AccurateTax.com https://www.accuratetax.com Take the Guesswork out of Sales Tax Fri, 07 Sep 2018 12:55:37 -0400 en-US hourly 1 https://wordpress.org/?v=4.9.8 https://www.accuratetax.com/wp-content/uploads/2017/01/cropped-favicon_large-144x144.png AccurateTax.com https://www.accuratetax.com 32 32 How the Wayfair Decision Creates Extra Burden in NOMAD States https://www.accuratetax.com/blog/how-the-wayfair-decision-creates-extra-burden-in-nomad-states/ Fri, 07 Sep 2018 12:52:04 +0000 https://www.accuratetax.com/?p=5344 How the Wayfair Decision Creates Extra Burden in NOMAD States

For the 45 out of 50 states that have some form of sales tax, the June Supreme Court decision in South Dakota v. Wayfair, Inc. was a watershed moment – overturning more than 25 years of precedent that kept them from collecting sales tax on online sales from out of state. The original Quill ruling made it so that only companies with a physical presence, or nexus, in the state could be tasked with collecting sales tax on in-state sales. By overturning this ruling and opening the floodgates to states like South Dakota (and more than a dozen others) who... Read More

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How the Wayfair Decision Creates Extra Burden in NOMAD States

For the 45 out of 50 states that have some form of sales tax, the June Supreme Court decision in South Dakota v. Wayfair, Inc. was a watershed moment – overturning more than 25 years of precedent that kept them from collecting sales tax on online sales from out of state.

The original Quill ruling made it so that only companies with a physical presence, or nexus, in the state could be tasked with collecting sales tax on in-state sales. By overturning this ruling and opening the floodgates to states like South Dakota (and more than a dozen others) who have implemented new laws to collect those taxes, the dynamic has shifted. In no place is this more apparent than in NOMAD states that don’t currently collect sales tax.

Retailers in New Positions to Think About Sales Tax

There are currently five states that don’t collect any type of sales tax (Oregon, New Hampshire, Alaska, Delaware, and Montana), and retailers in those states have never been expected to think about sales tax or make it part of their business processes. These 5 states are collectively known as the NOMAD states, from the first letter of their names.

The issue hit hard in June, with states like New Hampshire taking almost immediate action to address it. Governor Chris Sununu called for a special legislative session in the attempt to pass new bills that would require new approval processes for collecting sales tax in New Hampshire, which currently has no processes in place to do so. Additionally, legislation has been introduced this summer by senators from New Hampshire and Oregon to overturn and circumvent the Supreme Court ruling, citing state’s rights.

Whether these efforts work or not remains to be seen, but the impact on the retailers in these states is real, as they will now be responsible for collecting and remitting taxes in other states when they were never before expected to do so.

Shoppers Paying Sales Tax for the First Time

While Wayfair impacts businesses selling from NOMAD states to those that do collect sales taxes, there are other situations in which sales tax is being charged by states to residents and shoppers in these states. New laws in states like Florida, for example, require that any goods shipped into the state directly after purchase, even if purchased in another state, are subject to Florida State sales taxes.

The concern for residents and visitors is that NOMAD states lose the advantage they long had for not having a sales tax. People would cross state boundaries and purchase items in these states to leverage the lower overall cost. That said, even as they pursue new legislation to address these changes, the law was always clear. If you purchase an item and bring it back home with you to a state with sales tax, you are liable for the use tax on that item.

The difference is that under older laws, this was nearly impossible to enforce, with only 2% of people accurately filing and paying the use tax they owed. New laws, the Wayfair decision, and creative implementations of tax collection are addressing this in ways that will impact NOMAD states, who must now figure out what options they have.

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Important Sales Tax Dates for September 2018 https://www.accuratetax.com/blog/important-sales-tax-dates-september-2018/ Thu, 30 Aug 2018 13:52:42 +0000 https://www.accuratetax.com/?p=5336 Important Sales Tax Dates for September 2018

Ecommerce retailers are starting to get busier and busier as the fourth quarter approaches. It’s not quite fall yet, but many of us are already thinking about the holiday selling season. September is not a huge month for sales tax due dates, other than those who must file monthly (or more frequently). New York does have quarterly taxes due as well. Make sure to check the dates below and make sure to file your business’s sales tax return in a timely manner. * Normal date falls on a weekend or holiday Alabama Monthly Taxes Due 9/20 Arizona Monthly Taxes Due... Read More

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Important Sales Tax Dates for September 2018

Ecommerce retailers are starting to get busier and busier as the fourth quarter approaches. It’s not quite fall yet, but many of us are already thinking about the holiday selling season. September is not a huge month for sales tax due dates, other than those who must file monthly (or more frequently). New York does have quarterly taxes due as well. Make sure to check the dates below and make sure to file your business’s sales tax return in a timely manner.

