State Sales Tax & Federal Estimated Tax Submissions
Handling sales tax and estimated federal tax submissions can be confusing and time-consuming. At Noble Numbers Solutions, LLC, we simplify this process by ensuring accurate calculations and timely submissions, so you can focus on running your business without the stress of tax compliance.
Our Services Include
Sales Tax Submissions
We handle the precise calculation and timely submission of your sales taxes, ensuring compliance with all state and local regulations.
Benefits: Avoid penalties and interest from late or incorrect filings, giving you peace of mind.
Sales Tax Audit Support
If you face a sales tax audit, we provide the necessary documentation and support to navigate the process smoothly.
Benefits: Minimize disruptions to your business and ensure accurate responses to auditor inquiries.
Estimated Federal Tax Deposits
We manage your quarterly estimated federal tax payments by calculating the necessary amounts based on your self-employment income and W-4 information, ensuring you remain compliant with IRS requirements.
Benefits: Prevent underpayment penalties and manage your cash flow effectively by planning for tax payments throughout the year.
Tax Filing Reminders
We provide reminders for all your tax filing deadlines to ensure you never miss an important date.
Benefits: Stay compliant and avoid late filing penalties with our proactive reminders.
HELPFUL LINKS
What is sales tax submission, and why is it important for my business?
Sales tax submission involves calculating and paying the taxes collected from sales transactions to the appropriate state and local tax authorities. It's important because it ensures your business complies with tax regulations, avoiding penalties and interest from late or incorrect filings. Plus, it helps maintain your business's reputation and financial health.
How often do I need to submit sales tax?
The frequency of sales tax submissions is set by your state and can be monthly, quarterly, or annually, depending on your business's sales volume and specific state regulations. We’ll help you determine the correct frequency for your business and ensure timely submissions.
How do I know if I need to set up a sales tax account with the state and possibly the local entity in Colorado?
You will need to set up a sales tax account in Colorado if:
(1) your business operates in the state or has a physical presence,
(2) sells tangible personal property or taxable services,
(3) meets the economic threshold of $100,000 in sales or 200 transactions annually,
(4) or if local jurisdiction(s) require(s) it.
For more details, visit the Colorado Department of Revenue by clicking on the icon above.
What are estimated federal tax deposits, and do I need to make them?
Estimated federal tax deposits are quarterly payments made to the IRS to cover your expected tax liability for the year. They're necessary if you expect to owe $1,000 or more in taxes when you file your annual return. Making on-time payments helps you avoid underpayment penalties and manage your cash flow more effectively.
When are the due dates for estimated tax payments?
Estimated tax payments are generally due quarterly. The due dates for the IRS are typically April 15th, June 15th, September 15th, and January 15th of the following year. However, when one of these dates falls on a federal holiday, the payment will be due the next business day.