Can I Sign South Dakota Permission Slip

Can i document type sign permission slip south dakota

all right everybody calm tom here with another video coming at you guys and this is the second edition of financial tip Friday and this one is actually going to be on a Friday so I'm actually making on Thursday but you know it'll be launched on a Friday and in this video if you haven't seen based off what the title is it's gonna be talking about all about sales tax should you be collecting it should you not be collecting it and you know what it's probably the number one question I've seen across the Facebook groups besides like how to source items which I think I've made enough videos on so far so you know now I'm gonna touch upon the sales tax subject and of course to you know do some disclaimer here I am NOT a professional I have put probably about 25 30 hours into this whole tax sales tax situation searching it researching it you know getting all the information I possibly can about it going to my ste pas about it and actually realizing that I know more than the majority the CPA is out there on this law and then you know you kind of have to educate them and you let them kind of you know go from there and tell you what to do so I mean that's about it so before we get into this video I do want to say if you want a notification I've been contacted all the time by people like oh I didn't know you're going live like they didn't know what time zone it was they didn't know all sorts of things like that and you know they missed my live they couldn't ask questions or they didn't see a video when it when it came out or anything like that then I did make a notification type app application bot type thing so if you click the link below in the description you know it'll say something about YouTube's new broadcasts notifications I'm like that then you will get a it'll be just a little push notification I don't think it'll even make a sound or like interrupt your day whatsoever but it will show you and let you know that there is a video that I just put out and it'll send it to you in your messengers so if you guys do want that you know just click the link below and you don't have to do anything else you have to click the link and you know you'll get a message and that's about it so also if you guys have any questions about sales tax as I go on in this video this video might be a little long but if you have any questions please let me know so I can like cover you know more specific topics this video is going to be mainly just an overview of sales tax and what what's happening and everything like that but if you have any specific questions that I think you know that you think I could make a whole video on or just answer some questions in the in a video then either comment below or I'm gonna make another little like something like that so if you click the link below you'll see it in the description then just you know type out your message and I'll make sure to you know click them all somewhere and you can make a whole video just going about it maybe alive I could do a live if you guys wanna live let me know so yeah before I get into this you know like comment subscribe as always and we'll get started so I'm going to share my screen over here and here we are recording my screen and I am inside of tax jars so what is texture our texture is going to be the number one thing that's gonna help you with your sales tax and basically how do you why should you collect sales tax she'd not collect sales tax anything like that I'm not here to tell you what to do I'm here to tell you what I do and when I first started eBay dropshipping or any sort of drops me out there I did start collecting sales tax in the state that I lived in the reason being is that I lived in that state and the law at the time was that if you live there and you have a business there you need to collect and remit to all things that go to your state so say I lived in Massachusetts at that time then I lived in Massachusetts I would collect to any sale that went to Massachusetts and I would then remit it back to the state of Massachusetts so you know that's that's what was the thing for a while and then all of a sudden out of nowhere I brought up a nice Wikipedia article here I know Wikipedia is the most the best source out there but it's basically called South Dakota versus Wayfarer Wayfarer where South Dakota I'm sure you've heard of it and basically in this court case what they decided was that states can make their own rules up based for online sellers that are out-of-state sellers whatever what I'm guessing its majority online that are selling into their state so say I'm in Massachusetts and obviously my items are going all over the United States because I'm drop shipping items everywhere and then they go to South Dakota South Dakota could make up their own laws on where they're going what you know or what the cost is and whether I should be collecting or emitting sales tax and whatnot so basically the majority the states that you know enacted laws like this with first being self Dakota some already had some in place I'm not gonna go into too much detail on this but the majority of the states that enacted laws like this did end up enacting a law that says if you've done a hundred thousand in sales or 200 transactions so for us it's a lot of states or not many