Thursday was productive. I knocked out some crafting, some household chores, and even had a 'business meeting' with my accountant (sister-in-law.)
After my meeting, I'm feeling a little bit better about all the mumbo jumbo tax and legal stuff I've been reading and trying to comprehend. To start things off, on Friday morning I opened a checking account just for the business (Pat graciously provided me with the initial investment money.) Next, will be linking my Etsy PayPal account to the new account.
I still need to figure out sales tax on purchases. I know that PayPal has a setting for that, but I'm having a hard time figuring out exactly what amount of sales tax to charge. The state's is 4%, the county's is 3%, and my location (outside city limits) is 1%. I know all this adds up to 8%, but I don't have to charge the 3% to anyone outside this county . . . etc, etc, etc. That may be a task for another day. I'm boring you, I know. It bores me too, but this is the kind of stuff I'm struggling with before I can really start selling my creations.
I'm not even sure where to look to find the answers to these questions. Anybody else know?
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Good Morning! The basics of sales taxes is that they are based on where the point of sale took place. If locals are buying from you & they pick it up, the sales taxes are based on where you are. If you are shipping, the sales taxes are based on where they are.
ReplyDeletePayPal should help with calculating the taxes when shipping, however, I'm not sure if PayPal actually pays the taxes they collect for your sales. I've never done shipping, so I'm not sure about how that works. I will ask around to see if I can find that out. You may be able to find it in the FAQ section on PayPal.
Have you applied for your tax ID yet? It's a fairly simple process and they will send you a bunch of coupons for filing the taxes. It's easier to do it online, so I recommend setting that up when your information comes in. :)
Let me know if you have any questions. My e-mail address is on my website. I hope this helps, at least a little. :)