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Sales Tax Help

StaciWiedStaciWied Member Posts: 6

I run a craft hobby business. Any sales tax that I pay on items that I purchase that go directly into the creation of the product I can deduct from the sales tax that I have to remit to the State. I have sales tax rates set up for each city that I sell/buy in. However, is there a way to break that out even more so that my sales tax report reflects that. Because right now it is subtracting ALL sales tax I have paid and I can't do that. Right now I have manually figured it out but I want to get it set up to be correct for my 2020 tax year.

in Accounting Technical Support

Comments

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @StaciWied . I'm afraid that there's no way to set this up in Wave to have it automatically reported. You mention that you're doing it manually on your end, can you dive into what exactly you do to get these calculations for other users who may be interested in knowing?

    Looking forward to your response :smile:

  • StaciWiedStaciWied Member Posts: 6

    I currently have an Excel Spreadsheet set up that as I enter my bills into Wave I also then enter the info into the spreadsheet. The columns on my spread sheet are, Date, Company Name, Amount of the tax that is deductible, Tax Rate, Tax City. I then sort the data by City and do sub totals under each city.

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