From the course: Business Tax Foundations
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Filing sales tax forms
- [Instructor] The burden of sales taxes varies greatly from firm to firm and state to state. For some companies that operate in only one state and sell a physical product as an ancillary business to a non-taxed service sale, the sales taxes might not be a big issue. But for other firms, the process of reconciling your sales and then paying sales taxes on it can be truly a nightmare. Let's take a look at how a sales tax filing works in practice. So we are here with the State of Connecticut's Department of Revenue Services. And we're just using them as an example, but most other state tax portals will work similar to this. All right, now we're going to need to pick the period that we're filing sales taxes for. In general, most firms will have to pay sales taxes on a monthly basis. However, if you're a firm that doesn't sell a lot of products subject to sales tax, perhaps, as an example, you only occasionally sell hats to people that come in to get their hair cut or something similar…
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