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April 6, 2020
Question

New business in Florida

  • April 6, 2020
  • 1 reply
  • 0 views

If I use Quickbooks with turbotax self employed, does this tell me what I owe in sale and use tax? I will be purchasing from vendors (wholesalers) tax exempt. It will be an eCommerce clothing business registered as a single owner LLC. Would I even owe use tax? Is this similar to TaxJar or does TaxJar remit sales and use tax? Please help. 

1 reply

KathrynG3
April 6, 2020

It depends on your circumstances which are difficult to determine in scope only through the information given. 

 

You have an excellent idea to affiliate with TaxJar to do the calculating for your specific situation. Each state mandates their own definition of nexus, which will determine how much sales and/or use tax would be due. The rate can change based on physical address even within the same community. QuickBooks would potentially calculate this for you if you input all the sales and use tax rates applicable.

 

Secondly, depending on the scope of your business, keep in mind that QuickBooks Self-Employed app free with TurboTax Self-Employed handles the income and expenses only. You can attach the bank feed and credit card feed, but this covers the "Profit and Loss" statement. This financial statement is the only requirement for Schedule C, filed with your personal tax return.

 

If, however, you need to prepare details for a Balance Sheet, the second key financial statement, in order to secure a loan, for example, then I recommend you look to QuickBooks Online. There is a monthly fee, but it would be able to attach a sales tax app to handle your sales and use tax.

 

Intuit has you covered with the full range of products and support for your business and tax needs.

@audreereneexo