x

How do I know if I should be adding taxes or not?

The title of this thread has been edited from the original: Help with taxes!!

 

I'm new to the small business world. I recently got my Cottage Food License & opened a small chocolate & bake shop from home. I figured Square would make my business bunches by adding a new payment method. I'm very confused by the tax part. I know we get a 1099 at the end of the year but I was wondering about adding taxes to my receipts? How do I know if I should be adding taxes or not?

1,089 Views
Message 1 of 2
Report
1 REPLY 1
Square Champion

This topic is not something you want to get a strangers advice on.  Tax fraud is the biggest error a business can make as the government isn't happy at all when you don't collect and report your sales tax correctly.

 

you should be able to find a website from your state, and you may have to check your county and city also as they can have home rule taxes on top of state taxes.

 

you'll want to find an accountant or bookkeeper that knows the local laws.  Paying your taxes can be monthly, quarterly, or yearly depending on your state and how much you collect.

 

here is just a reference online, but spending a couple of hundred dollars for advice that can keep your business running legally is a business expense you may need to look into.

 

https://www.taxjar.com/states/

1,077 Views
Message 2 of 2
Report