states I don't even think I hit a hundred thousand in a single state I did I posted my 1099 K in the Facebook group today so if you want to see some updates and other things like that make sure to join the free Facebook group that links also down there in the description but I did 1.3 almost 1.4 million in sales on eBay last year and so I'm guessing obviously I didn't hit a hundred thousand in a single state but what did I hit I hit 200 transactions to a lot of states there was at least twenty three at the moment and you know it's only going to go up from here as more and more states enact the laws so how do you know what these laws are how do you know what states you've hit in and what happens when you hit the the nexus the the threshold in that state when you hit that threshold it's mainly called economic Nexus so it means that you have economic Nexus there which means that you've hit the threshold of whatever that state says but the majority of states are a hundred thousand in sales or two hundred items or two hundred individual orders so I open up tax jar right here and tax stars everything you need to know about sales tax and everything online and they do also track it and they'll collect and remit it for you for a pretty high price which I don't do because I think it's pretty outrageous but you know here I am so these are all the states in green or all the ones that have enacted economic Nexus laws and you can go I think I counted and I don't know if I counted correctly I kind of 29 could be more it could be less I'm not saying that my counting skills are great but here we are you know explains it all and you scroll down and you know it goes economic Nexus laws by state and here we are Alabama is the first date right here and they're actually completely going against the rule that I said their threshold is 250,000 a year based on previous calendar year sales so that doesn't like that doesn't apply and supposedly this a date was effective this was affected three years ago I have no idea I don't haven't really followed it I might get something in Alabama I might not I don't have any resale or tax ID in Alabama but here we are Arkansas hundred thousand or two hundred orders California hundred thousand two hundred orders but it's not effective till April first so the majority or a lot of these states enacted their law October 1st 2018 so I know that I am late to the party explaining this to you guys but I also it have realized that nobody else has even talked about this and I wanted to make sure that did all of my research made sure I got the majority of my eggs in in a row before I went out there and just taught it to anybody on the internet and you know I'm still not a professional and you should obviously I always say if you're going to take this business see seriously this is a business this is not a hobby you're gonna take this seriously to the point where you're gonna be getting a 1099 K from PayPal every single year then you should have a CPA or some sort of tax professional on your side if you do not then you're severely messing up if you don't know where to go there's this magical thing out there called Google just research it find one near you just see if they're good at doing online sales or any anybody with eBay I'm trying to set up an affiliate to see if my CPA who's pretty good at the whole online sales like Department does work with a lot of eBay sellers if they'll do it but I'm not sure yet they haven't really gotten back to me so here we are California not enacted yet but I did get one in California anyway so I could get tax exempt on Walmart so here we are Colorado 100,000 or 200 to Colorado they enacted this law December 1st 2018 but they also did put in this other clause when I called them that said that you don't have to actually do it they had like a courtesy policy for the at least another five months after the state so me being you know who I am I didn't get one yet so Connecticut just enacted one two hundred fifty or two hundred thousand in gross revenue or two hundred separate sales that was December 1st Georgia January 1st Hawaii I don't sell the Hawaii so I don't have any of that Illinois October 1st October 1st January so a lot of them were October and January 1st I thought more were October but here we are so Maryland things like that so what does this mean so oh well first up let's go to texture what is tax are you connected to your eBay or your PayPal you can also connect it to your Amazon store I just forgot to connect it to my Amazon store because I'm selling on Amazon now as well but if you're gonna do if you only do a base ales and you're gonna connect it to your pay pallet it goes through all your PayPal transactions see who's you sent them to who you like what state you sent them to if you collected sales tax if you didn't you know it's gonna count all your transactions make sure that you it knows that when you know you did actually cross the threshold there it tells you how much sales tax you've collected when your next filings due and everything like that so I'll tell you right now I have sales tax IDs and literally every single one of these states here I think it's like 30 something they told me that might need to get these I don't know if I hit 200 transactions and Connecticut yet you know it's hard to keep track of all this I'm not going to say it's easy