12 Sales Tax Tips for Small Businesses: #3, Pre-payment
- Sales and Use Tax
- January 3, 2012 | Will Frei
Find out whether you will be required to make pre-payments in the new year in any jurisdiction
Check the prepayment requirements in your jurisdictions. A number of jurisdictions require prepayment for larger tax amounts. Some prepayments involve a different filing schedule than regular returns, sometimes more than once a month.
This means that if you find you are required to make prepayments, and you remit sales tax in multiple jurisdictions, you may end up with multiple filing schedules to manage. Adjust your calendar accordingly!
Businesses who paid in excess of $200,000 of Florida sales and use tax during the previous fiscal year (July 1-June 30) are required to make monthly prepayments.I