* Normal date falls on a weekend or holiday

Alabama
Alabama
Monthly Taxes Due 9/20
Arizona
Arizona
Monthly Taxes Due 9/20
Arkansas
Arkansas
Monthly Taxes Due 9/20
California
California
Monthly Taxes Due 10/1 *
Colorado
Colorado
Monthly Taxes Due 9/20
Connecticut
Connecticut
Monthly Taxes Due 10/1 *
District of Columbia
District of Columbia
Monthly Taxes Due 9/20
Florida
Florida
Monthly Taxes Due 9/3 * (Late after 9/20)
Georgia
Georgia
Monthly Taxes Due 9/20
Hawaii
Hawaii
Monthly Taxes Due 9/20
Idaho
Idaho
Monthly Taxes Due 9/20
Illinois
Illinois
Monthly Taxes Due 9/20
Indiana
Indiana
Monthly Taxes Due 9/20 if amount owed is over $1000
10/1 * if amount owed is $1000 or less
Iowa
Iowa
Monthly Taxes Due 9/20
Semi-Monthly Taxes Due 9/10
9/25
Kansas
Kansas
Monthly Taxes Due 9/25
Kentucky
Kentucky
Monthly Taxes Due 9/20
Louisiana
Louisiana
Monthly Taxes Due 9/20
Maine
Maine
Monthly Taxes Due 9/17 *
Maryland
Maryland
Monthly Taxes Due 9/20
Massachusetts
Massachusetts
Monthly Taxes Due 9/20
Michigan
Michigan
Monthly Taxes Due 9/20
Minnesota
Minnesota
Monthly Taxes Due 9/20
Mississippi
Mississippi
Monthly Taxes Due 9/20
Missouri
Missouri
Monthly Taxes Due 9/20
Quarter-Monthly Taxes Due 9/3 (for last quarter-month of August), 9/10, 9/18, 9/25
Nebraska
Nebraska
Monthly Taxes Due 9/20
Nevada
Nevada
Monthly Taxes Due 10/1 *
New Jersey
New Jersey
Monthly Taxes Due 9/20
New Mexico
New Mexico
Monthly Taxes Due 9/25
New York
New York
Quarterly Taxes Due 9/20
Monthly Taxes Due 9/20
North Carolina
North Carolina
Monthly Taxes Due 9/20
North Dakota
North Dakota
Monthly Taxes Due 10/1 *
Ohio
Ohio
Monthly Taxes Due 9/24 *
Oklahoma
Oklahoma
Monthly Taxes Due 9/20
Pennsylvania
Pennsylvania
Monthly Taxes Due 9/20
Rhode Island
Rhode Island
Monthly Taxes Due 9/20
South Carolina
South Carolina
Monthly Taxes Due 9/20
South Dakota
South Dakota
Monthly Taxes Due 9/20
Tennessee
Tennessee
Monthly Taxes Due 9/20
Texas
Texas
Monthly Taxes Due 9/20
Utah
Utah
Monthly Taxes Due 10/1 *
Vermont
Vermont
Monthly Taxes Due 9/25
Virginia
Virginia
Monthly Taxes Due 9/20
Washington
Washington
Monthly Taxes Due 9/25
West Virginia
West Virginia
Monthly Taxes Due 9/20
Wisconsin
Wisconsin
Monthly Taxes Due 10/1 *
Wyoming
Wyoming
Monthly Taxes Due 10/1 *

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Why Wayfair Isn’t Really a New Tax https://www.accuratetax.com/blog/why-wayfair-isnt-really-a-new-tax/ Wed, 29 Aug 2018 20:38:30 +0000 https://www.accuratetax.com/?p=5327 Why Wayfair Isn’t Really a New Tax

The biggest news in online commerce this year was the June 5-4 decision by the US Supreme Court that overturned the 1992 ruling in Quill v. North Dakota. That previous ruling effectively made it impossible for states to collect sales tax from businesses that did not have a physical presence within their borders. The case, South Dakota v. Wayfair, was a bellwether against which many other states will now measure and adjust their sales tax policies, some of which have already been passed into law and were merely waiting for this decision. But there’s been a consistent habit in media... Read More

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Why Wayfair Isn’t Really a New Tax

The biggest news in online commerce this year was the June 5-4 decision by the US Supreme Court that overturned the 1992 ruling in Quill v. North Dakota. That previous ruling effectively made it impossible for states to collect sales tax from businesses that did not have a physical presence within their borders.

The case, South Dakota v. Wayfair, was a bellwether against which many other states will now measure and adjust their sales tax policies, some of which have already been passed into law and were merely waiting for this decision. But there’s been a consistent habit in media reports to describe this as a new tax, or as the Supreme Court giving states the permission to pass new taxes that will directly impact online businesses. In reality, Wayfair is more of an adjustment to who will pay an already existing tax in many of these states and the implications are far reaching.

Online Sales Tax Before Wayfair

Before the Supreme Court’s recent ruling, online retailers were effectively exempt from collecting sales tax in any state where they did not have a physical presence. While eCommerce has been around for more than 20 years, it is only in the last decade that it has grown to represent a significant percentage of the economy, with Amazon processing hundreds of billions of dollars in orders every year. For companies that did not have nexus in all fifty states (which very few do), that meant states were unable to require them to collect sales tax on orders through their sites.

This applied to many major retailers, including Amazon for states in which they did not have fulfillment centers, eBay’s network of individuals and small businesses, and in the case of this particular legal case, the trio of Wayfair, Overstock and Newegg, which all resisted a new law that was passed in South Dakota last year. That new law would have shifted the onus to retailers with more than $100,000 in sales or 200+ transactions to collect the 4.5% sales tax levied by the state.


