Great content with a comprehensive explanation. I’d like to ask about Use Tax for e-commerce. If I’ve not triggered economic nexus in any states and, therefore, I’m not required to collect and remit Sales Tax as of yet, do I need to collect and remit Use Tax in the meantime? What’s the difference? Thanks for your time.
That's a great question. You should probably ask a tax expert. I specialize on bookkeeping and accounting and don't know taxes to that level of detail.
love your videos, my goodness so helpful. I want to make sure I understand correctly w/ Economic Nexus there are thresholds (in most states, not Kansas) that you have to meet to pay sales tax in the states you are mailing/sending items and only then you meet or exceed these thresholds do you have to worry about Marketplace Facilitator Laws and "is Amazon paying and remitting my sales taxes?" is this right?
Marketplace facilitator rules are separate from economic nexus. Amazon is required to collect and remit sales taxes on your behalf as a marketplace facilitor (regardless of whether you have met the economic nexus threshold in that state). Also, I believe that the state of Kansas has changed its rules recently.
Hi! Thank you for this helpful video. Quick questions: 1) the threshold for each state, is that per year? and 2) If my business is in state A, I have to collect and remit sales taxes in that state even if I don't meet the threshold for that state? Thank you again!
The threshold is generally an annual threshold. It varies by State. If you have physical presence, the threshold rules don't apply. Thresholds apply only to economic nexus (states where you don't have a physical presence). You may want to refer to this video for a better explanation of physical nexus vs economic nexus ua-cam.com/video/ou3tEIVQ63s/v-deo.html
@@5MinuteBookkeeping if I purchased a whole sale from Vietnam, what is some of the things that relate to tax that I should be aware of? Also, if the whole sale from Vietnam give me a receipt, would it be effective to exempt in the US?
It depends. There is physical nexus and economic nexus and the rules are different for each one. Take a look at this video ua-cam.com/video/ou3tEIVQ63s/v-deo.html
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This video was so helpful and straight to the point. I felt like you was in the room with me when I had a question about sales tax. Thank you.
You're welcome. Glad I could help.
Great content with a comprehensive explanation.
I’d like to ask about Use Tax for e-commerce. If I’ve not triggered economic nexus in any states and, therefore, I’m not required to collect and remit Sales Tax as of yet, do I need to collect and remit Use Tax in the meantime?
What’s the difference? Thanks for your time.
That's a great question. You should probably ask a tax expert. I specialize on bookkeeping and accounting and don't know taxes to that level of detail.
love your videos, my goodness so helpful. I want to make sure I understand correctly w/ Economic Nexus there are thresholds (in most states, not Kansas) that you have to meet to pay sales tax in the states you are mailing/sending items and only then you meet or exceed these thresholds do you have to worry about Marketplace Facilitator Laws and "is Amazon paying and remitting my sales taxes?" is this right?
Marketplace facilitator rules are separate from economic nexus. Amazon is required to collect and remit sales taxes on your behalf as a marketplace facilitor (regardless of whether you have met the economic nexus threshold in that state).
Also, I believe that the state of Kansas has changed its rules recently.
Hi! Thank you for this helpful video. Quick questions: 1) the threshold for each state, is that per year? and 2) If my business is in state A, I have to collect and remit sales taxes in that state even if I don't meet the threshold for that state? Thank you again!
The threshold is generally an annual threshold. It varies by State.
If you have physical presence, the threshold rules don't apply. Thresholds apply only to economic nexus (states where you don't have a physical presence).
You may want to refer to this video for a better explanation of physical nexus vs economic nexus ua-cam.com/video/ou3tEIVQ63s/v-deo.html
@@5MinuteBookkeeping Thank you so much! You are awesome!
Absolutely helpful and great presentation. Thank you.
You're very welcome!
Great presenttion, very thorough really 5minute time
Glad you liked it!
Nice
Very helpful information. Thank you!
You're very welcome!
@@5MinuteBookkeeping if I purchased a whole sale from Vietnam, what is some of the things that relate to tax that I should be aware of? Also, if the whole sale from Vietnam give me a receipt, would it be effective to exempt in the US?
Nice
Do I have to register for sales tax in every single state or just the state I am based in?
It depends. There is physical nexus and economic nexus and the rules are different for each one. Take a look at this video ua-cam.com/video/ou3tEIVQ63s/v-deo.html
Thank you for explaining! It's very helpful!
You're very welcome!
Hello I need some help I am a new seller on Amazon how much to you charge for bookkeeping and assistant with sales tax? Thank you!
Hi. Check out my website at vmwasek.com and click on the link to book a discovery call with me.
Nice
Thanks
Nice
You’re beautiful!
Oh thank you!