Filing taxes for small independent seller. Total sales for year were $1326 (no other income) and sales tax paid $137.27. Strange thing is when calculating sales tax deduction, getting a result of $323.00, confirmed with the IRIS calculator. This is using the easy method TurboTax providers vs manually entering all receipts in. Is this correct? The sales tax for the state is 5% including local and the last time I did basic algebra 1326 x 0.05 = $66.30.
Are you talking about the sales tax deduction on Schedule A for Itemized Deductions? That is completely separate than the sales tax for your business on Schedule C . Schedule A is for your personal deductions and sales tax you pay on your own purchases like groceries, clothes etc.
Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
