A reseller certificate holder must pay sales tax collected from customers to the government every quarter.
Sales tax compliance is essential for businesses selling taxable goods or services. It involves understanding tax laws, accurately collecting, reporting, and remitting sales tax on time, and keeping proper records. Here’s our simple process:
Using our user-friendly system, enter your business information and select the sales tax compliance package to start the process. Our team will review to ensure everything is accurate.
As sales tax is paid quarterly, our system will notify you before each quarter. You will need to submit your purchase invoice list and sales record list.
Based on your provided information, our expert team will review your submitted data, calculate your sales tax, and prepare your sales tax return.
Rocket Wave will submit the prepared sales tax return to the State Department of Revenue (DOR) on your behalf, and you’ll receive confirmation on your dashboard.
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Generally, no. A reseller permit allows you to purchase inventory wholesale without paying sales tax upfront, but you still might need to collect sales tax if you sell taxable items to end consumers.
Failing to collect and remit sales tax can result in significant penalties, interest charges, and back taxes owed.
Most states tax tangible personal property, but exemptions may exist. Check your state’s tax authority website for a list of taxable goods and exemptions specific to your state. https://taxadmin.org/ (Federation of Tax Administrators)
Nexus refers to a physical presence or substantial business activity in a state that triggers your obligation to collect and remit sales tax in that state. This can include having an office, employees, inventory, or exceeding a certain sales threshold within the state.
Not necessarily. Physical presence or nexus determines your sales tax collection obligation, not necessarily where your customers are located. However, some states have economic nexus laws that trigger filing requirements based on exceeding a certain sales threshold within the state.
Sales tax rates vary significantly by state and can even differ within localities. Check your state’s tax authority website for the current sales tax rate that applies to your business location.
The frequency of filing sales tax returns varies by state and depends on your sales volume. Common filing periods include monthly, quarterly, and annually.
The process for filing sales tax returns varies by state. To file your sales tax return without any hassle get started with Rocket Wave now.
Maintain detailed records of your sales, purchases (especially wholesale purchases with reseller certificates), and any sales tax paid or collected. The recommended record-keeping period varies by state but generally ranges from 3 to 7 years.
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