Sales tax now applies to some services

Starting October 1: Some business services are now subject to retail sales tax, as required by state law, ESSB 5814. When you buy these services, vendors should add sales tax to your bill. If you sell these services, you should begin collecting retail sales tax. Learn more about Services newly subject to retail sales tax.

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Record keeping requirements

Good record keeping is an important element of running a successful business. The law requires businesses to keep complete and adequate records for a period of at least five years. In general, records should be kept that provide:

  • The amount of gross receipts and sales from all sources, including barter or exchange transactions.
  • Supporting documentation for all deductions, exemptions, or credits claimed.

Other important records to keep include:

  • Federal income tax returns
  • Washington excise tax returns
  • General and subsidiary ledgers
  • Sales and/or cash receipts journals
  • Sales invoices Purchase/cash disbursement journals
  • Purchase invoices for assets and expense items
  • Financial statements

Reference: WAC 458-20-254