Vital Signs: Business Finance for Photographers, Part 3 - Keeping the IRS and State Governments Happy with Taxes
Both sales tax and employment (or "payroll") tax are taxes you collect from others on behalf of the IRS or your local and state governments. Perhaps that is why the penalties for not handling these properly are more severe than for your own income taxes! Collecting and remitting sales tax as well as withholding and remitting payroll taxes are the responsibility of the business owner. It’s a very serious responsibility for a small business—not complying with these government requirements can cost you a great deal of time, money, and grief, as many photographers have discovered.
Comments
by Timspics Thu Sep 24, 2009
How about a better definition on the use tax?