007: Navigating Sales Tax On Your Own with Alex Oxford
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Whether you’re an eCommerce seller, an Amazon FBA seller, or an online business owner, and you think sales tax doesn’t apply to you, you might actually be surprised!
In this episode, Alex Oxford, founder of the TaxValet, talks about sales tax, how to navigate it on your own, and how new businesses should think about sales tax compliance.
Many business owners have this mindset that sales tax is so overwhelming and complicated. But it doesn’t have to be scary. The earlier you start, the easier it is to navigate. It’s all about understanding the basics so you know what to look out for as you begin growing and scaling your business.
Sales tax is one of those fundamental things in business that you need to do right the first time. Without a plan, a strategy, and a system in place, you might get to a point where you’re creating a lot more work for yourself down the road.
In this episode, you will hear:
- Questions to help you understand the sales tax basics
- Sales tax compliance through a plan and process in place
- The 2 elements of the sales tax nexus
- Which transactions generated online are taxable
- Common mistakes people make on their platform’s tax collection and calculation settings
- Potential risks for audit and how to protect yourself in the event of an audit
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A Breakdown of Economic Nexus Thresholds by State https://thetaxvalet.com/free-stuff/