E-commerce sales is a rapidly growing industry, with Amazon.com sellers leading the charge.
In fact, there were 2.5 million sellers on Amazon in 2019 alone, with 1 million new sellers expected to join in 2020! Far from dabbling in sales as a hobby or side-gig, these e-comm entrepreneurs are making some serious profits, with 200,000 sellers earning at least $100,000 per year and 25,000 sellers bringing in at least $1 million annually!
With all that money flying around, what could possibly go wrong?
In a recent blog (don’t let sales taxes derail your Amazon or e-commerce business), I outlined how sales taxes could threaten to derail your Amazon.com or e-commerce business. (For instance, did you know that each state has its own local tax rate or state tax that needs to be applied – and some states even have both!?)
Today, I have a solution for all of those Amazon sellers out there who want to do things correctly legally, and in the good graces of the IRS: TaxJar.
This online service plays a pivotal role for busy and overwhelmed sellers by collecting and organizing sales tax information directly from their Amazon selling account, and then filing sales tax returns – for all 50 states if need be with TaxJar AutoFile.
With TaxJar, you’ll never miss a due date or a state sales tax return, with an accuracy rate over 99%. To maximize efficiency and free up your valuable time, you don’t even need to download or submit financials, as TaxJar syncs seamlessly with your Amazon account and calculates your tax obligations from a “rooftop level.”
But TaxJar isn’t limited to Amazon, as they can sync with any of the other major platforms that you may sell on, too.
If you’re serious about e-commerce and selling on Amazon.com or other platforms like Shopify, please call my office immediately so we can get you set up with TaxJar and review your business goals.
You can also schedule a call with me here.