In our last post, Ecommerce Sales Tax 101 we talked about what nexus even is and who it applies to. Today, we are going to go into more detail about what you need to do if you think your online shop has sales tax nexus in one or multiple states. There are some steps that […]
In June 2018, the Supreme Court ruled in favor of South Dakota in the South Dakota vs. Wayfair case which changed the game for online retailers. Gone are the days where online shop owners only had to collect sales tax in states they operate in. Now in 2019, online shop owners have to pay close […]
Whether you’ve already filed your taxes or you are gathering everything to prepare for “tax day”, you probably have heard through the grapevine, read somewhere your maybe even your CPA told you that starting with 2018, you can no longer deduct entertainment expenses and a lot of the meal deductions we previously were able to […]
The Supreme Court Sales Tax Ruling is changing the game for online retailers. Many states are requiring online retailers to collect and remit sales tax even if they business does not have a physical presence in the states. This will be a major shift for online retailers and for consumers who are accustom to not paying sales tax when shopping online.
Last year we talked about ways your small business could give back. Now, you have made a commitment as a business owner to give to your favorite cause, organization, or initiative, congratulations because that is awesome! But now that you are actively giving back as a business, you will want to record and write off your charitable contributions. Why you might ask? First off, that’s good practice, and second, tax breaks! We are sharing seven tips and tricks for recording and deducting charitable donations.
Are you paying quarterly taxes this year? Don’t worry. You’re in good company. The IRS website says, “As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly.” Although it’s common, maybe you’re new to paying quarterly taxes–and all the other responsibilities that come with being a creative […]
Earlier this year, I collaborated with Brittany Griggs, of Simply for Creatives, and Amy Northard the CPA for Creatives to offer The Creative Finance Academy. The Academy was a four month program that offered financial coaching in the areas of bookkeeping basics, taxes, and charging for your products and/or services. We provided a Facebook group, […]
A solid bookkeeping system provides many benefits to your business such as accurate records and reports that lead to the ability to make sound business decisions. Without a bookkeeping system in place you are not able to provide the required information to the IRS about your business nor are you able to get solid financial […]
So, we made it through tax season! How did you do? Anything you hope to improve for 2017? If you found yourself with a giant bill at the end of the year, there may be a way to fix this. A common misstep small business owners make is not paying 1040-ES quarterly estimated income tax. […]
Filing state sales tax can be in a word, annoying. Oftentimes, state websites are hard to use, verbose, and outdated. The state department of revenue relies on you to collect sales tax from your customers and then remit the appropriate amount to it. How often you remit sales tax to the state depends on how […]