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What Is New York Form ST-120.1?
New York Form ST 120.1 is a sales and use tax return form used by businesses in New York. It is used to report and pay sales and use taxes collected by the business during a specific reporting period. ST 120.1 tax exempt form includes sections for reporting taxable sales, exemptions, and any applicable credits or deductions. Businesses are typically required to file this form on a monthly or quarterly basis, depending on their level of sales and use tax liability.
Who Should Use New York Form ST-120.1?
Form ST-120.1 should be used by businesses that are registered to collect and remit sales and use taxes in the state of New York. This includes businesses that make sales of taxable goods or services within the state, as well as businesses that purchase goods or services for use in the state and are subject to use tax. Examples of businesses that probably need to file the ST 120.1 form include retail stores, service providers, and manufacturers.
How To Fill Out New York Form ST-120.1
New York Form ST-120.1 is a multi-part form that is used to report and pay sales and use taxes collected by a business. Here are the general steps on how to fill out the form:
- Begin by entering your business information at the top of the form, including your business name, taxpayer ID number, and the reporting period for which you are filing the form.
- Next, enter the total amount of taxable sales for the reporting period in the appropriate section of the form. This should include all sales that are subject to sales tax, including the sales of goods and services.
- Report any exemptions, credits, or deductions that apply to your business in the appropriate sections of the form. For example, if you have made sales that are exempt from sales tax, such as sales to government entities, you should report them in the exemptions section.
- Calculate the total sales tax due by multiplying the taxable sales by the applicable sales tax rate.
- Provide the payment by check or money order or using the electronic funds transfer (EFT) system.
- Sign and date the form ST 120.1, and keep a copy for your records.
How To Get New York Form ST-120.1
There are several ways to obtain a copy of form ST-120.1:
- Download a copy from the PDFliner website. The form can be found on the sales and use tax forms page, along with instructions for completing the form.
- Order a copy by phone by calling the New York State Department of Taxation and Finance's Forms Unit.
- Visit a local New York State Department of Taxation and Finance office to pick up a copy in person.
Note that the form may change year to year or based on the type of business, so it is best to check the latest version of the form from the website of the New York State Department of Taxation and Finance before using it.
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Fillable online New York Form ST-120.1