I hope you made it through tax season with flying colors. Now that April 15th is behind you, what do you need to do next? Here are a couple of things to keep in mind and an important tip from one of our Bookkeepers.
• The CA Board of Equalization (BOE) assigns a filing frequency (quarterly prepay, quarterly, monthly, fiscal yearly, yearly) based on your reported sales tax or your anticipated taxable sales at the time of registration. Find your filing frequency for your due dates on the BOE website by clicking here.
If you reside outside of the state of C.A. you can find the BOE website for your state.
• 1st quarter sales tax reports are due by 4/30/14 for those who are on the Quarterly Prepay Reporting or Quarterly Reporting.
• What did we learn from tax season:
- Make sure to get W-9’s for your new vendors. It is also a best practice to request updated W-9 forms from your vendors each year, especially if any of their information has changed.
- Don’t wait until the last minute to gather your paperwork and prepare your taxes. When you do, you add undue stress to you, your Bookkeeper and Accountant, plus risk the chance of paying penalties.
New C.A. Sales and Use Tax Rates Effective April 1, 2014. In addition to the table shown here, you can find this and much more valuable information at the BOE website. www.boe.ca.gov.
Click to enlarge image.