In the 27 states that charge use tax, only 2% of taxpayers actually report it.
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The tricky part of this situation is that this is not a new tax. The 4.5% sales tax that South Dakota charged (and many other states charge at comparable levels), always existed. The difference is that the company selling the goods was not required to collect it, unlike in the case of brick and mortar retailers who do collect it on the state’s behalf. In those cases, it fell to the consumer to report their use tax and pay it independently.

If the tax was still being charged, what was the problem then? In the 27 states that have a use tax line item in their returns, only 2% of taxpayers actually report it. Only in rare cases, such as the purchase of a car or truck across state lines is use tax enforced proactively. That meant billions of dollars in tax revenue shortfall as consumers started to buy almost everything online, from books and movies to paper towels and diapers.

Shifting the Legal Burden from Shoppers to Retailers

This relationship is not new. Already in all but five states (Alaska, Delaware, Montana, New Hampshire, and Oregon), brick and mortar retailers were required to collect sales tax on purchases by their consumers and submit it to the state in regular payments. The difference now is that these same states are now permitted to enforce online retailers to do the same, regardless of where they do business.

For states it is a major win, allowing them to recapture the billions in lost revenue, but for retailers, it represents a new technology and financial burden as they work to address the nearly 10,000 unique taxing jurisdictions in the US. For major companies like Amazon, this is not an issue (as they’ve already made this transition), but for small companies and those without significant resources, it represents a challenge that will require outside support and new technology solutions. The challenge is real, but the result of the court case is not entirely unexpected as it represents an adjustment of the status quo to address very real advancements in how we use the Internet as part of our daily lives.

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Selecting the Right Business Structure for Your Small Online Business https://www.accuratetax.com/blog/selecting-the-right-business-structure-for-your-small-online-business/ Tue, 21 Aug 2018 13:03:51 +0000 https://www.accuratetax.com/?p=5304 business structure for online small business

Few decisions will have as big of an impact on the taxes you pay and regulations you must follow as the business structure of your online company. When starting an online business, you should strongly consider consulting with a lawyer for advice as to the best structure. However, you can do some in-depth research beforehand on the topic to get a better feel for the options. Remember, the following information is not to replace legal advice, merely to help you better understand your options in advance of the decision making process. Sole Proprietorship Many small online businesses opt for a... Read More

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business structure for online small business

Few decisions will have as big of an impact on the taxes you pay and regulations you must follow as the business structure of your online company. When starting an online business, you should strongly consider consulting with a lawyer for advice as to the best structure. However, you can do some in-depth research beforehand on the topic to get a better feel for the options.

Remember, the following information is not to replace legal advice, merely to help you better understand your options in advance of the decision making process.

Sole Proprietorship

Many small online businesses opt for a sole proprietorship as this is the simplest of the business structure options. Typically, this involves a single person who owns and operates the business. Since your expenses and business income go on Form 1040 of your personal income tax return, and profits and losses on Schedule C, this particular structure has some tax benefits.

Because of the way the Schedule C incorporates into your personal tax return, business losses can offset other earned income. Sole proprietors must also file Schedule SE and self-employment tax, and they need to make payments of estimated tax if they owe a minimum of $1,000 in federal taxes.

Sole proprietorship comes with a few disadvantages as well, including the fact that you have 100 percent responsibility for any liabilities related to the company. As a result, it puts your assets at risk. It can also make it more difficult to secure business loans, meaning you would likely need to depend on your savings or home equity.

Corporation

Corporations are independent legal entities fully separate from owners. Because of this, there are additional tax requirements and regulations. With liability protection, an owner has no responsibility for the debt of the corporation, giving this business structure a significant advantage over others. Corporations also have an easier time raising money through the sale of stock. It is even possible for corporations to continue indefinitely.

The biggest downside of a Corp business structure is the high cost and the legal complications involved. Keep in mind that every state has its unique laws and regulations. As such, you will likely need to hire an attorney to create your corporation. You also need professional tax preparation and auditing services to meet the regulations. It is also important to note that, if your corporation is small and you are the sole owner, you may pay additional taxes on your earnings – once as corporate income and again as personal income on your own taxes.

S-Corp

S-Corps or S corporations are better for small businesses that corporations, whether online or brick and mortar. This comes from the combination of liability protection and some tax benefits. With the S-corp business structure, losses and income end up on shareholders’ individual tax returns, meaning there is no double payment of taxes as with corporations. S corporations without inventory can even opt for the simpler cash accounting method. Because S corporations can have up to 100 shareholders, it is easier to secure capital.

In terms of downsides, S-corps have many of the same regulations and laws as corporations, meaning higher costs for legal and tax preparation fees. They also require minute taking, shareholder voting, director and shareholder meetings, and incorporation article filing.

Limited Liability Company (LLC)

Limited liability companies have only recently become popular among small business owners and entrepreneurs. This business structure combines the benefits of corporations with partnerships. LLCs provide liability protection without double taxation. Additionally, losses and earnings go on the owners’ personal tax returns. The big difference between an S-corp and LLC is in benefits. With LLCs, there is no limit for the number of shareholders, and all members or owners can have full participatory roles.

It is important to note that LLCs do not include perpetual statuses, with some states having a limit of 30 years. Because of variations in how states treat LLCs, ecommerce platforms operating in more than one state may find them somewhat complicated. If you choose to use an LLC, you need to hire an experienced accountant, someone familiar with the unique regulations related to this business structure.

