to collect and remit sales tax.
Preparing sales tax reports is not always a simple process, particularly for thriving or growing businesses or practices -- especially if they operate across multiple states, counties, cities, or special tax districts that levy sales taxes at different rates. And because sales taxes are not revenue, but simply monies held temporarily until being transferred to the appropriate institution, they should be directed to a separate account within a bookkeeping system. While the complexity of this process may hold an inexperienced businessperson back, the sharp business owner knows that trusting professionals who are knowledgeable and experienced in the regulations and requirements regarding sales tax filing and reporting is the smartest way to meet these obligations.
However, just what constitutes taxable products and services, and where to direct the collected funds can be confusing and obscure. As accountants experienced in sales tax reporting and filing, we tailor our services to the unique needs of each business to accurately track, record, and file sales taxes in accordance with governing statutes.
Chandler & Knowles Sales Tax Reporting and Filing Services
Because money collected for sales tax is not revenue, but an amount held temporarily until it is delivered to the appropriate institutions, it must be handled differently than normal revenues. As one component of our overarching business accounting services, we tailor our sales tax filing and reporting service to the needs of each client. To make things less taxing, we:
- Evaluate and determine which services and products are taxable
- Set up the sales tax collection and payment process
- Provide accurate sales tax accounting and reporting
- Deliver timely filing and payment of all funds
- Track and report multiple sales items
- Monitor the sales tax rates from different taxing jurisdictions
- Determine if a separate or combined tax rate is best for your business
- Track, report, and file sales taxes from the different platforms you may use (online sales, mail order, etc.)
For business owners, this means faster processing of sales tax data that, in turn, frees up more time that can be directed towards other areas of daily operations.
However, this does not mean removal or isolation from sales tax particulars. In order to maintain complete transparency, we generate reports that paint a clear picture of your business and its sales tax collection and payment practices so you know how much you pay, and have paid, each tax agency. We also properly categorize your taxable sales to make it easier to manage those that are exempt from withholding. Additionally, we track and report multiple sales tax goods or services and manage all tax rates so that the correct amount is paid to the right agency.
By trusting Chandler & Knowles to take care of your sales tax reporting process and to properly and accurately file those sales taxes for which your business is responsible, you have one less worry so that you can relax and go about your business. Give us a call today at 817-406-3827 or fill out our online form.
Spread the Word:
"I recommend Chandler & Knowles CPA's without hesitation, and we look forward to working with Rochelle, Kristy and the rest of the C&K staff for another 7 years and beyond!"
~ Tony Rex, CEO of Medical Experts of Texas, P.A./Premier Inpatient Management Services, LLC
They are a great company to trust with all of your tax needs. They are good people and I enjoy my relationship with them. And it truly is a relationship, not just a service I use once a year.
~ Rick Schenck, UPS Business Owner
Great people. Effective. Efficient. Competent. Unlikely you would find a better, or even equal, CPA firm in the DFW Metroplex, and likely in the State.
~ Todd Benton
"The staff at Chandler & Knowles CPAs could not be better! They are always friendly, accommodating, and efficient. Their quick return/response time is greatly appreciated, as customer service is an uncommon practice during this day and time."
~ Tracy Richards
Related Pages & Posts:
These days, a simple Google search will yield answers to just about any question you could possibly have. The same applies to your finances. Not sure whether a 401K or IRA is your better option? Want to know whether or not you qualify for a specific tax deduction? You can find a plethora of information…Read More
There are many benefits of owning your own business from being your own boss, to setting your own schedule. However, one of the drawbacks of working for yourself is that you will not have access to an employer-sponsored retirement program, which makes it important that you take steps as soon as possible to secure your…Read More
Financial planning is a challenging task that we all must conduct to achieve long-term financial goals including retirement, paying for children’s college, buying a home and health care expenses. The world of technology is intruding on this landscape as robo advisors start to provide this advice automatically. Unfortunately, they do not have the same process, risk…Read More
Budgeting as a young person is hard. If you’re in your twenties, you’re probably not used to planning a budget and saving money. However, it’s important to take control of your finances right away so that you have financial stability later on. Here are a few tips to help you out. Analyze and Budget Your…Read More
While you might not feel like early adulthood is a time to worry about financial planning, there are plenty of building blocks that can actually be put into place early on. It can be hard to think about future planning when it comes to finances, but there are simple habits and tips that can help…Read More
Saving for your child’s future is one of the most important things a parent can do, which is why many parents consider college planning to be among their top priorities. However, it is not uncommon for parents to be unsure of how, or when, they should start saving for their child’s college fund. However, making…Read More
Many people who do not use a financial advisor often wonder if financial advisor costs are worth the money. Skepticism is understandable after the housing bubble burst. It seems many are leery of anyone handling their money. When you look at who is really qualified to handle finances and those who say they are qualified…Read More
Graduating from high school or college is an important milestone for anyone to complete. Graduating is a point in your life is a point in your life that gives you the opportunity to take on a new journey. After graduation, you will be faced with more responsibilities, and this means you will have to take…Read More
As a physician, making plans for your financial future should be one of your top priorities. However, trying to secure a future lifestyle is not a simple process. It is a complex process that can be a little risky. There are various mistakes many physicians make, but you can do your part to avoid these…Read More
This summer, many young adults will begin to pack their bags and head off to college. If you have a child who will be heading to college soon, there are some important things you can pass on to your future college student so they will be financially prepared for anything that may come their way.…Read More