01-20-2015, 03:16 PM | #1 (permalink) |
Join Date: Dec 17 2013 Location: Iowa
Posts: 9
Rep Power: 0 | Need help with taxes First time doing these. I should have paid someone and learn from them. A couple of questions, is there only one line I need to fill in on the 720 form for the excise tax? On my local tax (7%) why do I have to subtract my tax and surcharge from my deposits for the quarter and that's how much I owe? That doesn't make sense to me. Please help. Any information will be helpful. Thank you! |
01-20-2015, 03:35 PM | #2 (permalink) |
Join Date: Feb 16 2009 Location: Alaska
Posts: 626
Rep Power: 16 | Re: Need help with taxes On the 720, yes...just the one line Part II #140 and then copy the total down on Part II #2, fill out the Sign Here portion and done. I can't help with the sales tax since we don't have it where I live. Of course, the standard disclaimers that I'm not a tax professional apply.
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01-20-2015, 03:58 PM | #4 (permalink) |
Join Date: Sep 20 2012 Location: Osceola, Iowa
Posts: 145
Rep Power: 12 | Re: Need help with taxes Fellow Iowan here, I take it you don't use any kind of software? I use TanTrack and it goes all that figuring for me. Would suggest you get one as it saves a lot of time. The only items that get taxed the extra 10% Tan Tax is the tanning itself. Lotions and any other product is your local/state sales tax. Tanning packages (x) 10% Sales tax = ? This is what you pay with the 720 Tanning packages (+) other retail sales (x) .07 (sales tax) = Your sales tax liability You can pay both of these the this website. https://tax.iowa.gov/ The sales tax you file online and pay online all in one step and are not required to mail in the form. The 720 you will file online but must mail in the actual form. Call me if you have any questions and I'll walk you through it. I'm here til 7 Tue and until 3 Wed. 641-342-4434 |
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