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April 27th, 2010 - 11:28 am § in General Info, bookkeeping, business start up

USE Tax

What is USE tax and why do we have to pay it?

There is a common misconception in business that when you purchase something and the vendor/supplier does not charge you sales tax for whatever reason, the business is not responsible to pay the sales tax.  They treat it like a discount, a bonus, yippee – I screwed the MAN.  Well, sorry folks, businesses ARE responsible to pay sales tax (retail and manufacturing exemptions noted).  If sales tax was not previously paid, and the purchased was being used in a taxable manner USE tax is due.  Here are a few common examples of USE tax:

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April 12th, 2010 - 2:26 pm § in General Info, bookkeeping, business start up

Sales Tax Issues

When business owners start up a new business one of the challenges for them is state sales tax.  What is taxable?  How much do I collect?  When do I have to send the tax into the state?  All good questions that a new business owner will have. Chances are that if you will be selling [...][...]


April 6th, 2010 - 3:58 pm § in bookkeeping

State Registration

State of Wisconsin Registration Once you have your business name and business checking account established you must register with the State of Wisconsin since you will be conducting business in the state, as well as possibly collecting sales tax. If you are selling anything tangible you will be requ[...]


April 6th, 2010 - 2:33 pm § in General Info, bookkeeping, business start up

Your Federal ID Number

TO FED ID  or not  TO FED ID? In my current blog series of the list of items that one needs to do when starting up a business, we find ourselves with yet another question, do I need to have a federal ID number or not?  In my opinion, I don’t see any reason not [...][...]


April 6th, 2010 - 11:31 am § in General Info, bookkeeping, business start up

How to set up an LLC in Wisconsin

Setting up an LLC in the State of Wisconsin is extremely simple. As always, care should be given prior to completing the following tasks to avoid further cost and the hassle of correcting simple mistakes.  If you have decided to form an LLC, the following two steps are needed: An LLC may be set up [...]


April 6th, 2010 - 11:03 am § in General Info, bookkeeping, business start up

Which type of entity is for you?

One of the very first administrative decisions you must make after deciding to go into business is what type of entity, or business structure do you want or need?  Depending on which structure you choose, there will be legal and tax considerations that go along with the selection. Available Busines[...]