💸 TAXES for Small Business Owners (What To Do!)
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- Опубликовано: 29 сен 2024
- So. You're passionate, motivated, hardworking, and ready to start your own handmade business. There's just this one thing that's stopping you or it’s something you’re really worried about: taxes.
I know managing taxes as a new business owner can feel daunting - even for me as a business owner who’s been doing this for 15 years now, it’s still daunting. You might even be hesitating to start your business altogether, because you might be afraid of making tax mistakes that could come back to haunt you. It’s serious stuff, right?
But I think it would be such a shame to let tax anxiety stop you from making your dreams come true if you realy want to start your own handmade business.
So today, I'm going to offer some tips on what to do or what you need to get set up ASAP when it comes to taxes as a new business owner.
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How to calculate tax in the price?
Thank you for explaining this, and especially for providing resources that will handle a lot of this stuff for us! It's actually a big relief to know some solutions out there to simplify taxes a little :)
I'm so glad to hear it, Jill! I know it can be frustrating for sure but it doesn't have to be.
Oh my gosh. You have no idea how hard it's been just to get even this little bit of information. Nobody wants to say anything online about the very things you talked about here. I finally have an answer about Nexus too!!! I researched the subject and determined that, once you reach nexus in sales for a particular state, you have to start paying sales tax to that state. The pompous Shopify admin, who kibbutz off a conversation I was asking other shop owners, told me I was wrong about Nexus and I don't need to pay taxes to any other state I don't live in, even if I make enough sales to that state to reach nexus.
I'm so sorry had such a frustrating experience, Audra! The problem is, taxes, and sales taxes in particular, can be so confusing! And I think part of it is, no one wants to touch the topic for fear of giving wrong information (I know I have been!).
HOW are you always reading my mind!?!? Thanks for the next video that answers the exact question I'm asking! 🌹
I'm magic! 😂 But I'm really glad to hear that this was what you were looking for!
Never clicked anything so fast
I hope you found it helpful! Thanks for watching!
If I get a TaxJar account now, would it get all my previous sales information and calculate taxes for those as well? Now I'm freaking out because I didn't realize not all 50 states require customers to pay sales tax (I have sales tax on for all states that collect them for my shopify store) But it's good to think of this now than during tax season!
Here's a guide for that! support.taxjar.com/article/169-getting-more-than-60-days-of-data-in-your-account
Do you still use/ recommended taxjar in 2024? Im looking to start a website to get off etsy, but im terrified about sales tax.
Yes! 😊
I want to open an Etsy shop soon (for guinea pigs and small animals) so i’ve been binge watching all of your videos and I’ve learned so much! Thank you for providing all this helpful information ❤️ Also congrats on hitting 100K subs 😊
Thank you so much!! And I'm so happy to hear that the channel has been helpful to you! I'd love for you to check out my free Three Secrets workshop if you haven't already! www.creativehiveco.com/workshop/?
What's nice about Etsy is they will collect sales tax for you.
Yes, that is really helpful for people!
Perfect timing! My husband & I are just getting to the point of needing to do all the tax things for our very small business. Thank you for the great information!
You got this! It's not fun, but definitely necessary. Thanks so much for watching, Dawn!
Do I need to get a separate checking account if I'm already using a separate card for business? (PayPal Debit )
I would advise it. Ideally you don't want business money and personal money mixing. It's not just to track expenditures.
@@CreativeHiveCo Thank you, Mei! 🐱
How to calculate tax in the price?
Hi! Taxes are calculated differently based on location/state so it would be best to consult with your accountant. TaxJar (www.taxjar.com/) is also another great place for tax-related info. Hope this helps! Good luck! ❤️
@@CreativeHiveCo It helps a little bit. Can you upload a video where you explain the tax in your pricing formula based on 1 state?
I'm from Suriname (South America with different laws) but I would love to see it.
Thank you 😊
You're welcome 😊 Thank you for watching, Christine!
this was so helpful and learning so much
I'm so happy to hear that!! Thank you for watching - I appreciate it!
Very helpful info! Thank you so much!
Glad it was helpful to you, Brandon! Thanks again for watching!
@@CreativeHiveCo You're very welcome!