Choosing the Right Structure

The business structure you select for your online business will impact everything from taxes to how financial losses can impact your life. Each business structure has a unique set of advantages and disadvantages. Choose the one that works best for your specific company.

The post Selecting the Right Business Structure for Your Small Online Business appeared first on AccurateTax.com.

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How to Avoid Misclassification of Your Ecommerce Products for Sales Tax Purposes https://www.accuratetax.com/blog/how-to-avoid-misclassification-of-your-ecommerce-products-for-sales-tax-purposes/ Thu, 16 Aug 2018 12:45:38 +0000 https://www.accuratetax.com/?p=5297 sales tax product classification

One of the most complicated aspects of a small business to navigate is taxes, including sales tax. Increasing this challenge is the fact that different types of products each have unique sales tax rates depending on their classification. This is why many ecommerce companies have misclassified products that lead to incorrect sales tax calculations. Here are some reasons why and what you can do about it. Potential Complications of Misclassification Companies that misclassify their products and charge the incorrect sales tax may face customer complaints and serious problems if an audit occurs. It can also result in time-consuming efforts to... Read More

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sales tax product classification

One of the most complicated aspects of a small business to navigate is taxes, including sales tax. Increasing this challenge is the fact that different types of products each have unique sales tax rates depending on their classification. This is why many ecommerce companies have misclassified products that lead to incorrect sales tax calculations. Here are some reasons why and what you can do about it.

Potential Complications of Misclassification

Companies that misclassify their products and charge the incorrect sales tax may face customer complaints and serious problems if an audit occurs. It can also result in time-consuming efforts to recalculate the additional sales taxes owed. Whether the problems that arise are with the tax authority or customers, they can be costly

With the potential complications of misclassification in mind, take a closer look at some of the most common classification categories and the likely problems that arise within each of them.

Frequently Exempt Classifications

Although every state has slightly different rules for sales tax, there are common themes when it comes to exemptions. Many of these exemptions do not apply to the typical ecommerce website, although you should be aware of them in case they are relevant for your small business. Common exemptions include:

  • Products for resale, such as inventory
  • Raw materials for resale
  • Intangible property, such as software
  • Agricultural products
  • Prescription drugs
  • Food, particularly unprepared items

For example, in Connecticut footwear under $50 is tax exempt, as is certain computer hardware sold to teachers in Ohio. Despite these specific situations, it is more common to have services exempt from taxation than goods. While the most exempted services include medical care and legal support, it is rare for an ecommerce store to have service-related exemptions.

Clothing

Clothing is a gray area that changes not only in each state, but also at different times of the year. You must first determine if your state takes part in the Streamlined Sales and Use Tax Agreement (SST), making clothing either exempt or taxable. This agreement includes strict definitions for clothing.

SST member states provide an advantage since they must have a taxability matrix that outlines the treatment of clothing and related items. In the case of states where clothing sales are not exempt, look for special taxation rules related to specific accessories or clothing, including recreational or luxury clothing. Some of the non-SST member states that exempt clothing only up to a specific threshold.

Additional classification complications can occur from phrases like "everyday" clothing that determine whether clothing is taxable or exempt. In this case, an ecommerce store selling sweatpants would have to determine if those are “everyday” clothing or "athletic wear," which are taxable and not taxable, respectively.

Food

As an ecommerce website, you are more likely to sell unprepared food than prepared food, but you should still be aware of the various classifications, as well as sub-classifications. Often, unprepared foods fall in the exempt category while taxes apply to prepared foods. As an ecommerce company instead of a brick-and-mortar, pay attention to specific taxation rules on food items since many of the food-related tax laws focus most on stores with physical addresses.

In some states, this will help you avoid complications. For instance, in Massachusetts, the Department of Revenue charges tax on both pizza and cans of soda at a restaurant if the customer dines in but only on the pizza when dining out.

Luxury Goods

Luxury goods are often subject to special taxes. Items like alcohol, high-end autos, tobacco, and jewelry typically classify as luxury goods. From an ecommerce perspective, it is essential that you recognize whether your product qualifies as a luxury good, as this will increase the tax you collect on it. While many items considered luxury goods meet the definition, not all do.

Ensuring Your Products are Properly Classified

The specific classification of your product directly impacts the amount of taxes you pay on sales. As an ecommerce company, you must be aware of this and take the appropriate precautions to ensure that you classify all your products correctly. Otherwise, you may face a decline in reputation or legal problems in the form of back-taxes due.

The post How to Avoid Misclassification of Your Ecommerce Products for Sales Tax Purposes appeared first on AccurateTax.com.

