Individuals, that initiate new Amazon businesses, at times, say things like: “Am I have to pay income taxes the moment I make any money using Amazon FBA?”
The short and brief answer to this question is YES. You have to report your Amazon sales as income on your taxes, similar to your other income streams. That’s the reason why tax season is not the best time when you have to get everything together for your Amazon FBA business. In case you let it build-up, you’ll just make more work for yourself and perhaps miss things when you do a report.
A 1099-K form is issued by Amazon and other similar businesses. It is used as a sales reporting form. It provides the IRS with monthly and annual gross sales information and includes shipping fees and sales tax.
In case you’re an individual online seller in the U.S., don’t worry. You don’t need to fill out this 1099-K form; Amazon does it for you. They even give it to both you and the Internal Revenue Service (IRS), as long as you fulfill the requirements.
It is not necessary that every seller on Amazon gets a 1099-K form. To fulfill the requirements for a 1099-K Form, you must have both 200 individual transactions and $20,000 in total sales.
But if you have at least 50 individual transactions, you still have to present your tax status to Amazon. In case you don’t, you can probably lose your ability to sell anything on Amazon. Plus, it’s simple. You can provide Amazon with your tax information on your own – or better yet, outsource your tax preparation hassles to BoswickTax and focus on your online business instead.
BoswickTax organizes your sales data and prepares sales tax return-ready reports for you.
BoswickTax is providing the leading technology solution for Amazon sellers to manage Amazon FBA Tax filing Taylorsville and is trusted by many well-known businesses. We take pride in helping businesses and individuals spend less time on Amazon Fba Taxes Taylorsville and more time growing the businesses they love.
NO UPLOADING SPREADSHEETS
We, at BoswickTax, sync up with your Amazon account using our accounting software and pulls the information we need to prepare Amazon Tax Return West Valley City. You don’t have to upload or download anything.
AUTOMATICALLY TRACK SALES IN ALL FBA STATESS
At BoswickTax, our accounting software will recognize your tax nexus in each of the states having Amazon warehouse and file your taxes accordingly. This is important because you likely owe Amazon state taxes Taylorsville.
ARE YOU COLLECTING ENOUGH SALES TAX?
See a comparison of what you should have collected versus what you actually collected. In case you’re not collecting at all, we will notify you what your liability might be in each state.
MULTI-CHANNEL AND MULTI-STATE REPORTS
Our reports can accommodate any of the other platforms you sell on, as well. Your sales tax collected is prepared into state-specific reports for simple filing.
CITY AND COUNTRY GRANULARITY IN REPORTS
No further manually breaking down sales tax collected by cities, counties, or districts. For states asking for it, our reports prepared by Tax consultant West Valley City using accounting software will break this detail down for you.
CONNECT TO AMAZON
All it takes is just a click to link up BoswickTax accounting software to your Amazon account. We will frequently import your transactions. You just need to do this step for once! Your Amazon account is now synced with BoswickTax and will get updated every day.
YOUR TAX REPORTS ARE PREPARED!
Once you’re synced up to BoswickTax software, you’ll see your sales tax collected by country and city, across all states you have tax nexus. These get updated on a daily basis! You will know if you’re getting enough sales tax and even when your tax returns are due. All you have to do now is file!
AUTO FILE YOUR SALES TAX FORMS
All you have to do is get all the information we have revealed for you, and fill in the blanks on your tax forms! Obviously, if you wish to make your life simpler, you could just let us do all the tax filing for you as well. With AutoFile, we will send your tax forms for you when they are due. This is really a sales tax on autopilot.