Today on the podcast we are reairing episode 63 of the podcast where my friend, and sales tax expert, Amy Monroe shares the five steps to manage small business sales taxes.

1.  Where do you need to collect tax (do I have nexus)?

This can depend on the size of your business and the services/goods you sell. You will need to know if you need a seller's permit. 

2. How you register for a seller's permit

You will also need to search if there may be a secretary of state requirement.

3. What are the sales tax rates and how do you collect them?

Often the sales tax rate is based on the location of the buyer. You need to make sure you are also collecting any additional local, county, city and district taxes.

4. Know and manage taxability and exemptions

If you provide goods and services it's important to know what is and isn't subject to sales tax and when/if they need to be bundled together or specifically stated. The exemptions may be more nuanced than you need.

5....

When a business is in the business of selling something, chances are they have a sales tax filing obligation. Sales tax is a consumptive tax, based on consumer consumption of tangible personal property.

As a business, you act as an agent on behalf of your state to collect the tax. The tax belongs to the state, not to you. Every state is different and even every locality can be different. There are local tax rates, but the state collects everything. You file it all on one form and then it's up to the state based on the form to send those tax dollars to the local government.

If you are running a business, you want to visit the state tax website to learn more about your area's basic tax rules. Failing to pay the sales tax and keeping it for yourself is illegal and can result in jail time. It's critical to keep record of your sales tax as part of your bookkeeping, consider keeping the sales tax money in its own bank account so that's ready to pay each quarter.

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You're invited to join Unf*ck Your Biz! The cart closes on Friday. Check out Tuesday's episode to hear from our previous students and learn more about what you'll get when you join the program.

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On this episode of the podcast, my Unf*ck Your Biz alumni answer commonly asked questions about their experiences with the program. To learn more about the course click here.  

If you’ve been listening to this podcast lately you’ve heard me mention the Oh Shit Cycle. You might even be in it right now, many of us are or have been. The Oh Shit Cycle is when you’re trying to do all the things at once like keep up with loan payments, put money into savings, pay off back taxes and save for retirement all at the same time. It can feel never ending, which do you pay first and how do you save money for all of them at once? Getting out of the cycle is covered in my Unf*ck Your Biz course.

I often hear business owners who are considering the Unf*ck Your Biz course share a few of the same common concerns over and over again. They’d rather hire someone to do it for them, they don’t have time, they don’t have the money, they’re...

This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." In this Masterclass you will learn if it's time to go from a sole proprietorship to an LLC, an LLC to a S-Corp, and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear or IRS hate mail or lawsuits. Click here to sign up for the Masterclass.

This week on Facebook Live I answered the following questions:

1. I have a business that was recently registered as an S-corp under the advice of my accountant. I registered my business in my home state of TX. Due to my husband's work in the military, we move every few years. What's the point of registering my company in my home state when apparently I need to register it in whatever current state we're living in as well? - submitted by Jen H

As a military...

On this episode of the podcast I talk abut what types of mail may be headed your way in regard to business documents and what you can expect to find when opening your mailbox.

This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.

Do you have an increase in panic every time you open the mailbox? Fear of getting bills on top of debt or IRS hate mail that you fear will be in there, leading to procrastinating in opening the mail?

On this episode of the podcast I chat with Karen Escobar, owner of Golden Coast Marketing about her process through the Unf*ck Your Biz course fully setting up her business for success.

This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.

Karen had been in business for less than a year when she joined Unf*ck Your Biz. As much as she was able to figure out certain things she needed someone to ask questions and help. Karen filed for an LLC when she started her business to help mentally separate her business from her full...

On this episode of the podcast I chat with Amanda Trejo, owner of wedding planning and coordination business Sassy Little Bee and Unf*ck Your Biz student.

This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.

Joining Unf*ck Your Biz, Amanda was coming to terms with how irresponsible she had felt as a business owner about the backend of her business and wanting to find someone to help her move past the embarrassment she was feeling about back taxes. We are our harshest critic and instead of embarrassment we just need to...

On this episode of the podcast I chat with guest and former Unf*ck Your Biz student Jen Draper about how she got out of the "Oh Shit" cycle.

This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.

Dietician Jen Draper found herself in the "oh shit" cycle of owing back taxes and juggling those payments, savings, and loan pay-off. Jen wasn't sure what to pay first and not sure how to pay it all at once. When Jen joined the Unf*ck Your Biz course she learned that she wasn't the only one who owed back taxes and wasn't alone...

This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.

"Your systems are only as good as your ability to manage them." This is the mantra I often tell myself. Sometimes we start off very well-intentioned, and then we get overwhelmed with choices and burned out because we've created too much for ourselves.

We do this with the legal and tax aspects too. We get really well-intentioned, maybe it's with setting up Quick Books and getting our bookkeeping in order with sub accounts and then we realize we've created an...