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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 12443
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Texas reseller. I pay sales tax on the items I

Customer Question

Texas reseller.
I pay sales tax on the items I resell up front. I do collect sales tax on the sell price of my item and then pay that collected tax to the state. I understand in my Federal refund the sales tax is added to my COGS. However for the State side for taxable purchases do I enter zero since I paid it up front?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.
Hi,...Can you tell me what the context is here?...Are you working on a return? simply bookkeeping , if a return business return, sales tax return, state return? etc.?...Let me know...I'll be here...Lane......I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986