9 ай бұрын
11 ай бұрын
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@RoRa173 18 сағат бұрын
Great video. Is this true for all other marketplaces like Etsy , Zazzle?
@yancyhammondjr 18 сағат бұрын
How do I file taxes when running an Online store thru Shopify and all my payments go to PayPal business account? Would I still go to the same person I been going to file my taxes, or do I have to get an Accountant?
@tonie4000 Күн бұрын
My state only doesn't require me to collect or report out-of-state sales taxes. I am cancelling my Avalara subscrtiption because my renewal went up 980%. I only njeed a sales tax calculator for my home state . My business is small so which tax app would you recommend?
@a7xfanben Күн бұрын
Excellent info, thanks a ton for this!
@eat.pray.review 2 күн бұрын
youre an angel. thank you so much for your content!
@FrankCubillan-cx8uw 2 күн бұрын
Thanks so much !
@jaelys23 3 күн бұрын
Donde puedo buscar el SST para llenarlo?
@Marina-gx3sv 4 күн бұрын
Loved it! Thanks !
@DarakshaKhan-i9i 4 күн бұрын
Thank you for the Great Information. 1. Please clarify last line of the below paragraph (In the brackets) as I am concerned. "If you plan on using a resale certificate in multiple states and want to avoid completing the individual state forms, you can instead fill out a Streamlined Sales Tax (SST) Exemption Certificate or your Multi-state Sales Tax (MTC) Exemption Certificate. (Be warned that registering for either SST or the MTC could mean you will be liable for collecting sales tax in multiple states.)" 2. Do i just fill PDF of Streamlined Tax Form, or I have to login and fill the registration on their portal? Thanks
@halomaster366 4 күн бұрын
Things have changed, you have an update video?
@choolwee 5 күн бұрын
thank you , God bless you!
@JoseCastro-bc7rc 5 күн бұрын
you have helped me so much I appreciate the time you took to explain this. thank you
@CaliVapor 6 күн бұрын
Guru FRFR thank you!
@jamescjl 6 күн бұрын
Thank you so much for this video! I had no idea I could file the sales tax this way. In the past few quarters, I submitted and paid the sales tax to the California State Board. Is it possible to get those sales taxes refunded? I would really appreciate any assistance in getting that money back. Thank you for your help.
@amirkhatib1449 6 күн бұрын
You're amazing. I was watching your original video and was wondering why my sales numbers were so inflated. Thank you again!
@ipb7775 8 күн бұрын
Hello. I am about to start selling my products in person in New Jersey. Do I need to collect sales tax if it’s my first time ever selling my products?
@HubertL.Mullins 10 күн бұрын
So regardless of the economic nexus, we still collect sales tax in our physical nexus? As in, I'm in WV, so I will collect WV sales tax no matter what?
@FeralApparel 10 күн бұрын
Thank you for explaining this so well.
@GinAmber 10 күн бұрын
Hello! Why is it that other States charges so many different types of taxes? Is this normal? Or is this with Shopify Stores only? I had a client asking why was she charged for state and county at the same time and this has never happened with her orders on other stores (even for bigger businesses). I have a skincare brand and would definitely appreciate your help in understanding the taxes. Thank you! Another ex. I have a client that was charged the following taxes on 1 order: Illinois State Tax Cook County Tax Elk Grove Village City Tax Regional Transport Authority I think it's a lot and most of these are unfamiliar to me. My business is only based in Florida
@mloredo3415 10 күн бұрын
Thank you so much! This was very helpful!
@arg281 10 күн бұрын
Thank you so much for explaining this topic so clearly. It is difficult to find that kind of information gave it in that way for free.
@AshleyPaul-g6v 10 күн бұрын
Hello! Once all revenue and tax amounts are accounted for on the entry...how are you going back and accounting for all payment processing fees on the acctg guru example?
@crossroads670 10 күн бұрын
Hello, I'm an NZ business planning to import goods from China into the US, and fulfil them to my US customers from a 3PL in California. Should I get an EIN? And I guess I will need to register for sales tax, at least for the states I have nexus in?
@LedgerGurus 10 күн бұрын
If you are fulfilling from a 3PL in CA, then you will have a physical presence there, which means you will need to register for a sales tax permit in CA and to do that you may need an EIN. Here's more information: www.sba.gov/business-guide/launch-your-business/get-federal-state-tax-id-numbers#:~:text=It's%20free%20to%20apply%20for,as%20a%20corporation%20or%20partnership. I would suggest contacting CA department of revenue and asking if you need an EIN to get a sales tax permit there.
