From the course: Business Tax Foundations
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Internet businesses and sales taxes
From the course: Business Tax Foundations
Internet businesses and sales taxes
- [Instructor] For internet businesses and other business operating in multiple states, the challenge of sales taxes becomes much more acute. Any business with multiple locations faces this challenge to some degree, though. And that means that organizing and tracking sales payments is more of an issue. Let's take a look at how we might modify our sales tax ledger for an entity with two locations in separate states. So what we have here is a basic sales tax ledger. And this lets us aggregate the sales each month for each location. And it also records the amount that we pay in sales taxes. So at Location 1, in a particular state, we pay a particular amount. And we've recorded the amount that we've paid in each month for that location. And we've separated out the amount that we pay in sales taxes. So column B includes the sales for that particular location, Location 1 in this case, column C is the date that we paid sales taxes, and then column D is the amount that we paid in sales taxes…
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