If you’re starting a business in Missouri, you’ll likely need to obtain at least one, if not a few, different types of state business licenses and permits. The most common is the sales tax permit, or seller’s permit. You can apply online through the Department of Revenue website or submit a Missouri Tax Registration Application (Form 2643). A permit is required when you have nexus in the state and sell taxable goods or services to Missouri residents. You must register and collect and remit the appropriate amount of sales tax on all taxable purchases, unless you are exempt. Failing to register or pay the correct sales tax amount can classify your business as noncompliant and lead to fines and penalties.
The frequency with which you file and remit sales tax depends on the filing frequency assigned to you by the state of Missouri. Generally, you will be required to file monthly, quarterly, or annually. You can find the due dates for your filings by visiting the Department of Revenue website. If you’re a larger seller, it may be more efficient to outsource your sales tax reporting to an accounting or bookkeeping firm.
How to File Missouri Sales Tax Returns?
Once a business obtains a sales tax permit, it must continue to file returns on a regular basis. These returns are typically due monthly, quarterly or annually. Each filing frequency is assigned by the Department of Revenue based on the size and sales volume of the business.
Many tools are available to help businesses determine which goods and services are taxable in Missouri and how much sales tax to collect. Additionally, many customers, such as government agencies and some nonprofit organizations, are exempt from paying sales tax. Regardless of the collection method, sales tax should be collected and remitted promptly to avoid interest and penalties.
To avoid late penalties and interest, you should pay the sales tax you collect as soon as possible. You can do this online, by mail or in person. You can also sign up for a service to automatically pay and file your sales tax for you. It’s an easy way to stay compliant.