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Important Sales Tax Dates for August 2018 https://www.accuratetax.com/blog/important-sales-tax-dates-for-august-2018/ Tue, 31 Jul 2018 14:22:14 +0000 https://www.accuratetax.com/?p=5312 sales tax dates august 2018

For much of the country, August means that the kids are heading back to school. You may be busy packing lunches and arranging carpools, or just remembering to leave a few minutes early for work to avoid the extra traffic. Whatever changes life brings this month, though, don’t forget to file your taxes! To make it easier we’ve made a complete list of due dates on a state-by-state basis, so there’s no excuse for forgetting to file. Not even that the dog ate your homework. Alabama Monthly Taxes Due 8/20 Arizona Monthly Taxes Due 8/20 Arkansas Monthly Taxes Due 8/20... Read More

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sales tax dates august 2018

For much of the country, August means that the kids are heading back to school. You may be busy packing lunches and arranging carpools, or just remembering to leave a few minutes early for work to avoid the extra traffic. Whatever changes life brings this month, though, don’t forget to file your taxes! To make it easier we’ve made a complete list of due dates on a state-by-state basis, so there’s no excuse for forgetting to file. Not even that the dog ate your homework.

Alabama
Alabama
Monthly Taxes Due 8/20
Arizona
Arizona
Monthly Taxes Due 8/20
Arkansas
Arkansas
Monthly Taxes Due 8/20
California
California
Monthly Taxes Due 8/31
Colorado
Colorado
Monthly Taxes Due 8/20
Connecticut
Connecticut
Monthly Taxes Due 8/31
District of Columbia
District of Columbia
Monthly Taxes Due 8/20
Florida
Florida
Monthly Taxes Due 8/1 (Late after 8/20)
Georgia
Georgia
Monthly Taxes Due 8/20
Hawaii
Hawaii
Monthly Taxes Due 8/20
Idaho
Idaho
Monthly Taxes Due 8/20
Illinois
Illinois
Monthly Taxes Due 8/20
Indiana
Indiana
Monthly Taxes Due 8/20 if amount owed is over $1000
8/31 if amount owed is $1000 or less
Iowa
Iowa
Monthly Taxes Due 8/20
Semi-Monthly Taxes Due 8/10
8/27 (normal date of 8/25 falls on a weekend)
Kansas
Kansas
Monthly Taxes Due 8/27 (normal date of 8/25 falls on a weekend)
Kentucky
Kentucky
Monthly Taxes Due 8/20
Louisiana
Louisiana
Monthly Taxes Due 8/20
Maine
Maine
Monthly Taxes Due 8/15
Maryland
Maryland
Monthly Taxes Due 8/20
Massachusetts
Massachusetts
Monthly Taxes Due 8/20
Michigan
Michigan
Monthly Taxes Due 8/20
Minnesota
Minnesota
Monthly Taxes Due 8/20
Mississippi
Mississippi
Monthly Taxes Due 8/20
Missouri
Missouri
Monthly Taxes Due 8/20
Quarter-Monthly Taxes Due 8/3 (for last quarter-month of July), 8/10, 8/20, 8/27 (normal dates of 8/18 and 8/25 fall on weekends)
Nebraska
Nebraska
Monthly Taxes Due 8/20
Nevada
Nevada
Monthly Taxes Due 8/31
New Jersey
New Jersey
Monthly Taxes Due 8/20
New Mexico
New Mexico
Monthly Taxes Due 8/27 (normal date of 8/25 falls on a weekend)
New York
New York
Monthly Taxes Due 8/20
North Carolina
North Carolina
Monthly Taxes Due 8/20
North Dakota
North Dakota
Monthly Taxes Due 8/31
Ohio
Ohio
Monthly Taxes Due 8/23
Oklahoma
Oklahoma
Monthly Taxes Due 8/20
Pennsylvania
Pennsylvania
Monthly Taxes Due 8/20
Rhode Island
Rhode Island
Monthly Taxes Due 8/20
South Carolina
South Carolina
Monthly Taxes Due 8/20
South Dakota
South Dakota
Monthly Taxes Due 8/20
Tennessee
Tennessee
Monthly Taxes Due 8/20
Texas
Texas
Monthly Taxes Due 8/20
Utah
Utah
Monthly Taxes Due 8/31
Vermont
Vermont
Monthly Taxes Due 8/27 (normal date of 8/25 falls on a weekend)
Virginia
Virginia
Monthly Taxes Due 8/20
Washington
Washington
Monthly Taxes Due 8/27 (normal date of 8/25 falls on a weekend)
West Virginia
West Virginia
Monthly Taxes Due 8/20
Wisconsin
Wisconsin
Monthly Taxes Due 8/31
Wyoming
Wyoming
Monthly Taxes Due 8/31

The post Important Sales Tax Dates for August 2018 appeared first on AccurateTax.com.

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Important Sales Tax Dates for July 2018 https://www.accuratetax.com/blog/important-sales-tax-dates-july-2018/ Wed, 27 Jun 2018 14:38:10 +0000 https://www.accuratetax.com/?p=5266 sales tax dates july 2018

School is out, the kids are home, families are vacationing…it’s the height of summer! But don’t forget to file your sales taxes. There are lots of extra deadlines this month because of quarterly and semi-annual due dates. So check the states below and find out when your return is due. Then get back to enjoying the summer fun! Alabama Quarterly Taxes Due 7/20 Monthly Taxes Due 7/20 Arizona Quarterly Taxes Due 7/20 Monthly Taxes Due 7/20 Arkansas Quarterly Taxes Due 7/20 Monthly Taxes Due 7/20 California Quarterly Taxes Due 7/31 Monthly Taxes Due 7/31 Colorado Quarterly Taxes Due 7/20 Monthly... Read More

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sales tax dates july 2018

School is out, the kids are home, families are vacationing…it’s the height of summer! But don’t forget to file your sales taxes. There are lots of extra deadlines this month because of quarterly and semi-annual due dates. So check the states below and find out when your return is due. Then get back to enjoying the summer fun!

