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Sales Tax Accounting Basics [+ Journal Entry for Sales Tax Examples] 

Patriot Software

When you sell goods to customers, you likely collect and remit sales tax to the government. And when you purchase products, you typically pay sales tax. But, how do you record these tax collections and payments in your accounting books? Sales tax accounting.

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Unlocking the Language of Accounting: Understanding Common Terms

SMBAccountant

In contrast, accrual accounting records transactions when they occur, offering a more accurate depiction of the company’s financial position over time by matching revenues with expenses. Book Accounting and Tax Accounting Small businesses may notice differences between book accounting and tax accounting.

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Illinois Small Businesses: Upcoming Aug 5-14 Sales Tax “Holiday” Is Anything But One

Nancy McClelland, LLC

On June 27th I woke to find dozens of notifications from MyTax Illinois in my email inbox — one for each and every client of ours who files sales taxes. It’s hard enough to change sales tax amounts on a department-by-department basis… but item-by-item?

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Backed up Bookkeeping – 5 Tips on Managing Your Accounting

MyIRSRelief

The IRS doesn’t care about how busy you are, they don’t care about years of backed up bookkeeping, financial worries, or anything else, they simply care about you filing your accurate business tax return annually and paying what you owe. Always stick to tax deadlines. Get a free evaluation today 1-877-788-2937.

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What is the importance of Bank Reconciliation in Business?

Simple Accounts

Referring to your bank statements or account books separately cannot help you to summarize your transactions and balance. Even if you forget to enter any transactions to your account book, bank reconciliation statements might help you figure out the correct balance. Supports you in making financial decisions .

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Steps to Clean Up Accounting Records: A Checklist

xendoo

If that is not the case, you will need to take steps to clean up accounting records or use a catch-up bookkeeping service. . When and Why You Need to Clean Up Your Books. There are many reasons to have clean accounting books each month. Be Ready for Tax Season. Here are a few: Ensure Financials Are Up-to-Date.

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Friday Footnotes: Anyone Wanna Work in Hollywood?; Profit-Hungry CEOs Love Gen AI; KPMG’s SF Future | 1.19.24

Going Concern

Leadership PwC Vets Finalists for Top Job as Industry Meets AI, Gen Z Era [ Bloomberg Tax ] PwC’s next leader will confront the challenges of rapidly advancing technology, recruiting and training an evolving workforce, and keeping up with the needs of its core accounting clients. I’m an accountant’s dream.

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