How do you all manage paying your sales tax?
I am thinking of setting up a separate checking or savings account for that so that. I am doing a poor job of keeping track so that I have the money when the quarterly payment is due.
Just to clarify, I have a business account. I am just wondering if having yet another account just for the taxes works for anyone. Thank you.
I keep all of the payments for cakes in my business account until the cakes are actually delivered, so a portion of that would include the sales tax. Unless you're spending everything ahead of time it shouldn't be a problem.
If you use Quicken Home and Business or Quickbooks, the invoicing system will calculate the tax for you. The then separated sales tax is set up in its own register and you can easily see how much you should have in the tax account.
Sorry, double post.