Alabama
Alabama
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Arizona
Arizona
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Arkansas
Arkansas
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
California
California
Quarterly Taxes Due 7/31
Monthly Taxes Due 7/31
Colorado
Colorado
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Connecticut
Connecticut
Quarterly Taxes Due 7/31
Monthly Taxes Due 7/31
District of Columbia
District of Columbia
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Florida
Florida
Quarterly Taxes Due 7/2 (Normal date falls on a weekend) (Late after 7/20)
Monthly Taxes Due 7/2 (Normal date falls on a weekend) (Late after 7/20)
Georgia
Georgia
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Hawaii
Hawaii
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Idaho
Idaho
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Illinois
Illinois
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Indiana
Indiana
Annual Taxes Due 7/31
Monthly Taxes Due 7/20 if amount owed is over $1000
7/31 if amount owed is $1000 or less
Iowa
Iowa
Quarterly Taxes Due 7/31
Monthly Taxes Due 7/31
Semi-Monthly Taxes Due 7/10
7/25
Kansas
Kansas
Quarterly Taxes Due 7/25
Monthly Taxes Due 7/25
Kentucky
Kentucky
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Louisiana
Louisiana
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Maine
Maine
Quarterly Taxes Due 7/16 (Normal date falls on a weekend)
Monthly Taxes Due 7/16 (Normal date falls on a weekend)
Maryland
Maryland
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Massachusetts
Massachusetts
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Michigan
Michigan
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Minnesota
Minnesota
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Mississippi
Mississippi
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Missouri
Missouri
Quarterly Taxes Due 7/31
Monthly Taxes Due 7/31
Quarter-Monthly Taxes Due 7/3 (for last quarter-month of June), 7/10, 7/18, 7/25
Nebraska
Nebraska
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Nevada
Nevada
Quarterly Taxes Due 7/31
Monthly Taxes Due 7/31
New Jersey
New Jersey
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
New Mexico
New Mexico
Quarterly Taxes Due 7/25
Monthly Taxes Due 7/25
New York
New York
Monthly Taxes Due 7/20
North Carolina
North Carolina
Quarterly Taxes Due 7/31
Monthly Taxes Due 7/20
North Dakota
North Dakota
Quarterly Taxes Due 7/31
Monthly Taxes Due 7/31
Ohio
Ohio
Semi-Annual Taxes Due 7/23
Monthly Taxes Due 7/23
Oklahoma
Oklahoma
Semi-Annual Taxes Due 7/20
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Pennsylvania
Pennsylvania
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Rhode Island
Rhode Island
Quarterly Taxes Due 7/31
Monthly Taxes Due 7/20
South Carolina
South Carolina
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
South Dakota
South Dakota
Monthly Taxes Due 7/20
Tennessee
Tennessee
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Texas
Texas
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Utah
Utah
Quarterly Taxes Due 7/31
Monthly Taxes Due 7/31
Vermont
Vermont
Quarterly Taxes Due 7/25
Monthly Taxes Due 7/25
Virginia
Virginia
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Washington
Washington
Quarterly Taxes Due 7/31
Monthly Taxes Due 7/25
West Virginia
West Virginia
Quarterly Taxes Due 7/20
Monthly Taxes Due 7/20
Wisconsin
Wisconsin
Quarterly Taxes Due 7/31
Monthly Taxes Due 7/31
Wyoming
Wyoming
Quarterly Taxes Due 7/31
Monthly Taxes Due 7/31

The post Important Sales Tax Dates for July 2018 appeared first on AccurateTax.com.

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How E-Commerce Companies Can Use Instagram to Drive Sales https://www.accuratetax.com/blog/how-e-commerce-companies-can-use-instagram-to-drive-sales/ Mon, 25 Jun 2018 16:36:07 +0000 https://www.accuratetax.com/?p=5258 How E-Commerce Companies Can Use Instagram to Drive Sales

With 800 million monthly active users, Instagram has a built-in audience for e-commerce companies. The social media network only sits behind Facebook and YouTube when it comes to monthly users, and it only trails Facebook in daily users. Instagram users don’t just look at pictures. Many have deep pockets, and they are more than willing to spend that money. Sixty percent of Instagram users find new products on the site. That’s no surprise when you consider that Instagram has the highest follower interaction rate of any social media network. The statistics are promising, but how can you convert followers? How... Read More

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How E-Commerce Companies Can Use Instagram to Drive Sales

With 800 million monthly active users, Instagram has a built-in audience for e-commerce companies. The social media network only sits behind Facebook and YouTube when it comes to monthly users, and it only trails Facebook in daily users.

Instagram users don’t just look at pictures. Many have deep pockets, and they are more than willing to spend that money. Sixty percent of Instagram users find new products on the site. That’s no surprise when you consider that Instagram has the highest follower interaction rate of any social media network.

The statistics are promising, but how can you convert followers? How can you take your e-commerce company to the next level by driving sales on the site?

Mastering e-commerce on Instagram is easier than you think.

