{"id":411,"date":"2018-03-01T23:38:49","date_gmt":"2018-03-01T23:38:49","guid":{"rendered":"http:\/\/www.performancesuretybonds.com\/blog\/?p=411"},"modified":"2022-01-24T16:04:28","modified_gmt":"2022-01-24T16:04:28","slug":"business-might-need-sales-tax-surety-bond","status":"publish","type":"post","link":"https:\/\/www.performancesuretybonds.com\/blog\/business-might-need-sales-tax-surety-bond\/","title":{"rendered":"Why Your Business Might Need a Sales Tax Surety Bond"},"content":{"rendered":"

If you\u2019ve never heard of a sales tax surety bond before don\u2019t worry, you\u2019re not alone! A sales tax bond is a type of surety bond that\u2019s generally only required if you operate a business in certain industries. These bonds are designed to ensure that a business files tax returns on time and pays any applicable sales tax that\u2019s owed to the local or state government. Government agencies require businesses to have these bonds so they do not lose out on any income from the sale of taxable products should the business fail to comply with tax rules.<\/p>\n

There are many types of sales tax surety bonds<\/a>, some of the most common are tobacco bonds, fuel bonds<\/a>, marijuana bonds<\/a>, and alcohol bonds<\/a>. Depending on the state or states that your business operates in, if you sell any of these items, whether as a distributor or outlet, you may need to secure a sales tax bond. You should check the requirements in your state to ensure that you have the correct bond in place.<\/p>\n

Sales Tax Surety Bonds are a Contract Between Three Parties<\/h2>\n

One key thing to note is that surety bonds<\/a> are not insurance. In fact, all surety bonds are a contract between three parties, which are:<\/p>\n

The obligee<\/a><\/strong> \u2013 the organization that requests the bond, which in this case is a government agency<\/p>\n

The principle<\/a><\/strong> \u2013 the business selling taxable products<\/p>\n

The surety<\/a><\/strong> \u2013 the underwriter of the bond<\/p>\n

The contract guarantees that the surety will reimburse the obligee for all financial losses incurred as a result of the principles failure to pay taxes. In turn, the principle agrees to reimburse the surety if they need to pay out on the bond. Unlike insurance, the bond purchaser is not protected from financial loss; the bond simply acts as a form of credit.<\/p>\n

Finding an Affordable Sales Tax Bond<\/h2>\n

The cost of sales tax bonds is affected by a number of factors, including the surety bond type<\/a> and bond amount. Your credit score<\/a> will also play a major role in determining the bond premium, as the surety will need to determine how risky it is to issue your bond. Securing a sales tax bond if you have poor credit<\/a> can be difficult. However, the team at Viking Bond Service is experienced in helping all businesses, whatever their credit history, find an affordable sales tax bond. Call us or apply online<\/a> to find the bond you need, today!<\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019ve never heard of a sales tax surety bond before don\u2019t worry, you\u2019re not alone! A sales tax bond is a type of surety bond that\u2019s generally only required if you operate a business in certain industries.<\/p>\n","protected":false},"author":1,"featured_media":412,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[81,82],"class_list":["post-411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-sales-tax-bond","tag-sales-tax-surety-bond"],"yoast_head":"\nSales Tax Surety Bond: Why Your Business Might Need One<\/title>\n<meta name=\"description\" content=\"A sales tax surety bond is a type of bond that\u2019s only required if you operate a business in certain industries. 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