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The majority of shipping is done in December for obvious reasons. Online sellers should be aware that sales tax may also apply to shipping costs.
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The general rule of thumb in many states for included shipping charges is as follows:

1. If the contents of the shipment are taxable, the charges to ship it are taxable.
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2. If the contents of the shipment are exempt, the charges to ship it are typically exempt.
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3. If the shipment contains both exempt and taxable products, the portion of the charge allocated to the taxable sale is taxable, and the portion attributed to the exempt sale is exempt.
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Of course there are exceptions to the rules (because it’s never simple when it comes to taxes 🤦🏾‍♀️).
#onlineshopping #onlineboutique #onlinestore #onlinebusiness #onlineboutiques #onlineseller #onlinestore #onlineshop
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November 19th

Togba & Associates LLC

Holding on to receipts may seem archaic, but there’s a reason for the advice.
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Some expenses are easier to prove as valid than others. Even if you’ve used your business bank account to make the purchase sometimes the validity of an expense may come into question and have a strong possibility of being disallowed, for example in the case of an audit.
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As a loose scenario and example, let’s say you’re a general contractor specializing in dry wall installation. If you make a purchase from Home Depot using your business account. The transaction has been accounted for and any sensible person could rationalize that your visit to Home Depot was indeed valid given the nature of your business even without the receipt. Now if you were to visit Walmart, a store famous for selling not only home repair items, but also groceries and other items. Without the receipt as additional proof as to what was purchased. The expense could be disallowed. Sounds petty, but so is how it goes.
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Expensify and Shoeboxed are great examples of apps that automate tracking your expenses.
Try them and make your accountant’s life a little easier. 😉
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#benicetoyouraccountant
#easy #entrepreneur #entreprenuership
#grow #growth #management #mondaymotivation #money #monday #smallbusiness #smallbusinessowner #business
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