Make It Easy for People to Make Purchases

You would be surprised by the number of people who make it hard for people to buy from them. These brands share amazing content, and they engage with their followers. They have all the attention in the world, but they make it difficult to buy from them, so they don’t make any sales.

Avoid this problem by creating a landing page just for Instagram. Then, take that link and put it in your bio. Add reasons to click on the link in your bio, and direct people to your bio when posting photos of your products.

People aren’t going to hunt for your website. However, if you direct them to it, they’ll click and do some shopping.

Post Creative Product Photos

Don’t just take pictures of your products and expect them to fly off the virtual shelves. Creative product photos get the most attention, so step outside of the box a bit.

Converse provides an excellent example of this. The brand posted a photo of its iconic shoes, but instead of stopping there, it included 3-D-printed lace art. This lace art grabbed people’s attention and made them interested in buying their own pair of Converse.

You can also showcase photos of your products in action. If you sell shoes, upload pics of people running and jumping in the shoes. If you sell sunglasses, include your product as a fun accessory in a photo. There are lots of unique and interesting ways you can showcase your products. Just don’t make the mistake of snapping a few photos of your products and calling it a day. People don’t go to Instagram to look at pictures of products. You need to be creative to generate interest in your online store.

Connect with Your Followers

You want people to connect to your brand. That will make them emotionally invested in your brand, which means they’ll be more likely to buy.

You can form that connection by including behind-the-scenes photos. For instance, if you make your own products, show how it’s done. You can also show images of your team brainstorming new product ideas and invite users to comment on what they like.

In addition, include some exclusive photos that only Instagram followers get to see. This will make people feel special, and that can translate into sales.

Team Up with Influencers

Influencers are immensely popular on Instagram. Collaborate with influencers to promote your products. Influencers then upload photos of them using the product or to tell their followers about it. This legitimizes your e-commerce company, and it also puts it in front of lots of people. This is a quick and easy way to boost your sales.

You don’t need a top-level influencer for this to work. Mid-level influencers often have more pull over their followers since they interact with them more. Find an influencer, choose a compensation plan, and let him or her get to work for you.

Grow Your Instagram Presence Today

You don’t need to be a marketing genius to win at e-commerce on Instagram. You just need to follow these tips, and you will be well on your way to boosting your sales. Once you start making sales, it will be easy to get on a roll. Soon, you will be the king or queen of Instagram. At that point, you will have an extremely popular e-commerce business.

The post How E-Commerce Companies Can Use Instagram to Drive Sales appeared first on AccurateTax.com.

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The US Supreme Court Overturns “Quill” Ban on Online Sales Tax https://www.accuratetax.com/blog/supreme-court-overturns-quill/ Thu, 21 Jun 2018 19:43:39 +0000 https://www.accuratetax.com/?p=5255 The US Supreme Court Overturns Quill Ban on Online Sales Tax

In a 5-4 decision announced on Thursday, the Supreme Court overturned a 1992 ruling in Quill vs. North Dakota that explicitly banned states from taxing companies that don’t have a physical presence within their borders. The ruling came in the case of South Dakota vs. Wayfair, as South Dakota attempted to overturn the previous ruling. South Dakota cited their losses in not being able to collect sales tax on online sales, totaling nearly $50 million a year, and the Government Accountability Office citing nearly $14 billion in total missed tax revenue for all states. The case was a divisive issue... Read More

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The US Supreme Court Overturns Quill Ban on Online Sales Tax

In a 5-4 decision announced on Thursday, the Supreme Court overturned a 1992 ruling in Quill vs. North Dakota that explicitly banned states from taxing companies that don’t have a physical presence within their borders.

The ruling came in the case of South Dakota vs. Wayfair, as South Dakota attempted to overturn the previous ruling. South Dakota cited their losses in not being able to collect sales tax on online sales, totaling nearly $50 million a year, and the Government Accountability Office citing nearly $14 billion in total missed tax revenue for all states. The case was a divisive issue that has been wrestled with by state governments, Congress, and large businesses alike for decades as online sales have ballooned to make up a larger percentage of commerce.

The Argument Against the Quill Ruling

The primary argument against Quill is that it was decided in 1992, before ecommerce and internet sales existed. The ruling at the time related to catalog sales and a very narrow slice of the economy. Today, billions in sales are made every year online, with large retailers like Amazon gaining an ever-greater foothold in dozens of industries.

Small retailers like local bookstores, clothing retailers, and others that have been pressured by online retailers came out in favor of overturning Quill, and President Trump has previously voiced his opposition to tax exemption for online companies.

For much of the last twenty years, Congress has intermittently brought forth potential bills to address the issue, but nothing has passed, with proponents often citing the impact of the online retail lobby.

The South Dakota vs. Wayfair Ruling

South Dakota’s challenge to the Quill ruling was precipitated by a new law passed recently that would charge retailers with more than $100,000 in sales or 200+ transactions to pay a 4.5% sales tax to the state, regardless of location. While 19 out of 20 of the largest online retailers already collect sales tax, the plaintiffs in the case – Wayfair, Overstock, and Newegg – do not, and South Dakota sued them after their new law was implemented.

