The world of sales tax can be extremely confusing, but getting it right is crucial for success. As your business evolves and changes, your sales tax obligations may also change or expand. And when that happens, there are typically five steps you need to take in order to ensure you’re compliant at every stage of the sales tax cycle. To help, let's review the basics of the five steps for managing sales tax that all businesses should implement.
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Know where your business must collect and remit sales tax.
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Register to collect and remit sales tax.
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Calculate the correct sales tax amount
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Track and manage exempt sales.
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Remit sales taxes to the tax authorities.