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The Lowdown on Collecting and Reporting Taxes

Maintain good records, and taxes don't have to be a headache.

By Amy Fennell Christian

Opinions expressed by Entrepreneur contributors are their own.

(YoungBiz)- Starting a business is not as easy as finding a storefront,stocking it and opening your doors to the eager customers waitingoutside. If you're planning to sell products rather thanservices, the long, and sometimes confusing, process starts wellbefore you'll see your first sale.

Every business that sells tangible goods must have aseller's permit (also called certificate of resale or sales taxpermit), collect sales tax, file reports with payments of the taxcollected, and maintain records of all transactions. Sound like alot of work for nothing? Then consider this: In many statesit's a crime not to fulfill these requirements. Permitscan also be revoked for failure to follow the rules.

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