Supreme Court Justice Anthony Kennedy wrote the majority in the 5-4 ruling, citing “startling revenue shortfall” for not just South Dakota, but other states who have been impacted by the Quill ruling’s ban on charging online sales tax. This was not the first such case brought before the court either. In 2015, Direct Marketing Association vs. Brohl, in which online retailers sued Colorado over a workaround law they attempted to implement. That case had a narrow ruling, however, and it was the South Dakota case that more directly targeted the decades old precedent.

Chief Justice John G. Roberts Jr., joined by Justices Elena Kagan, Sonia Sotomayor, and Stephen Breyer dissented, with Roberts noting during oral arguments that the issue seemed to be working itself out independently. Amazon and eBay already collect sales tax voluntarily and others have started implementing similar systems. Nonetheless, Justice Anthony Kennedy, joined by Justices Samuel A. Alito Jr., Clarence Thomas, Neil M. Gorsuch, and Ruth Bader Ginsberg voted in favor of vacating and remanding the Quill decision, effectively allowing states to charge online sales tax in the future (and validating all current and pending laws).

What This Means for the Future

With the Quill ruling vacated, it is unclear how states will proceed. Congress has yet to implement legislation at any level to address online sales tax, but with nearly 10,000 taxing jurisdictions in the US, it may feel greater pressure from lobbyists to provide additional guidance or structure.

Another factor is the way in which the large retailers currently collect sales tax. Amazon, for example, does collect sales tax on all direct sales, but does not for third party sellers (except in Washington and Pennsylvania). Other retailers are in similar situations, and with this ruling, the 45 states that charge sales tax can now implement a new online sales tax or enforce recently passed laws more fully.

The post The US Supreme Court Overturns “Quill” Ban on Online Sales Tax appeared first on AccurateTax.com.

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Financial Concepts Your Teen Should Understand https://www.accuratetax.com/blog/financial-concepts-teen-understands/ Tue, 12 Jun 2018 14:32:16 +0000 https://www.accuratetax.com/?p=5241 Financial Concepts Your Teen Should Understand

Eighty-four percent of teens rely on their parents to teach them money management, but 34% of parents don’t discuss financial issues with their offspring. This can lead to poor financial decisions by teens. It’s important for parents to prepare their kids for the real world by going over various financial concepts that can prevent them from making serious financial mistakes. Let’s go over the concepts you need to talk about with your teen. Checking Accounts A checking account is key to financial responsibility for teens. Explain how checking accounts work, including the fees associated with these accounts. Teach your teen... Read More

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Financial Concepts Your Teen Should Understand

Eighty-four percent of teens rely on their parents to teach them money management, but 34% of parents don’t discuss financial issues with their offspring. This can lead to poor financial decisions by teens. It’s important for parents to prepare their kids for the real world by going over various financial concepts that can prevent them from making serious financial mistakes.

Let’s go over the concepts you need to talk about with your teen.

Checking Accounts

A checking account is key to financial responsibility for teens. Explain how checking accounts work, including the fees associated with these accounts. Teach your teen about writing checks, using a debit card, and recording everything. Make sure the child understands that failing to record something could lead to an overdraft and overdraft fees.

Don’t just explain checking accounts to your child. Have your child set up a checking account early to learn fiscal responsibly. Monitor the account at first to make sure your teen is recording every item, even those packs of gum.

Credit Cards and Interest

When your teen turns 18, he or she will begin receiving credit card offers. Many teens don’t understand how credit cards work, and because of that, they overspend. This comes down to not understanding minimum payments and interest.

Unsavvy teens believe if they spend $1,000 on their credit cards, they can pay it off quickly by paying $20 a month. In reality, if they only make the minimum payment, it will take six years to pay back that debt if the interest rate is at 12 percent.

Use a payment calculator to show your teen how much credit cards actually cost. When your teen is ready for a credit card, consider adding him or her to your own account so you can monitor the spending for a while. This could save your child a huge headache and a lot of heartache in the future.

Taxes

As an adult, you understand that taxes are a way of life, but your child may not – make sure they are prepared before heading into the real world.

Your child drives on roads and visits parks, sees police and fire stations on the road and likely attends public school. Explain that these services are covered by taxes.

Break it down so your child understands that sales taxes are paid whenever he or she purchases an item, and state and federal taxes are paid out of paychecks. It’s important that your child understands how the tax process works to avoid over or underpaying taxes.

Insurance Plans

Right now, your child is on your health and auto insurance plans, so they don’t have to think twice about making payments or heading to the doctor. That won’t always be the case, though. Your child needs to understand what insurance is and why it is important.

Explain that they will give money to insurance companies, so the companies will cover expenses if something happens. For instance, tell your child that they will pay auto insurance premiums, so the insurance company will cover them if an accident occurs.

Also, explain how bundling insurance policies helps people save money. In addition, go over the expenses he or she can incur without insurance. For example, an emergency surgery could cost hundreds of thousands of dollars without insurance.

Emergency Funds

Explaining emergency funds is probably the most important lesson you can teach your teen. Working adults should have at least six months of income in a savings account. That way, they can dip into the account in case anything happens.

Explain to your child this money will help in the case of:

  • Loss of employment
  • Medical emergency
  • Home repairs
  • Unplanned travel expenses

It’s Time to Have the Financial Talk with Your Teen

Don’t wait another moment. It’s time to have the financial talk with your teen so he or she will be ready for the real world. If your child has smart money sense, he or she will make it far in this world.

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