How do I track expenses in different states
Doc500
Member Posts: 1
Our business crosses state lines, I need to designated the state the expense occurred in. How do I do this?
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Doc500
Member Posts: 1
Our business crosses state lines, I need to designated the state the expense occurred in. How do I do this?
Comments
@Doc500,
The reporting for state taxation does not work that way. There is no need to track expenses by state. However, you are required to track sales, payroll and assets/rent by state. Each state uses an apportionment computation with those factors to determine the amount of income subject to their income tax. The amount within state is divided by the everywhere amounts.