How to Calculate & File Sales Tax with Shopify

what's good y'all welcome back to my channel it's your girl starring alexis and i'm back again with another entrepreneur video so today this video is for my business owners um i have two separate videos i'm going to do i'm going to show you guys basically not show you guys that kind of like tell you guys the basics of getting your sales tax and everything together um if you are using shopify as your um website platform um and then i'm gonna tell you guys basically what my experience has been with dealing with sales tax and just my horror story so um i wanted to do this number one because when i first started using shopify i told you guys um i didn't quite understand the taxes that was one of the things i didn't understand at all um so that and then also i have figured it out um and basically just figured out how to use the whole system and everything so this may be a different process for you depending on where you live but for texas i'm gonna tell you guys um what i specifically know so um we're just gonna get right into it i guess maybe i'll screen record on my computer while i'm doing this but yeah we're just gonna hop right into it i'm not sure if this is like in every state but in texas we have a texas comptroller um they basically handle everything with the llc's so basically the comptroller it's not a person it's kind of like a i don't know how to explain it um it's basically like the tax collector bookkeeper type of business for texas like i said i don't know if everybody's um state has this but if you're curious um you can um basically just google your state and then type in say you live alabama alabama comptroller or even if you do alabama sales tax permit and it'll tell you basically give you all the steps on how to sign up so for texas specifically it is comptroller.texas.gov um so i'm going to pull that up so that you guys can see it um i have my laptop right here so basically in order to file your sales tax you have to have a sales tax permit in the state of texas so the first thing you're going to have to do is apply for your sales tax permit once you're accepted and all that stuff you're going to be responsible for filing for your business basically um at the end of every quarter so there are four quarters that you're going to make um want to make sure that you're um filing for it is january february march you have to file by april 15th and then the next one is going to be due june 15th i believe and you're gonna do for the months before that um then it's september 15th the months before that um and then it's going to be the next uh date is going to be january 15th um going into the next years you're going to go to your comptroller website and i'm a little sick so bear with me that's why it's taking me so long to get this video done because i was trying to wait till i at least sounded a little bit decent um so i do want to let y'all know right now that shopify does not file your taxes for you it collects them when people buy from your store but it does not like i said file them for you or pay them for you so even if you have your sales tax on being collected it's just data being collected shopify collects the data so you know how much you're gonna have to pay or how much you're gonna input when you are um doing your report when you're reporting your sales tax but that's literally all that they do so um i am at the home page of my comptroller website um so at the top um it just says different things tax transparent transparency economy all that i'm gonna go to taxes and you guys see it says sales tax so i clicked on sales tax um and these websites are pretty informative so if you just go on there it kind of gives you a step by step what you should do um so i'm going to scroll right down and you guys see that it says apply for sales tax permit um and it takes um up to two to three weeks to receive your permit um and then you just apply for the permit um like i said i don't know if this applies for everybody but um there's a e-system or web file um website that the com trailer basically uses to have all reports and everything done so once you get your sales tax tax permit you're going to assign taxes to yourself so as you guys can see um mine is already down here but um assign taxes you put your taxpayer number um it'll pop up you basically assign yourself the sales tax or the franchise tax the franchise tax is for your llc um but the sales tax is for your sales tax basically when that quarter comes up you're going to log into your account um and you're going to click file and pay um and it's going to say you're usually going to click file original return um of course mine is going to say there's no um returns available right now but the return that the return period that you're currently in is going to pop up you're going to click it i'm just going to give you guys an example of what it looks like um once you click it it's going to ask you are you taking credit to reduce taxes on this return um i usually just put no um and then i did not refund any sales tax for this filing period so i click no again um and then here is going to ask you what is your total sales tax um basically in your state so for texas um you're just going to put the whole dollar amount um and once you put that in it's going to calculate how much in sales tax you're going to need to pay so this is where shopify comes in so for shopify you're going to want to go into your account so once you get into your store you're gonna go to your analytics um shopify does allow you to basically click um for the first quarter second quarter third floor or third quarter or fourth quarter okay so you're going to go to the finances section you're going to go to total sales um and then you're going to go in the tight top right hand corner and you're going to click which quarter um you are looking for now um you can download this report but you're going to have to go through this report and basically calculate how many um total sales you had in your state so for me um i would basically calculate um all the way down all the way down for that quarter how many sales were made in texas and then i would submit that whole number um into the texas total sales once you do that you're going to click continue if you did not have any sales in that quarter of course you're going to click no sales um and then you're going to scroll down your report's going to come up it's going to tell you how much you owe um and then you're just basically going to file that so you're going to need to do this um four times for each quarter out of the year that's basically um that's basically the gist of it now for the quarters just to give the correct dates again um you're gonna your first your first quarter is due april um and it's for january through march um your next quarter is due in july um and that is from april to june you're going to report in july in october you're going to report for july through september and then in january of the next year you're going to report for october to december for the year that just had passed so yeah that's pretty much how you're going to set up your sales tax permit and how you're going to file your sales tax um if you are using shopify as your um website provider um i will definitely go more in depth about my horror story with the sales taxes but this is pretty much like a little mini walkthrough for the people who don't necessarily know how to set it up um for their llc but you do want to make sure that you're filing them on time because they will charge you a 50 late fee 52 late fee um if you do not file them on time um even if you have to pay zero dollars for the taxes you're still gonna have to pay that fifty two dollars in order to be current um with your state so make sure that you are doing that and if you don't and you're not following the time trust and believe me they will come through their money make sure you are ready to begin paying the moment you apply for your sales tax permit so um if you guys have any more questions about sales tax feel free to comment them down below maybe i'll make another video on the topic but the next one's probably going to be like a story time of how i wish they kind of like tell you this stuff before you actually start a business but they don't that's a whole nother story but um i hope you guys hope you guys enjoyed this video i hope i helped somebody um better understand how that process pretty much goes um but i love you guys and i will see you guys in the next one

Channel: Starring Lexis

Views: 5,455

Keywords: how to find calculator, how to calculate faster, calculate, how to calculate percentage, how to, how to calculate ph, how to find percentage on calculator, how to find out percentage on calculator, how to calculate cut off, how to calculate in chess, how to calculate a discount, how to calculate cost of item, how to calculate a sale price, how to calculate percentages, how to calculate loan payments, how to calculate faster than a calculator - mental maths #1

Id: Jd-CU61UBG8

Length: 9min 23sec (563 seconds)

Published: Wed Jun 22 2022