Tax Question

[LewisLegion]

Not what you think I already did my taxes this year and my refund should be in my account in a couple days.

No, here's my question.

We're doing a convention this year, getting a table. My sister is doing photos and I'm selling pocketwatches and other small trinkets (hat pins, lockets, etc). I have figured in the price of each item including the state's sales tax. My question is, when the convention is over, how do I go about paying the sales tax? Do I need to go to an accountant to have it sent in? Is there a form I can download and send in myself to the IRS? I'd rather not wait until filing next years taxes to pay the sales tax.

Also, if I pay the sales tax on each item, do I still have to pay a percent of each item as income tax as well?

[taxguykarl]

Sales tax is not paid to the IRS but to the revenue department of the state where you will be selling the items...unless the items include alcohol, tobacco, ammo, tires, phone service or tanning services.
You only pay income taxes on your profits. Yes there is a form for this, specifically the estimated tax form. Just total up your quarterly profits and send in the amount called for in the instructions. There are quite a few software products and spreadsheet templates that make this even easier. Yes, you may PM me with more detailed questions.

[LewisLegion]

Big help!! Thank you so much!