TaxHero’s Post

Where you purchase your goods can make a difference in the overall total, courtesy of the retail sales tax! #randybergazrealtor #AZLiving #retailsalestax #rlsir

Top 10 Sales Tax Mistakes by Online Retailers and How to Avoid Them https://lnkd.in/er8T79bY #UnitedStates #VAT #Tax #News Subscribe: https://bit.ly/2McweWZ

Handling sales tax for your online store can be complex, but it’s essential for compliance. Here are some key steps: First, determine where you have a sales tax nexus, which could be any state where you have a physical presence or significant sales. Next, register for a sales tax permit in each of these states. Use an automated sales tax software to calculate and collect the correct amount of tax on each sale. Keep detailed records of all transactions and tax collected to ensure accuracy. Finally, file sales tax returns on time to avoid penalties. By staying on top of sales tax requirements, you can keep your business compliant and avoid costly fines. #ecommerce #salestax #ecommercetips

🔍 Is Your Point of Sale System Calculating Your Sales Tax? 💸 Running a business? It's crucial to ensure that your point of sale (POS) system is accurately calculating sales tax to avoid costly mistakes. ⛔ ✅ Why it matters: Accuracy: Incorrect sales tax could lead to audits or penalties. Efficiency: Save time and reduce human error. Compliance: Stay on the right side of tax regulations. 📊 Ensure your POS is up-to-date with the latest tax rules. Don't leave it to chance—make sure your system handles sales tax calculations correctly! 💼💡 #SalesTax #POSsystem #BusinessTips #TaxCompliance #StayAhead

Making these common mistakes when dealing with sales tax for your #vending business could leave you with regret, says Daniel O'Rourke and Scott Walters of TACS, LLC, professionals in the sales tax field focused on the vending and micro market industry. Get a better understanding of the recommended approaches to complying with sales tax laws in this article on VendingMarketWatch.com. https://lnkd.in/dsGAQRWv #vending #micromarkets #salestax #smallbusiness #businessadvice #vendingoperators

Making these common mistakes when dealing with sales tax for your #vending business could leave you with regret, says Daniel O'Rourke and Scott Walters of TACS, LLC, professionals in the sales tax field focused on the vending and micro market industry. Get a better understanding of the recommended approaches to complying with sales tax laws in this article on VendingMarketWatch.com. https://lnkd.in/dsGAQRWv #vending #micromarkets #salestax #smallbusiness #businessadvice #vendingoperators #incaseyoumissedit

Sales tax audits are on the rise, and states aren’t holding back. From task forces to pre-audit questionnaires, the pressure is on. In our latest video, we cover: ➡️ Key trends in sales tax audits ➡️ Common triggers putting businesses at risk ➡️ Tips to stay compliant and avoid penalties Sales tax compliance is serious business. Watch the video to learn how to protect your company! https://lnkd.in/g5wbbn5x

📢 Attention Resellers and Flippers – Know Your Sales Tax Basics! 📢 If you’re a reseller or flipper, understanding sales tax is essential. Sales taxes are imposed by states on most transactions, making almost every retail sale taxable unless exempt (such as sales to businesses with a reseller license). States use three primary systems to collect sales tax. In some states, seller privilege tax is imposed, meaning the seller pays tax as part of doing business. Others use a consumer excise tax where the consumer pays the tax directly, often included in the item’s price. Finally, many states rely on a retail transaction tax, based on the sale price at retail. In most states, the tax burden actually falls on the buyer, with the seller acting as an agent to collect and remit it to the state. Make sure to check your state’s specific requirements so you stay compliant and avoid any surprises along the way! Join us April 15th and 16th in Louisville, Kentucky at the WHSL Market Conference. Meet suppliers, network with industry pros, and get one step closer to finding your big break. For more info, check out www.whslmarket.com. #WHSLMarketConference #LiquidationIndustry #NetworkingOpportunities #IndustryEducation #SuppliersAndCustomers #LouisvilleKY #GrowYourBusiness #PnPMedia

With a new Administration taking office in January, potential tax changes are on the horizon, making it more critical than ever for manufacturers, wholesale distributors, and small businesses to understand how these tax policies may impact their planning for the current and near-term tax years. Stay informed and be prepared for what’s ahead. #TaxPolicy #SmallBusiness #Manufacturing #TaxPlanning #FinancialStrategy #BusinessOwners

📜Important US Supreme Court Decision affecting sales tax collection in all States 🇺🇸 On June 21, 2018, United State Supreme Court ruled in South Dakota v. Wayfair that sellers can be required to collect sales tax in states where the sellers do not have physical presence, overruling the Court’s prior decision in Quill v. North Dakota. Effective October 1, 2018, Maryland requires that out-of-state vendors must maintain records to determine whether they will be required to remit sales tax on retail sales or taxable services delivered into Maryland. Each state has established an “Economic Nexus” for their state to determine when sales tax should be collected. For DC, Maryland and Virginia the thresholds are more than $100,000 in sales or more than 200 separate transactions in a calendar year. Have questions? Schedule a free consultation today by sending me a message on LinkedIn or use the contact form on our website: https://bit.ly/3AngP32