Is it possible for me to pay my business taxes online. Yes. Using bFile, you may electronically file and pay sales and use taxes as well as employer withholding taxes for free.
Until it is paid to the state, the amount of sales tax collected belongs to the company. A separate liability account called Sales Tax Payable is used to record the amount of sales tax that has been collected. Debit and credit transactions increase and decrease the account Sales Tax Payable, respectively.
Once the customers have paid their sales tax, the firm is responsible for paying it. The liability account on the balance sheet that tracks sales tax is called Sales Tax Payable.
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