What tax line on Schedule C does sales tax payable go on? Taxes and Licenses?
Sales tax payable is listed on what tax line on Schedule C?
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cm83JnBI8r4yUOacwZ5xHE
03/14/12 4:53pm PDT
Viewed by asker 03/21/12 11:39am PDT
Viewed by asker 03/21/12 11:39am PDT
7 Replies
dhhcpa
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Intuit Moderator
Mod/Co-mod
03/14/12 4:56pm PDT
Explained in your other question:
http://community.intuit.com/posts/sales-tax-payable-tax-line
Sch C is a sole proprietor. Sales tax payable does not go on a schedule C.
Do you know what type of return this entity files? You only need tax line mapping if you are going to import into a tax software.
Ohhhh, Faerie Dust!!
03/14/12 5:02pm PDT
it is a sole proprietorship and it does get imported to a tax programmer.
03/14/12 5:30pm PDT
As I answered before - sales tax payable does not get mapped to any tax line on a Schedule
C. Sole Props don't prepare balance sheets as part of their tax return, so tax line mapping for balance sheet items is not available.
In the future, please reply to your own question with additional questions or information. It is much easier to keep track of questions and answers.
Please mark solved if you think it is, or post back with additional questions.
dhhcpa
Questions asked: 58
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Intuit Moderator
Mod/Co-mod
03/18/12 11:16am PDT
The solution
You have asked for more help with this question, but I really don't know what you want.
You simply can't map sales tax payable to a sole proprietor's tax return. Sales tax payable is a liability account. Sole proprietors report income and expense accounts, not asset and liability accounts.
If you are doing your own return, you should seek the advice of a professional tax preparer who can help you understand some important tax concepts.
Ohhhh, Faerie Dust!!
qbteachmt
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Mod/Co-mod
03/18/12 12:23pm PDT
I see this is marked Solved yet there is no reply that is marked solved? Also: Once a topic is Solved, the red Q should go away. I will report it.
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Accountant Man
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03/18/12 6:16pm PDT
In case no one has said it yet, you cannot deduct sales tax since once you collect it from your customer you have to send it to the state.
I'm calmer now. Whew!
