From the course: Business Tax Foundations
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Sales tax record keeping
- [Instructor] In order to keep accurate sales tax records, you need a careful system of record keeping. Sales records will often be generated through your point of sale software, but you'll probably want to keep a record of total sales and sales taxes paid as well. Let me show you what I mean. So what we have here is a sales tax report for a single retail location selling a service and selling a product to the customer. In this particular case, it's related to hair care products, and then hair care services. Now this is generated by a point of sale software, and what it does is go through and list the number of products sold, the amount of products that were sold, the type of product, the cost in inventory, the retail price, and then our gross margin. And it's broken down in a variety of different ways, based on the seller of the product or the maker of the product, the type of product, etc. So the idea is that it really just gives us a sense for what we're selling and whether or not…
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