@crossroads670 10 күн бұрын
@@LedgerGurus if I use a 3PL in a state without sales tax, will it make things easier as I won’t have to register and pay it in the state I have nexus in?
@isavannahreyes9207 11 күн бұрын
you make everything so clear! thank you!
@LedgerGurus 10 күн бұрын
Glad it was helpful!
@sandroburatto5131 11 күн бұрын
In Florida, should I declare the total value of sales in all states or only sales in Florida?
@LedgerGurus 10 күн бұрын
Only sales into Florida
@javiergrant70 11 күн бұрын
Another great video! I can tell that you are very passionate about this! Keep it up!
@LedgerGurus 10 күн бұрын
Thank you.
@MrVuittonDon 11 күн бұрын
Is this the same as a stated ID tax (Not a EIN), if you are hiring employees in the near future? Does Florida require that? Everything I search about it only mentions FEIN, and EIN comes up. Nothing about a separate State ID Tax Number. I am single member LLC registered in Florida. This is my first year operating and using the EIN officially. What happens if you don't do this and just file taxes with your regular accountant?
@LedgerGurus 10 күн бұрын
Sales tax and income tax are NOT the same thing. Income tax is something you pay out of your income. Sales tax is something the customers pay with their orders, that you then remit back to the state. I suggest you download our 10 Steps to Ensure Sales Tax Doesn't Burn Down Your Ecommerce Business guide for more information, as well as a chart in the back with all the economic thresholds by state. you can find that here: ledgergurus.com/portfolio/10-steps-to-ensure-sales-tax-doesnt-burn-down-your-ecommerce-business/?KZfaq&
@user.8409 12 күн бұрын
Thank you so much
@LedgerGurus 11 күн бұрын
You are very welcome.
@jickjulius 13 күн бұрын
Thanks for always updating
@LedgerGurus 12 күн бұрын
Absolutely!
@LedgerGurus 13 күн бұрын
If you need help with the Minnesota Retail Delivery Fee or with sales tax in general, be sure to reach out to us here at LedgerGurus. We have a whole team of sales tax experts who can help you get all of this right. ledgergurus.com/ecommerce-accounting-services/sales-tax/?
@PatrickLanning-Hicks 14 күн бұрын
Did you edit your tax report spreadsheet to remove the multiple lines generated for one transaction ID? The numbers my report are generating are way over my actual sales and I noticed that they are multiple lines for every transaction.
@LedgerGurus 13 күн бұрын
Yes, this video will help explain what's going on and solve your problem: kzfaq.info/get/bejne/apdpZLCjtN7DqY0.html.
@PatrickLanning-Hicks 12 күн бұрын
@@LedgerGurus Thank you so much!
@amirkhatib1449 6 күн бұрын
Thank you for this comment. I was wondering the same thing! Fixed my issue after watching the video she linked.
@hackit9578 14 күн бұрын
Hi , what would you recommend if i want to track the sales and expenses of each item for better decision making. For example, a skin care business .
@LedgerGurus 13 күн бұрын
Are you talking about tracking cost of goods sold? We have a bunch of content on that. Here are a few to start with: - Understanding Inventory and Cost of Goods Sold (COGS) for Amazon Sellers: kzfaq.info/get/bejne/mdyDaMmBrbu6eps.html&pp=gAQBiAQB - COGS Explained for eCommerce Sellers: kzfaq.info/get/bejne/er6GZ9Rq29e2fZs.htmlsi=PN-ba3xBM7aHPKyr - How to Create a Journal Entry for Cost of Goods Sold in QuickBooks Online: kzfaq.info/get/bejne/nZyjm5yavcjQhYU.html And here's one to track sales: Amazon Accounting Software A2X | The whys and the hows: kzfaq.info/get/bejne/hKuGpdZ1za63en0.htmlsi=QQ9xusOH2e0MrVAU
@DOLFINDANCE 14 күн бұрын
i have registered my llc in montana how to get reale certificate from the estate having no sales tax
@LedgerGurus 13 күн бұрын
I don't quite understand your question, but this video may be able to help you: kzfaq.info/get/bejne/f9pdidGGzpncZWw.html
@kevinb3605 15 күн бұрын
Super helpful, thank you so much!
