Basics about Sales, Use, and Other Transactional Taxes

About the Book

Basics about Sales, Use, and Other Transactional Taxes explains transactional taxes in layperson’s language, so you can better understand and manage transactional taxes and minimize tax-related costs. Transactional taxes are taxes that are imposed upon the value of items, goods, and services at the time of their sale, use, or storage. This includes taxes known as sales, use, value-added, goods and services, and excise taxes. In straightforward language, the author aims to: • explain the basic principles and scope of transactional taxes; • help readers perform basic tax-related activities without hiring a professional tax expert; • provide information that may be used to avoid overpaying transactional taxes; • identify best practices to ensure compliance with tax laws and regulations; • help readers recognize when they should seek assistance from tax experts and/or lawyers. The author also describes activities associated with the implementation, management, and remittance of transactional taxes, including the role of regulatory agencies, descriptions of different rules and regulations, and how applicable taxes are collected. She also highlights responsibilities regarding the remittance of taxes, recordkeeping, and the reporting of taxes, and what happens during an audit.

About the Author

Esther E. Carranza earned three bachelor degrees from the University of Saint Thomas in Houston, Texas: management information systems, economics, and business administration. She was first introduced to transactional taxes at the age of nineteen, when she was asked to work on a special project to help a company through a sales tax audit. Here is where her interest in transactional taxes started and grew. Throughout her career, Esther has combined her knowledge and experience with information systems, accounting software, and taxes to help companies establish or improve their policies and procedures related to transactional taxes. She has worked with different aspects of transactional taxes, including procurement/buying, sales, accounting, auditing, tax reporting, and tax compliance. Esther enjoys using her skills and knowledge to help people understand taxation and how it impacts their business. She is hoping that people will use the information found in Basics about Sales, Use, and Other Transactional Taxes to minimize their tax costs, improve their business processes, and increase their level of tax compliance.