How To FINALLY Solve Amazon FBA Sales Tax & US Nexus _ Taxjar Review & Tutorial Rankno1

How To FINALLY Solve Amazon FBA Sales Tax & US Nexus _ Taxjar Review & Tutorial.

How To FINALLY Solve Amazon FBA Sales Tax & US Nexus _ Taxjar Review & Tutorial.

why we use this tool it's called tax jar you can have a look at tosh. com or we'll have an affiliate link in the description if you want to do us a favor basically this just integrates directly with Amazon FBA businesses so assuming you're here because you have an FBA business and you've heard about sales tax being an absolute ball lake and this is basically how it gets solved okay so they have this really useful article which is the first time I found this company before reaching out to them as well essentially it talks about how sales tax nexus works and in short it's quite complicated for Amazon sellers because we don't have a physical storefront so obviously our inventory can be sent to multiple different warehouses in different states which all have different sales tax percentages and ratios and are all collected and displayed in a different way so instead of having to go out and find all this information and build it in and even get them reviewed by a lawyer to a certain extent as well which is super expensive we just use this tool because it's really affordable and it just pulls everything directly now we've had a few people ask about sales tax in terms of does Amazon calculate it not that I'm aware of but again this isn't tax advice you should go and obviously consult a CPA or something based on where you are obviously in the world if you sell in Amazon UK then you have to take into account v80 you'll have v80 thresholds which is a hpk year I believe currently and obviously you have sales tax thresholds as well but because your stock is generally going to be held in one to two warehouses if you have hundreds of SKUs then it may be spreading off further across the US and even Canada and everything but this just helps streamline everything and we've just felt that it's a lot once you get past a certain point probably around 30 - 40k a month you're likely to get picked up in the future in terms of paying sales tax or being chased up if not now then obviously potentially years in the future and as governments and states become more aware of Amazon FBA they will pick it up and potentially backdate sales tax owed as well so is usually a good idea to at least understand how the Nexus works and you can see here they have a specific part about Nexus it's a little bit complicated and also if you run drop shipping and ecommerce alongside FBA businesses it's going to be a good idea to have this plus a profit loss software profit inspect or something like that that you can use to calculate your exact profit loss taking into account everything pre-tax on post tax so you know your tax exposure this is just a lot easier way of doing things that we found specifically for Amazon as well okay read this article there'll be a link in the description as well sign up for a free trial as you can see everything's free you basically just have to connect the account and basically it's super super easy it saves you going through countless spreadsheets and pulling out things you connect your API and you're all good to go okay I also wanted to talk about this very quickly so this is where you can actually learn sales tax but this is the soft part that you need to know they can connect directly into other platforms as well so say you have an FBA business and you're selling or Shopify or Magento or WooCommerce on WordPress instead and even eBay to a certain extent you can ping those all directly in the tax jar and just save so much time you don't have to go through the Nexus and pull out your export your sales and go through one by one where this was actually shipped to as well or where this inventory was coming from it will do that automatically okay it's an absolute steal as well free sign up so you don't need anything to get dyed and as you can see basic plants start 17 bucks a month.

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