TAS 456: Your Business TAX TIPS from my CPA (Deductions and More)

Its that topic that few people like to talk about, taxes! But with tax season fast approaching, business owners like you need to know the most important information to stay productive. On this episode of The Amazing Seller, Scott invites Josh Bauerle back on the podcast to talk about all the relevant info sellers like you need to be aware of for the upcoming tax season. Together they cover why bookkeeping is so important, when to outsource a bookkeeper, what you can deduct as a business owner, what to do will inventory that won’t sell, what type of business entities to create and when, and so much more! You don’t want to miss a minute of this helpful episode! Why good bookkeeping is so important. Any good builder knows that if you want to have a solid end product, you’ve got to have a quality foundation. That same truth applies to building a business, if you want to succeed, don’t skimp on the basics! On this episode of The Amazing Seller, you’ll hear from CPA Josh Bauerle as he shares the importance of good bookkeeping. According to Josh, part of the process of keeping organized books is having separate accounts for your business. You need to have a bank account that is specifically set aside for your business, not a mixture of business and personal use. That same principle needs to be applied to your use of credit cards too. Get more helpful advice regarding bookkeeping and much more from Josh on this episode! How deductions can help you save BIG! Did you know, as a business owner, that you have a wide range of options at your disposal for deducting costs associated with your business? As a business owner who is likely running a large part of your business out of your home, there is a list of ways you can use deductions on everyday categories. For instance, you can deduct up to ten percent of your mortgage payments if you work out of a home office. You can also deduct utilities such as internet service and even travel costs! Learn more about tax deductions on this episode of The Amazing Seller with guest CPA, Josh Bauerle! What you can do with inventory that won’t sell. Have you ever been told that you should buy up lots of inventory before the end of the year to use it as a tax write off? Is that sound advice? What should you do with inventory that you can’t seem to sell no matter what you do? On this episode of The Amazing Seller, Scott and his guest, CPA Josh Bauerle go over some helpful options to both scenarios for sellers like you to consider. For the first scenario, Josh says that you can not use the purchase of new inventory as a write off until that inventory has been sold. For the second scenario, Josh says that it is a good idea to consider inventory you can’t sell as “Scrapped Inventory,” this allows you to write off the cost of acquiring that product as long as you document that you’ve disposed of it. To hear the guys expand on both of these topics and much more, make sure to listen to this fascinating episode! Four different types of business entities you should consider creating. As you start building your ecommerce business, you might be left with the question of which business entity you should create. Which option is the best one to select at the stage you find yourself in? On this episode of The Amazing Seller, Josh Bauerle breaks down the four options of business entities you can create and roughly when is the most appropriate time to set them up for your business. The four entities you can create are; Sole Proprietorship or if you have a partner, a General Partnership. Limited Liability Company also known as an LLC. S Corporation. C Corporation. To hear Josh break down each option and when it would be best to consider creating the entity that is the best fit for you, listen to this episode to find out!