@LedgerGurus 13 күн бұрын
You're very welcome!
@VitoSchuster 16 күн бұрын
best video ever, after hours of searching finally someone who gave all details
@LedgerGurus 16 күн бұрын
Glad we could help!
@JackieO-yb4gk 16 күн бұрын
I have noticed that some FBM orders I send to customers do not show any taxes charged from Amazon.. should I be worried about this? These are states like Wisconsin and South Carolina very random states.
@LedgerGurus 13 күн бұрын
This could be a taxability issue but it's hard to say without knowing more about the products being sold and your setup I'd suggest you schedule a consultation with one of our sales tax experts so you can dive in deep and get all your questions answered. calendly.com/ledgergurus-sales-tax/?KZfaq&
@alinerebelato 17 күн бұрын
I'm learning a lot from you, guys. I've downloaded the PDF guide with the 10 steps, and it's amazing, thank you. Just wanted to let you know that the hyperlinks on it are not working. Thank you so much for sharing all this content!
@LedgerGurus 16 күн бұрын
Oh, good to know. Thank you. We'll get those fixed.
@RoRa173 17 күн бұрын
Excellent video, even Wix business plan provides Avalara. Is it a good buy ?
@LedgerGurus 16 күн бұрын
It's definitely the most robust of the sales apps we reviewed. You'll need to decide if it's worth the cost and if you need all that it does.
@pujiw8106 17 күн бұрын
Thank you so much, new subscriber here ❤
@LedgerGurus 16 күн бұрын
Thank you for subscribing!
@StartUpEntrepreneurPh 18 күн бұрын
Amazing video. I have a friend in Miami Florida, he is selling video editing, assistance for podcasting services as sole prop business registered in FL too. Is he required to be registered to withhold sales/use tax? He is having a virtual office. Thank you
@LedgerGurus 16 күн бұрын
"In Florida, the sale of digital products is tax-free given that items sold in digital form aren’t classified as tangible personal property. In other words, services and products are not taxable if all of the goods are delivered digitally." www.sanchelima.com/2022/09/25/sales-tax-and-digital-products-in-florida/#:~:text=Are%20electronically%20delivered%20products%20taxable,the%20goods%20are%20delivered%20digitally.
@StartUpEntrepreneurPh 9 күн бұрын
@@LedgerGurus Thank you
@t.h773 20 күн бұрын
Excellent video...thank you for posting. I am trying to wrap my head around this so I would like to summarize my understanding with a question. I plan to sell a book (quantity 900) from my garage in southern California. Profits will not break $15,000. I understand that Shopify Tax will calculate sales, generate reports, and inform me when taxes need to be paid per state based on economic Nexus. I also understand that tax filing requirement is different state by state. With an established LLC, when will I know to file taxes? Does the Shopify Tax program inform me?
@LedgerGurus 19 күн бұрын
It should, but it would also be wise for you to be watching it yourself. I also encourage you to download our fee sales tax guide. Besides having the 10 steps you need to follow to be sales tax compliant, it also has a chart with all of the state economic thresholds. It's a very valuable resource! ledgergurus.com/portfolio/10-steps-to-ensure-sales-tax-doesnt-burn-down-your-ecommerce-business/?
@mildredheslop7540 20 күн бұрын
I moved to Nevada, I registered my business and learning how to file my business taxes. This is very helpful.
@LedgerGurus 19 күн бұрын
Glad it was helpful!
@josephraymondcaspellan5725 20 күн бұрын
What would i select for the reporting Range?
@LedgerGurus 19 күн бұрын
Whatever you need for your reporting is the range you'll use, whether that is the past month or past quarter or whatever you need.
@rahuldravid8723 20 күн бұрын
Excellent video. I Live in india. I have an e-commerce website offering phone cases (created using ecwid) to US & other western countries. Do I need to collect tax on my website? My website is a POD website, I will have my product made by sites like prodigi, printful once I receive an order. Please explain in simplest possible terms. I do not want to be involved in this tax thing
@LedgerGurus 20 күн бұрын
I cannot answer your question because there are nexus considerations that you haven't mentioned. Your best bet is to schedule a consultation with one of our sales tax experts and get your questions answered. You can do that by clicking on this link: calendly.com/ledgergurus-sales-tax/?KZfaq&.
