If paying retail sales taxes annually, are those taxes declared on the tax form for the year incurred or the year paid. For example, I paid retail sales tax for 2022 in January 2023. I was thinking it was declared on taxes based on the year it was paid.
Thank you.
In general, taxpayers are on a cash basis, so it would be declared on your tax return (2023) in which the payment was made.
Click here for additional information regarding your sales tax write off.
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