All businesses in Nevada that are required to collect sales tax also need to purchase a Nevada Sales Tax Bond from a surety company. This bond acts as a sort of guarantee that you will pay those sale taxes to the state. If you fail to pay your taxes, the Nevada Department of Taxation will make a claim on your bond. The surety company you purchased the bond from would then pay out on your bond up to the full amount. You are of course held responsible to pay the surety company back for any losses.
How Much Does a Nevada Sales Tax Bond Cost?
The amount you need to purchase your bond in can be found by taking the average monthly amount of sales tax you would collect and multiply that by three. You will not need to purchase a bond if that amount is $1,000 or less. Luckily, the amount of your bond is not the actual price you pay; you will only have to pay a percentage of that amount to get your bond. The percent that you pay is determined by your personal credit and your business financials. If you have decent credit you can expect to pay between 1-5% of the total amount of your bond.
Where Can I Get a Nevada Sales Tax Bond?
Surety Solutions offers free online quotes for sales tax bonds from over 30 different surety companies so that you can find the best price out there. If you are ready to get a quote and/or purchase just click the link below or give us a call at 866.722.9239.