@jickjulius 22 күн бұрын
Thanks, but in that 199 transaction that i may sales in to a state, Do I have the right to tax the products since i need 201 transaction to remit tax to the state, thanks
@LedgerGurus 20 күн бұрын
No. Unless you have registered with the state (which you don't need to do until you've reached the nexus threshold). it is illegal to collect sales tax. If you see that you're getting close to hitting the thresholds, the state will usually give you some leeway to register before you have to start collecting. The state-by-state threshold chart at the end of our 10 Steps of Sales Tax guide will tell you what kind of timeframe you have before you have to start collecting. ledgergurus.com/portfolio/10-steps-to-ensure-sales-tax-doesnt-burn-down-your-ecommerce-business/?
@jickjulius 18 күн бұрын
Thank you very much for your response, actually I have registered my LLC with New Mexico, and I am building my drop shipping store with Woo commerce which I believe they collect and remite tax automatically but I wanted to do more outside woocommerce and also with my freelancer services using and secondly Alibaba is requesting for tax exemption I summited the streamlined sales tax government board. Inc documents but it was not accepted Thanks Jick Julius
@jickjulius 17 күн бұрын
@@LedgerGurus unable to access the download document
@LedgerGurus 16 күн бұрын
@@jickjulius WooCommerce is NOT a marketplace, and so they do NOT collect and remit tax automatically. Sometimes suppliers don't accept exemption certificates since they're responsible for the sales tax if they get audited and the certificate isn't valid for some reason.
@LedgerGurus 16 күн бұрын
@@jickjulius If you tell me what name you requested the download under, I can look it up in our system to see why you can't access it.
@yazmincolin7878 22 күн бұрын
Guuuurrrrrlllllll!!!!! I was panicking when I did not see sales tax for California!!! This makes so much more sense!!!! 😭😭😭
@LedgerGurus 20 күн бұрын
Glad to help!
@kerryscott4955 25 күн бұрын
This video is amazing, thank you so much! I do have a question, you said that it can be easier if the seller and the drop-shipper are located in the same state- why is that? Isn't it all based around where the product is shipping to? So, if the seller and the drop-shipper were both located in CA, but the product is shipping to UT, you would need a valid UT resale cert, and it doesn't really matter that the seller and drop-shipper are located in the same state?
@LedgerGurus 24 күн бұрын
That's true. What she meant is that if both the seller and drop-shipper are in the same state, they have nexus in the same state, and so the seller is responsible for collecting the sales tax.
@truckingwithlofigirl 27 күн бұрын
Ok, thank you. Yes, I need to register for the permit, that’s what I was trying to think of; which I will do tomorrow morning. Thank you for the information about the reseller certificate, now I know to get one of those too for some products I want to drop ship.
@LedgerGurus 26 күн бұрын
Best of luck!
@truckingwithlofigirl 27 күн бұрын
Ok, so I am starting up a new Shopify store, using a 3rd party to create and ship the products for me; within the USA. I don’t charge any sales taxes until after I reach 200 sales or $100,000 or whichever comes first. However I must still register and file with my city and federal government, that I have a new business for a sales tax license. (According to their websites). Do I have this information correct? My luck will be that I’m only allowed to make 2 or 3 sales a year, because failure is important to have on purpose. 🤷♂️ Do you still respond to comments with this video? 🤔
@LedgerGurus 27 күн бұрын
Sales tax thresholds vary by state. They are not all 200 sales and/or $100K. We have a complete list of economic thresholds by state at the end of our 10 Steps of Sales Tax guide. I highly recommend you download that. It's got a lot of good information to help you understand sales tax, as well as the thresholds list: ledgergurus.com/portfolio/10-steps-to-ensure-sales-tax-doesnt-burn-down-your-ecommerce-business/?KZfaq& You need to register for a sales tax permit with your STATE government, not city and federal. Here's an article that talks about how: ledgergurus.com/register-for-a-sales-tax-permit/
@GraceinLondon 29 күн бұрын
Thank you for our kind explanation! Here's a quick question. If our company already registered in a state as of the beginning of last year but the sales volume in the last year didn't get the economic nexus threshold at the end of the year. Then can we deregister our business in that sate? If so, how to do it?
@LedgerGurus 27 күн бұрын
I definitely suggest you schedule a consultation with one of our sales tax experts for this one: calendly.com/ledgergurus-sales-tax/?