What is the difference between total sales and taxable sales?
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I'm filing my first Texas sales and use Tax return. It's asking me for the total sales and the taxable sales. I charge taxes in all my services, so is it the same amount on ...show more
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Answer:
yes
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Other answers
Ok so I am not sure here but there is a diff btw taxable income and accounting income. In accounting we book everything as revenue even thou we havent received the cash for the transaction yet (accrual or matching concept i think) but to tax authorities the sales cashed in r the sales for the period ( meaning sales u booked in previous period but received cash in current period will count as sales in current period just like sales made in current period but cash received in next will be counted as sales in next period as per authorities) so maybe they want to know the sales u made in the period and the sales u have actually cashed in. Also some sales are exempt from taxes altogether you will have to check the law for that and find out if your nature of sales has exemptions and just the figure likewise to come up with taxable sales I think its more to do with sales on item thats taxable( which will be ur total sales unless u have sold items that are sales tax exempt) Hope it might help
Fayyaz
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