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Handling Sales Tax on Home-Based Business Sales

DerekNDerekN subscriber Posts: 2
edited November 2007 in Accounting and Financial Management
I`m starting a business out of my basement selling customized videos to people.  How do I handle reporting sales tax to my state (Kentucky - I don`t have to worry about local sales tax)?  Is it as simple as filing a sales tax return?  Should I just hire an accountant?
 
Thanks.
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Comments

  • PiperTaxPiperTax subscriber Posts: 5
    Often it`s just a form you fill out online. My monthly Illinois form takes about 8-10 minutes, so it really isn`t too bad. Honest truth, I wouldn`t hire an accountant just to handle that for you. (Though finding a good accountant is probably a good idea anyway.)
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  • LizardWisdomLizardWisdom subscriber Posts: 0
    Honest truth, I wouldn`t hire an accountant just to handle that for you. (Though finding a good accountant is probably a good idea anyway.)

    We can`t agree with PiperTax enough on this one! You should hire an accountant if you are going to be in business. It will take a load off of your mind knowing that the taxes/accounting is being handled properly.
    We have both a state and city sales tax we deal with. State is filed online. City is done via a two page form which we just copy the state stuff onto. VERY easy, once you do it a few times.
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  • grabitpackgrabitpack subscriber Posts: 5
    Check out your STATE BOARD OF EQUALIZATION site.
    I agree with LizardWisdom you NEED an accountant.  There are certain paths you can`t cut across and taxes is one of them.  If you get a good one they will be glad to answer your questions regarding any issue at any time.
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