I'm gonna say that you should at least be putting some effort in um I already ran the tracker here so basically if you go up here and click where was I right here you click run the checker and then it'll go through here and I'll tell you what states you've actually crossed and so these are my sails I guess I did already do one hundred over hundred thousand California so yeah it makes sense its California but so there's California there's all these other states that I've crossed in and then you know it says under each date view next steps what's the next step the next step is that you're gonna use your business entity year iin number if you don't have one look into it you know if you're gonna run a legitimate business you most likely will need an EIN number and you're gonna use your iin number going to the state's website sign up for a sales tax ID register for an Arkansas sales tax permit and then you're gonna wait a bit some of them send you an email some of them send it to you in the mail and then from there you're gonna you know you're gonna have your your sales tax ID and then you're gonna have to register on their website for an online payment portal and then you're gonna be collecting and remitting sales tax to that state so like I said you're not gonna be losing money as long as you do everything in order there is a bunch of laws out there or Bill's trying to go through Congress right now that are protecting the small seller because you know nobody really said anything about this it's like what if you hit 200 transactions in October 1st 2018 does it go back retroactively Lee some states say it might some states say no some CPAs say one thing CPAs say another thing what about if you didn't even know this was a thing like this is your first time hearing because you're watching Tom talk about it on a video you know do what what happens then if you get that ID but say you cross the threshold in October and here it is February 7th 2019 like what what what do you do then and also I did actually talk about this I forgot in one of the lives on my Facebook groups free Facebook group so that's another reason to go join it so you know there's a lot of ifs and hums and what's going on about this nobody really knows even the tax professionals don't know but you know I like to err on the side of caution and make sure that I'm at least protecting myself to that most ability that I can so that's why I went through and I got all these sales tax IDs for myself so what are the benefits of this besides its sucking ass to get all of these IDs and besides it's sucking to you know make sure that everything's in order and then you have to remit and pay and a lot of them are monthly some of them are quarterly some of them are semi-annually similar annually you need to know that I have a whole entire tax sheet that I'm not gonna bring up cuz all my numbers on it but I could and you know it's it's the whole organization thing that I have going on what are the benefits of this the benefits are that you actually do now have you know tax presents entity some sort of business entity in all the states that you know you're that you're that you have that you crossed the threshold in so say you know your tax exempt on Walmart and you got tax exempt with all the basic states that the multi jurisdiction form covers but you know that doesn't cover California that doesn't cover Florida that doesn't cover mass that doesn't cover Maryland that doesn't cover Connecticut DC probably in Mississippi and Hawaii doesn't cover those Hawaii obviously doesn't matter if you're not selling there but you know Florida and California are the two biggest states I would say that I get the most sales in so if you're not tax exempt there on that state then you know your chart you're getting charged tax for a lot of your sales that you know if you're doing Walmart onto eBay or Walmart onto amazon you can't just collect if you don't have a sales tax ID there so you going out and getting all these sales tax IDs that these states actually does allow you to get exempt in a bunch of other states for a bunch of different you know websites or sources or suppliers that you are in fact just to sourcing from so I am now attacked Oh in Tennessee on taxes mton Tennessee Mississippi Maryland Massachusetts Florida California all on Walmart Walmart hum tax into basically every state except for DC I don't really worry about DC and you know now I don't pay sales tax on any state then if you're you know drop shipping Walmart onto amazon amazon drop shipping is the new popular thing to do I've been doing it myself and you know the margins are very low doing that and you're gonna go out there and you're not tax emp'd in these other states you're gonna lose money on a lot a lot of sales and you know it's gonna really hurt your bottom line so I mean should you be collecting sales tax I'm not going to tell you what you should be doing I'm gonna tell you what I am doing I've been collecting and remitting and I state since I started since I opened a business entity which I think was January 17 2017 in the state of Massachusetts I've been collecting Massachusetts and remitting to them but there is a bunch of other states now that have laws that they're butthurt about obviously there but heard about people selling things to their state and them not getting any sales tax for me