Your EIN is your Federal Employer ID Number. Think of it as your business’s Social Security Number. Here is what you need it for, how to apply for it, and how to find it.
Continue Reading What is an EIN number: how to look up or get one? >
When I opened my first restaurant, a wise friend said to me “It’s not how much you make, it’s how much you keep. If it doesn’t contribute to your bottom line, you have two choices: ditch it or do it as efficiently as possible.”
Sales tax falls into the “do it as efficiently as possible” bucket. Mismanagement of sales tax can be disastrous to your bottom line.
Should bars still include sales tax in the price of their drinks or are they actually subsidizing part of the drink for all of their customers and giving up revenue?
Continue Reading Why Do Bars Include Sales Tax in Their Drink Prices? >In these unprecedented times, it’s a real possibility that many small-to-medium-sized businesses will, despite every effort, be forced to close their business and declare bankruptcy. If these businesses had used the sales tax collected prior to closing their doors to sustain their business for a time, what will happen to that debt?
Continue Reading What are the Long-Term Implications of Declaring Bankruptcy While Still Owing Sales Tax? >Many of you have pivoted to offer take-out, delivery, and maybe even online sales during the COVID-19 crisis. If you are new to these services, we want to remind you that you need to check how the items you are selling are taxed in your state. It’s not as cut and dry as it may seem.
Continue Reading Quick Tip: Check Your Delivery and Pick-Up Sales Tax Rates >
We are now a few weeks into the full swing of the COVID-19 crisis in the U.S. At this point most small business owners have worked through the difficult short-term checklist of considerations to ensure that their business endures. But with no definitive end to the crisis in sight, it’s time to think longer-term .
Continue Reading 10 Items to Consider for Long Term Business Continuity >
Many businesses who otherwise do a good job documenting their sales fall prey to a common sales tax trap – tax-exempt sales. In order to protect themselves, owners can follow simple guidelines ensuring these sales don’t fall through the cracks.
Continue Reading 3 Simple Steps to Documenting Tax Exempt Sales and Avoiding Liability >
We are headed into a very busy season for a lot of you! The ten biggest sales days of the year happen in November and December. Holiday shopping is one reason for the boost but even grocery retailers have a spike as everyone prepares for their special occasion meals, events, and gifts.
Continue Reading Tips for Planning for Your January Sales Tax Bill >
There is considerable confusion amongst Florida restaurant owners as to who is responsible for collecting and remitting sales tax for orders from Grubhub, Ubereats and all the other 3rd party apps.
Continue Reading Are Florida Restaurants Double Paying Sales Tax on 3rd Party Orders? >
Few words instill fear in a small business owner as a sales tax audit. Following a few best practices can help mitigate the risks and hassles of an audit.
Continue Reading Protecting Your Business and Your Wallet in a Sales Tax Audit >