--- In artshow_photo@yahoogroups.com, "joanjett074" <joanjett074@...> wrote:
Do you charge the customer tax on top of that, or do you charge them $40 and then figure out all the taxes at the end of the show when you have to pay them? Thanks.
Either way is ok. The second way is called "backing out" the tax. This way will yield you less gross at the end of the show, but works well with cash, as you don't have to deal with a lot of change. For credit card sales and check sales it makes no sense NOT to add tax to the sales amount.
It is also ok to do both at a show, as I do. I add tax to credit card and personal check sales, but back out the tax on cash items. In essence, I am giving the customer a "discount" for paying cash. Many of my customers opt to pay with cash when offered the choice.
FWIW - I DO report ALL sales to the State Dept of Revenue and to the Feds. In other words, I don't cheat, nor do I recommend that to anyone regardless of how you figure in your sales tax.
My average take per show (using this dual methodology) is about 35% cash, 60% credit cards, and a sprinkling of about 5% in personal checks.
Michael H. Cothran
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