Thursday, November 21, 2019

Sales Tax Compliance

If you have ever thought about starting your own business, I am sure you have (had) a lot of questions, and have probably done quite a bit of research. Everything from business loans to shipping costs to lease agreements to construction permits. I am sure you answers to questions I don't even know I have.

But there is one thing that I just became informed on that I would have never considered, so I thought I should mention it. Sales tax. It may seem pretty straight forward, but there are over seven thousand taxing jurisdictions. Many of them have their own unique rules and regulations in regards to how tax works.

Sales tax compliance is extremely important. If you do not tax your item or service appropriately, it could lead to huge revenue loss (and much time and stress) later own. Even just one year of failing to tax appropriately could lead to thousands of dollars lost, not just in the tax that you didn't account for, but in interest and penalties.

The best way to avoid this kind of issue is to make sure you know every in and out of the sales tax regulations surrounding your business. The best way to so that is to get help from people who know better than you. Someone who's job it is to know. Tax Connex is a great place to start. They have all the knowledge to guide you through the wayfair sales tax exemption.

I tried looking into this on my own, as I lofty dreams for an idea that is still in its infancy, but I was quite overwhelmed at how different tax laws can be. How goods can be taxed differently from services and how some business are tax exempt, and others are not. It was more than I could handle alone.

Look, I know that we always like to do it all ourselves. But being "self made" doesn't mean you shouldn't get guidance from people who have done it before. If there is one thing you don't want to worry about with your business venture, it is the IRS. Besides, you have enough to do with supplying the genius idea and the talent to back it up.

So, as you stride off into brilliance, never to look back, make sure you do so with a "crazy" dream, realistic standards, a solid foundation, and the willingness to seek support anywhere and everywhere you might need it. Because your dream is too important to let something as silly as pride, or even absentmindedness, get in the way.

At the end of the day, what I know we all want is to get our "thing" out there into the word. Weather it is art or gourmet donuts or fabulous hairstyles, or anything else, it is our creativity and passion and ambition, and we need to foster it in every single way that we can. I think it is so cool that we can put every bit of our heart and soul and mind into the vision and let someone else think about the taxes.

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