Tax Group

Tax Group
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Tax Group
Video Length: Video Size: File Size:
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QuickBooks Online Training
 
 
Video Tutorial Over Tax Groups

In many states, you need to charge a combination of local, county, and state sales taxes on your sales. However, most customers are used to seeing only one sales tax line and rate on their sales receipts, invoices, etc. You can accommodate both these needs in QuickBooks by setting up and using a sales tax group item.

Example

For example, you might be required to charge a 7% sales tax for the state and a 2.5% sales tax for the county where you do business. If you are paying multiple agencies, rather than making one payment that will be split by the principal agency, you can group these two sales tax rates together and charge one rate of 9.5%.

A sales tax group item is two or more sales tax items that you apply to a sale at the same time, using one combined sales tax rate. This allows you to track and report &sales_taxes; separately for your tax returns, but show them as a single line item for your customers. If you use several sales tax group items, such as combining the same state tax with several different local or county taxes, you can set up as many sales tax group items as you need.

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