that's what all states are they're greedy so what do you do first up I would get tax jar it's only ten dollars a month is the lowest one and then it kind of builds up after that based on your transaction level so I would get get tax jar there's definitely a free trial my thinking I'm probably if there's an affiliate link if I find one I'll put it down in the description below I don't even know what it does but I'll put it there just let you guys know and you guys might get something out of it I have no idea what it actually does but definitely get tax jar evaluated if you're not doing a big if you're not doing a lot of sales I would not worry but if you've been doing a decent amount of sales for a while you know don't panic but definitely try to take some immediate action make some phone calls find yourself a CPA find yourself somebody that knows more than what you're doing then what you do and you know go and try to make and be as proactive as possible about this you know one thing I can say is that I you know if you have any questions ask me but you know please don't just start bombarding there's all these questions I do plan to open up some sort of service in the future for doing this I mean to check out the legality of what it is and you know everything like that I have helped people actually go through and get sales tax IDs in the majority of states but you know there's I've been close friends and buddies and stuff like that so yeah it is what it is also if you do if you are interested in some sort of walmart tax exemption program where you know either I get you taxes em to know you know the basic states or if you want to get tax exempt in like the California's floors and whatever I have put together a program for that so if you guys are interested in that please let me know and I can get you tax exempt in those states I've already had two three people successfully get tax exempt in those all those states and you know it happens pretty quickly as long as Walmart is you know working on the other side of the phone because pretty sure they took like a three week break in their tax exemption Department like a month ago so hopefully I didn't confuse you guys too much you know I can't explain everything in this video without making this video like five hours long I definitely go out and research on your own read up on every every state you know some states most of the states are pretty similar but some of the states like Pennsylvania Illinois has some weird laws that I'm still not even sure about Oklahoma Washington they all kind of have some weird laws called like notice and report laws so I'd look into that you know definitely ask a CPA like I've been saying you know not every CPA is very good at sales tax related questions but when you get one that actually knows stuff about online and they're not gonna charge you a literal arm and a leg hopefully then you should be fine you know I've been quoted all the way from $200 a month to do all of my everything all the way up to I think it was 1200 1250 a month and you know anywhere in between so it they're really all over the place to make sure you get multiple figures multiple numbers do some shopping you know do some evaluating of if your CPA is good or not I'm gonna try to see if my CPA is down to get some more just some more traffic I can definitely bring people to him but you know it is if he wants to pursue the more online you know very high volume sellers so you guys have any questions I'm sure you guys do have a lot of questions please either click the link in the description or you know leave a comment and let me know what you guys think about this have you guys been collecting sales tax have you just been ignoring it have you been scared because I would say being scared and ignoring it's not the best way to go about the situation you know not paying sales tax could eventually lead to something more serious who knows I'm not sure hopefully these laws go through Congress where you know they have to make it more easy for the small-scale seller to actually adapt into this because right now you're pretty much out there on your own just fending for yourself but this is the Wild West this is ecommerce in 2019 it's still not a very developed system I mean how long has e-commerce really been around for so you know there's always gonna be lots of laws lots of states that are upset about things and lots of changes that happen every single year and this was a big one so let me know if you guys liked this video let me know if you want to see more videos on sales tax related things if you did like it I would appreciate if you gave it a thumbs up you know that always helps out my channel helps me bring more content to you guys and make sure that if you're not subscribed please subscribe and if you do want a notification before or when every single video that I post goes up you'll know when I'm going live you'll know when I'm making a new video or when a new video goes up I do about three videos a week you know the Patriots the Superbowl definitely threw off my Monday video this week and not gonna lie but you know it is what it is you gotta get up dust yourself off and keep honking no matter how hungover you are so I hope you guys appreciate this video and like I said if you have any questions let me know and I'll see you in the next one thank you guys very much