Re: sales tax

BartHopkins · ‎02-18-2018

The title of this thread has been edited from the original: sales tax

I am brand new to this and I wanted to know ... how do I know whether I should include sales tax, and what rate should I include? If I don't add the sales tax now, can I just take it out later, at tax time or something? If I include it in the purchase, does Square take it out and send it to wherever it is supposed to go? Thanks!

VanKalkerFarms · ‎02-18-2018

you are responsible for sales tax. Sales tax rate depends on the state, county, and city you live in. you have to collect it at the time of sale, if you don't that means you are paying it out of your pocket. Square does not collect and hold the sales tax for you nor pay your sales tax, that is your responsibility. it can be monthly or quarterly depending on your jurisdiction.

it sounds like you should talk to a local accountant or tax professional before you make a mistake that will cost you a lot. The government doesn't take messing up sales tax very well.

Bob Van Kalker
My Van Kalker Farms Garden Center website
My Rise'n Roll Bakery Schererville Indiana Facebook Page
My Rise'n Roll Bakery Cedar Lake Facebook Page

BartHopkins · ‎02-19-2018

Thanks. I went to the Texas comptroller site and found what I needed.

I am guessing, then, that Square does not actually send money allocated for taxes anywhere ... it still deposits it to your account, but gives you a breakdown of how much you should pay to your state?

VanKalkerFarms · ‎02-19-2018

correct, Square does not hold the sales tax separately for you nor pay your sales tax, that is your responsibility. Yes In your Square Dashboard it tells you how much you collected in sales tax. yes, all you collected, sales tax and merchandise, is all deposited at one time next business day.

https://squareup.com/dashboard/sales/reports/sales-summary

Bob Van Kalker
My Van Kalker Farms Garden Center website
My Rise'n Roll Bakery Schererville Indiana Facebook Page
My Rise'n Roll Bakery Cedar Lake Facebook Page

Sales Tax: How do I know whether I should include sales tax? What rate should I include?