Tax Compliance for e-Commerce
Tax Compliance for e-Commerce is so much easier now with solutions keeping us updated in real time.
Contact us and you will find this topic is nowhere near as complex – or boring – as you likely think it would be. There are many changes for us to watch out for – especially with exemptions, tax holidays, thresholds, and other tax-like fees … all managed differently depending on where our businesses are based and where our customers are ordering from. Government and the powers at be are constantly looking for more ways to increase their revenue by adding taxes and fees for the quickly evolving online world of e-commerce … but don’t let this scare you from selling to the world. Making sure our cross-country and international businesses are tax compliant is not as difficult as it used to be, as we now have fully automated integrations that calculate taxes and fees based on each order item and where our customers are ordering from.
At ourfingertips, we actively manage e-commerce websites for Canadian, UK, and US based businesses and we see it as our responsibility to make sure our clients are tax compliant.
Most e-commerce solutions and payment processors require investing in expensive automation or complex manual settings for tax rules, shipping, and payment fees. For example, if you use Stripe for your payments they will automatically charge 0.5% per transaction to auto calculate your sales tax – plus another 0.5% to 0.8% for automated subscription payments on top of the 2.9% plus $0.30 per credit card transaction ..! We save our clients – and their customers – from all these additional hidden costs. We have free tax plugins that automatically collect the proper current taxes based on province or state and zip code. We also have inexpensive automated subscription plugins making it easier to manage and saving us from hidden processing fees.
For more information please contact us and we will be happy to show you how to be tax compliant and get e-commerce working for your business.
See also our 12 minute video showing how we use WooCommerce for online quotes, orders, partial payments, subscriptions … and sync all of it to our QuickBooks Online!