This post is brought to you by our partners at TaxJar – an online tool built to make sales tax filing easier for online sellers.
Running your own online business is tough enough. Staying compliant with state sales tax laws makes things even tougher. These days online sellers are branching out, selling on multiple platforms like eBay, Amazon, Etsy, and Shopify in addition to their own websites. At the same time, states are changing sales tax laws so that more online sellers will be required to collect and remit sales tax. That’s resulting in more and more businesses having to pay sales tax to multiple states.
Before you’re head starts spinning, here are some simple tips to keep in mind when it comes to sales tax compliance and your online business.
Last month, we conducted our first ever MyCorp 2012 Survey for Small Business with five quick questions on the state of small businesses in 2012 and beyond with questions that focused on consumer spending, business spending, predicted growth of the business in 2013, the social media outlet you’re looking to establish for your brand, and quite literally the state of your small business – where you’re putting your business out on the map and which states are the most popular to form a small business in!
We tallied up the votes on Constant Contact, conducted the random drawing for our lucky $50 Starbucks gift card winner (congrats to Elizabeth Sneed!), and the results are in from our voters! Continue reading
Ever wonder what states are the most business friendly? Or which ones have the most transparent steps to creating a registered business?
Linking local service professionals to potential customers
A quick Google search will reveal a myriad of studies, articles and opinions on that very question. But Thumbtack.com, in partnership with the Kauffman Association, actually interviewed over 6,000 small business owners to see where individual state ranked in terms of business friendliness. And they uncovered some extremely interesting facts. For example, there were substantial difference between how supportive men and women thought certain states were; women entrepreneurs in Iowa were half as likely to rate their state as supportive of them as men were. And small business care almost twice as much about licensing regulations as they do about tax rates when ranking their state! Continue reading
If you haven’t heard- the 42 state lotto, Mega Millions is over half a billion dollars. Since we’re finishing out tax season we thought it would be good to highlight one last tax post. We’ll discuss the taxes on your lotto winnings, as well as gross income generally.
If you are from New Hampshire, Tennessee, Texas, South Dakota, Washington, California, Pennsylvania or Delaware you will win the biggest in tonight’s drawing- winning between 3% and 9% more than if you were from any other state because you won’t have to pay state income taxes. However, all winners must count the winnings as income and are subject to the Federal income tax of 35% (or maybe more depending on your specific situation). Continue reading