Small business leaders play a huge role in the development of their company’s employees. They have an impact on their development, actions and every day performance. So how they act with their employees is crucial. Here are the five most important traits every business leader should have: Continue reading
When we started our Autopilot sales tax solution, TaxJar, we talked to merchants of all kinds. And one of the things we found out over and over again was that sellers were spending hour after hour on sales tax compliance.
Sales Tax: The Hard Way
If you have to deal with sales tax in multiple states or through multiple channels, and you aren’t automating this process, then you’re familiar with doing sales tax the hard way.
Once you’ve collected sales tax from customers in states where you have sales tax nexus, you must then remit what you’ve collected periodically. This is simple enough if you sell on one platform – say eBay – and only have sales tax nexus in your home state. But as your business begins to grow, things started to get complicated.
If you don’t find a way to put your sales tax on Autopilot, and if you sell on more than one platform, you need to pull a report from each platform when it comes time to file a sales tax return. Then you have to add up how much you collected in each state.
Don’t forget, if you have nexus in multiple states – either because you have an office, employee, warehouse or even use 3rd party fulfillment in a state – then you have nexus in multiple states and they’ll all want a periodic sales tax filing. This might mean filling out a sales tax return monthly in your home state of New York, and three more in Wisconsin, Nevada and Arizona quarterly, and then perhaps an annual report in California.
And did I mention that some destination-based sales tax states require you to subtotal how much tax you collected in every single county or jurisdiction? It’s amazing how much merchants are expected to put up with just in order to comply with sales tax regulations.
Dealing with information from multiple states?
Trying to calculate just exactly how much you owe to each state?
Juggling due dates?
That’s sales tax the hard way.
Sales Tax: The Easy Way
Fortunately for online sellers, some Autopilot sales tax solutions have come to town.
Sales tax services pull in how much sales tax you collected from the various platforms you sell on – including Amazon, eBay, Etsy, Square, or PayPal, or even through your own website with a platform like Bigcommerce, Shopify or WooCommerce.
Sales tax Autopilot solutions also mean you never have to worry again about totaling up how much sales tax you collected. If you put your sales tax on Autopilot, that’s all done for you. You’ll also get a reminder of your due dates, meaning no more $50 (or more!) late fees for forgetting a filing.
TaxJar’s AutoFile feature will even file your sales tax return for you, meaning no more filling out miles-long forms or dealing with each state’s various filing practices.
If you aren’t automating your sales tax compliance, what are you waiting for? Check out a service like TaxJar and put your sales tax on autopilot.
Mark Faggiano is the founder and CEO of TaxJar, a service built to make post-transaction sales tax compliance easier for Etsy, Amazon, Shopify and other multi-channel ecommerce sellers. Mark’s passion is solving complex problems for small businesses. Sign up for a 30-day free trial of TaxJar and put a lid on sales tax!
In this week’s ABCs of Small Business Industry piece, we’re taking a little look at the farming industry! Since the beginning of time, farming has been a staple in just about every community. Though some of the technology to help the process along has changed drastically, the consistent need for farming has not altered much throughout the years.
If you’ve ever thought about becoming a farmer, this is the post for you! Continue reading
This week we are looking at reasonable compensation, a legal necessity for anyone running a Corporation. Reasonable compensation is connected to one of the most fundamental parts of working for a company – getting paid – and yet it’s so widely misunderstood. When you form an Corporation, you create a separate, legal entity that ‘earns’ money. You then pull your wage from those earnings and pay whatever payroll taxes you owe.
In order to close a loophole wherein those running the corporation could ask for an extremely low salary, pay next to no payroll taxes, and then close the wage gap with distributions, the IRS requires that all corporate officers and executive be paid ‘reasonable compensation.’ But what constitutes reasonable compensation is a little more murky.
Who needs to be concerned with reasonable compensation?
Anyone that is runs, or helps run, a C-Corporation or S-Corporation must be reasonably compensated for their work. Continue reading
With a mobile phone in your hand, the task of choosing a phone system might seem unnecessary in the early stages of your business, but it’s actually very important. The telephone is still the preferred method of customer service in the United States. The calls you miss are as important as the ones you take, and a phone system will allow you to convert missed opportunities into sales conversions. Continue reading
No matter what business you are in, sales will make or break you. Every business needs sales to survive, because it’s how your business gets the necessary finances to grow. Though, even if you feel comfortable selling, growing a successful sales department can be difficult.
This list will give you ten key points to focus on as you work to grow your sales department: Continue reading
The cotton cobwebs are popping out, you can buy just about anything in a pumpkin flavor, and “Creative Costume Ideas” is the number one Google search these days. That’s right, Halloween is in the air. MyCorporation likes to celebrate by dressing up and having a spooky-themed pot-luck for lunch (complete with Mummy Pizza and a bubbling Witch’s Punch).
We asked some of our small business experts how their businesses were celebrating the holiday and this is what they had to say!: Continue reading
Customers and clients are at the backbone of any small business. No matter how worthy your products/services are, a business can’t succeed if no one’s buying your goods. But once you’ve established your customer base, the next question becomes how to retain them and get them to refer your business to friends. That’s why how you thank your customers is so important. Continue reading
Many of your customers delay payment on their invoices for 30, 60 or even 90 days – putting a strain on your business’s ability to meet its own financial obligations. Factoring and asset-based lending (ABL) are two solutions that can help you quickly replenish your cash flow. Continue reading
When a business owner files for a delayed filing, he or she is putting their business’s paperwork on hold until a later date. This may not seem entirely productive because, often, getting paperwork to go through the state for you business can be a waiting game, anyway. But a delayed filing can be strategic for the success of your business when used correctly.
Here are three reasons a business may opt for a delayed filing: Continue reading