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Wednesday, December 30, 2009
Is the difference the cost of the credit card fee? Are cash transactions actually written into the books and paid taxes on? Does someone go through however many gallons the company sold and figure the cash revenues by subtracting the credit card transactions to calculate profit tax and income tax. My dad says people from Avon, like a relative, can sometimes forget revenue tax. My dad says sales tax is due quarterly, March, June, September, December and each comes with a 15 day grace period, but that's it. Revenue tax is due any quarter you have a profit. Your quarterly tax return is called a "witholding". you mail a check to both the state and federal collection agencies. [what about local county and city tax?] Where is this simplified?
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