Filing taxes can be a daunting task, especially for New York State residents who need to navigate the complex world of state tax forms. One such form is the ST-119.1, which is used to report sales and use tax for businesses operating in the state. In this article, we will delve into the world of the NY State Tax Form ST-119.1, providing a comprehensive guide on how to fill it out and making the process less intimidating.
Understanding the ST-119.1 Form
The ST-119.1 form is a crucial document for businesses in New York State, as it allows them to report and pay sales and use tax on a quarterly basis. The form is used to calculate the amount of tax owed by a business, and it must be filed with the New York State Department of Taxation and Finance (DTF) by the designated due date.
Who Needs to File the ST-119.1 Form?
Businesses operating in New York State that are required to collect sales tax must file the ST-119.1 form. This includes:
- Retailers
- Wholesalers
- Manufacturers
- Service providers
When is the ST-119.1 Form Due?
The ST-119.1 form is due on a quarterly basis, with the following due dates:
- January 20th for the 4th quarter (October 1 - December 31)
- April 20th for the 1st quarter (January 1 - March 31)
- July 20th for the 2nd quarter (April 1 - June 30)
- October 20th for the 3rd quarter (July 1 - September 30)
How to Fill Out the ST-119.1 Form
Filling out the ST-119.1 form can be a complex process, but breaking it down into sections can make it more manageable. Here's a step-by-step guide on how to complete the form:
Section 1: Business Information
- Enter your business's name and address
- Provide your business's tax account number (if applicable)
- Check the box indicating the type of business you operate (retailer, wholesaler, manufacturer, or service provider)
Section 2: Sales and Use Tax Information
- Report your total sales for the quarter
- Calculate the amount of sales tax collected
- Report any use tax due on purchases made during the quarter
Section 3: Tax Calculations
- Calculate the total tax due for the quarter
- Apply any credits or deductions
Section 4: Payment Information
- Provide payment information, including check or money order details (if applicable)
Tips for Filing the ST-119.1 Form
- Make sure to keep accurate records of your sales and use tax transactions
- Double-check your calculations to avoid errors
- File the form on time to avoid penalties and interest
Common Mistakes to Avoid When Filing the ST-119.1 Form
- Failure to report all sales and use tax transactions
- Incorrect calculations or underpayment of tax
- Late filing or payment
Penalties and Interest for Late Filing or Payment
- A penalty of 5% of the tax due will be assessed for late filing or payment
- Interest will be charged on the unpaid tax balance
Conclusion and Next Steps
Filing the ST-119.1 form can be a daunting task, but with this guide, you should be able to navigate the process with ease. Remember to keep accurate records, double-check your calculations, and file the form on time to avoid penalties and interest.
We encourage you to comment below with any questions or concerns you may have about the ST-119.1 form. Additionally, share this article with fellow business owners who may find it helpful.
What is the due date for the ST-119.1 form?
+The ST-119.1 form is due on a quarterly basis, with the following due dates: January 20th, April 20th, July 20th, and October 20th.
Who needs to file the ST-119.1 form?
+Businesses operating in New York State that are required to collect sales tax must file the ST-119.1 form.
What is the penalty for late filing or payment of the ST-119.1 form?
+A penalty of 5% of the tax due will be assessed for late filing or payment, and interest will be charged on the unpaid tax balance.