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What is a Sales and Use Tax Bond?
A sales and use tax bond, also known as a sales tax bond or financial guarantee bond, is a type of surety bond that is required by local or state legislation that ensures businesses pay their yearly taxes. It is also seen as an agreement in which the business promises to report all earnings, on time, according to specific local and state deadlines. As with all surety bonds, a sales and use tax bond is seen as insurance, a contract that promises payment by one party to the second party.
If you are looking for a trusted, national surety company to help you obtain a sales and use tax bond, The Surety Place is the company for you. We can get you any bond you need, in any state, no matter what your circumstances are. We have specialty programs to help small businesses, and even programs to help hard to place bonds; when other sureties tell you no, we say YES. We know the importance of obtaining a sales and use tax bond for business owners, so we get you the bond you need, leaving you to only have to worry about running your business. Leave the sales and use tax bond to the experts at The Surety Place.
FAQs about Sales and Use Tax Bonds
How does my credit affect my bond?Depending on your personal credit, business financials, and bond history, the price of your premium will differ. The better your credit, the better your rate will be. Although it is possible to obtain a bond with bad credit, you are considered a financial risk to the Surety, which means you may need to provide other collateral in case a claim is made against your bond. We have programs for everyone, even hard to place bonds for those who have struggled financially in the past.
What is the average cost of this bond?Because each state and local government will require different minimums for the sales and use tax bond, every bond will vary on a case by case basis. State regulations will have a minimum amount each business owner needs to post but also, the estimated amount of sales tax your business is required to pay each month will be what your bond amount is largely based off. The more money your business accrues over a specific period of time will effect the size bond needed.
Who needs a Sales and Use Tax Bond?If you are selling, producing, or storing alcohol, tobacco and cigarette products, fuel, or marijuana, you will need to obtain a sales tax bond for those specific items. You may also need a general sales tax bond depending on your state requirements.
Are there other names associated with this bond?Sales and Use Bonds may also include:
Customs Tax Bond
Firework Tax Bond
Motor Fuels Tax Bond
Beer, Liquor, and Alcohol Tax Bond
Tobaccos and Cigarette Tax Bond
Contact us today for your bond!
Your National Surety With A Local Feel
The Surety Place has over 40 years of combined experience in this industry, which means we know bonds and we know them well. When it comes to Sales and Use Tax Bonds, we are the providers to get you the bond you need, as quickly as possible, and even better, we do all of the hard work for you. We provide the white glove experience in an industry that can be brutal and overwhelming at times for business owners like yourself.
Any Bond, Any State
While other bond companies focus on bonds for their specific state or region, we have expanded our knowledge and capabilities to ALL 50 states. We want to be able to help you get any bond you need, in any state and any industry. Whether you are just starting out or you have been in the game for quite some time, The Surety Place can be your surety bond company for the life of your business and each year when your bond needs to be renewed, or the laws change, we take care of everything for you. We make sure that our clients only have to worry about running their business, we take care of the nitty gritty bond work for you!
Your Bond Needs Are Always Heard
We establish a relationship with you in order to truly understand your business focus whether large or small, complicated or difficult. As one of the only true specialists within the industry we supply access, partnerships and specialty programs with numerous “A” rated sureties across the nation. We are here to help you service all your bonding needs with no appointments or contracts necessary. Fuel tax bonds are crucial for certain business owners, which is why we ask that you trust in us to do the hard work for you, get you the bonds required of you to run your business successfully.
Because of our industry knowledge and expertise coupled with our ever increasing specialty programs, we have the unique ability to write your bonds when no one else can, and because of our relationship with you we will stand behind you in support to achieve your agency or business objectives.
Need help growing your bond department?
At The Surety Place, we pride ourselves in our customer service! If you have any questions regarding your Sales and Use tax bond placement, give us a call.