|
#6
05-08-2006, 09:51 AM
| |||
| |||
 Re: Sch C and sales taxes Thank you for the answers, folks! << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#5
05-07-2006, 04:57 PM
| |||
| |||
| Re: Sch C and sales taxes no[at]thank.you wrote: - quote - > If my sole prop spends $10.00 on supplies, plus $.80 tax,
Supplies expense $10.80. No need to keep track of the sales> can I deduct the $.80 on sch C? > $10.00 supplies expense, no taxes? > $10.00 supplies expense, $.80 taxes somewhere else? > $10.80 supplies expense? tax separately. However, if you purchased these supplies from an out-of-state vendor (e.g., over the Internet or by mail order) and the vendor did not charge use tax on the purchase, you would be liable for the use tax to your state. You would still debit supplies expense for $10.80, but the credit would be $10 to cash (or your credit card account or whatever) and .80 to use taxes payable. When you file your sales and use tax return and pay the tax, debit the payable account and credit cash for the 80 cents. Katie in San Diego << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#4
05-07-2006, 04:57 PM
| |||
| |||
| Re: Sch C and sales taxes no[at]thank.you posted: - quote - > If my sole prop spends $10.00 on supplies,
It is standard to include the total cost of an item> plus $.80 tax, can I deduct the $.80 on sch C? > $10.00 supplies expense, no taxes? > $10.00 supplies expense, $.80 taxes > somewhere else? > $10.80 supplies expense? (including any sales taxes assessed by the vendor) as a single entry. Thus, the supplies expense is properly shown as $10.80. Bill << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#3
05-07-2006, 04:57 PM
| |||
| |||
| Re: Sch C and sales taxes no[at]thank.you wrote: - quote - > If my sole prop spends $10.00 on supplies, plus $.80 tax,
You would deduct $11 under supplies on schedule C.> can I deduct the $.80 on sch C? > $10.00 supplies expense, no taxes? > $10.00 supplies expense, $.80 taxes somewhere else? > $10.80 supplies expense? Missy Doyle << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#2
05-07-2006, 03:49 AM
| |||
| |||
| Re: Sch C and sales taxes no[at]thank.you wrote: - quote - > If my sole prop spends $10.00 on supplies, plus $.80 tax,
Supplies expense $10.80. No need to keep track of the sales> can I deduct the $.80 on sch C? > $10.00 supplies expense, no taxes? > $10.00 supplies expense, $.80 taxes somewhere else? > $10.80 supplies expense? tax separately. However, if you purchased these supplies from an out-of-state vendor (e.g., over the Internet or by mail order) and the vendor did not charge use tax on the purchase, you would be liable for the use tax to your state. You would still debit supplies expense for $10.80, but the credit would be $10 to cash (or your credit card account or whatever) and .80 to use taxes payable. When you file your sales and use tax return and pay the tax, debit the payable account and credit cash for the 80 cents. Katie in San Diego << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#1
05-07-2006, 03:49 AM
| |||
| |||
| Re: Sch C and sales taxes no[at]thank.you posted: - quote - > If my sole prop spends $10.00 on supplies,
It is standard to include the total cost of an item> plus $.80 tax, can I deduct the $.80 on sch C? > $10.00 supplies expense, no taxes? > $10.00 supplies expense, $.80 taxes > somewhere else? > $10.80 supplies expense? (including any sales taxes assessed by the vendor) as a single entry. Thus, the supplies expense is properly shown as $10.80. Bill << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
05-07-2006, 03:49 AM
| |||
| |||
| Re: Sch C and sales taxes no[at]thank.you wrote: - quote - > If my sole prop spends $10.00 on supplies, plus $.80 tax,
You would deduct $11 under supplies on schedule C.> can I deduct the $.80 on sch C? > $10.00 supplies expense, no taxes? > $10.00 supplies expense, $.80 taxes somewhere else? > $10.80 supplies expense? Missy Doyle << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#-1
05-06-2006, 02:24 AM
| |||
| |||
| Sch C and sales taxes If my sole prop spends $10.00 on supplies, plus $.80 tax, can I deduct the $.80 on sch C? $10.00 supplies expense, no taxes? $10.00 supplies expense, $.80 taxes somewhere else? $10.80 supplies expense? TIA! << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| sales, sch, taxes |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Sales taxes are not correct. Alison: How do I make the sales tax post correctly. The sales taxes are posting per actual money received. They should post per total invoice. (This is... | Microsoft Money | 1 | 03-18-2006 09:53 PM | |
| Local Sales Taxes Patrick: Greetings, I am working on my son's (draft) tax return for 2005. He is single, makes $30,000 a year total income. He itemizes his deductions due... | Taxes | 7 | 01-05-2006 01:48 AM | |
| Ebay sales and taxes TracyM: I am a low-level Ebay powerseller ($1000 sales a year, $4000 profit) and teach a number of workshops on How to Sell on Ebay. However, despite... | Taxes | 21 | 01-02-2005 07:46 PM | |
| Deduction of state sales taxes Arthur Kamlet: If I elect to deduct state and local sales taxes for 2004, and in early 2005 I receive a 2004 State Income tax refund on a 1099-G, is that refund... | Taxes | 9 | 12-13-2004 11:04 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
