TAS 384: Top TAX MISTAKES to Avoid and How to Run Your Amazon Business Correctly with Josh Bauerle

Do you ever find your head spinning when trying to figure out all the in’s and out’s of your ecommerce business’s taxes? Don’t you wish there was someone who could cut through all the clutter and give you clear answers to some of your top questions regarding taxes? On this episode of The Amazing Seller, you’ll hear from Josh Bauerle as he addresses common questions and issues ecommerce sellers like you run into. He covers topics like bookkeeping, keeping separate bank accounts, quarterly taxes, and more! Make sure you have your pen and paper ready for this helpful episode! How Important is Bookkeeping? It's probably one of the least sexiest yet MOST important subjects when running an ecommerce business… bookkeeping. What do you need to do to protect yourself and make sure you are operating within the confines of the law? How do you start small and scale your approach as your business gets off the ground? On this episode of The Amazing Seller, Josh Bauerle breaks down why you should focus on keeping your business account separate from your personal account. He also provides helpful tips on which tools you can use that will ensure that you have a clear accounting of all your business details. To hear Josh go further with this topic, make sure you catch this episode! How Should You Pay Your Taxes? So you have your business up and running and your product launch ready, but you still have to figure out details like how to pay your business taxes. What do you do? What is the best way to pay for your taxes, quarterly or annually? On this episode of The Amazing Seller, Josh Bauerle explains why paying your taxes quarterly is the best solution. He also provides a helpful tip for estimating how much you should pay each quarter so you aren’t left with a huge difference or even a penalty at the end of the year. Josh’s insights might be just the thing you need to make sure you have all your ducks in a row, don’t miss it! Why You Should Set Up An LLC Did you know that if you don’t set up an LLC you are personally vulnerable to any lawsuits brought against your company? Is setting up an LLC the best option for you and your ecommerce business or are there other routes to take? On this episode of The Amazing Seller, you’ll hear from Josh Bauerle as he goes over the benefits of setting up an LLC and how other business entities work. Josh explains how an LLC can provide an extra wall of protection for business owners like you should your company become the subject of a lawsuit. In addition, he goes over how virtual assistants and contractors fit into the tax equation. Don’t miss this helpful episode! Navigating Sales Taxes One of the most complicated areas of running an ecommerce small business is dealing with sales taxes. The reason this can be so complicated is due to the fact that there isn’t a unified explanation from the government on how to respond to this issue. It's complicated by the fact that your location, your product’s location, and where you customer buys the product can all be in different states which increases the difficulty of assessing what sales tax level you need to pay. To help you make some sense of this issue, Josh Bauerle joins Scott on this episode of The Amazing Seller. Josh doesn’t have all the answers on this topic because it's such a complicated and difficult one, but he does have a place for ecommerce seller like you to start. Make sure to catch this episode! OUTLINE OF THIS EPISODE OF THE AMAZING SELLER [0:03] Scott’s introduction to this episode of the podcast! [3:00] Josh Bauerle joins the podcast. [4:30] Josh talks about the necessity of good bookkeeping. [11:00] Why you need to have a separate bank account for your business. [17:00] Can you use product inventory as a tax deduction? [20:30] Why