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Archives for Tax Planning

eCommerce Is A Cut-Throat Competition, Don’t Give Up Your Financial Edge

Each week I have strategy sessions with eCommerce business owners, and all too often discover that they are leaving thousands on the table.

Every single year.

When you are competing as an eCommerce business you cannot leave any opportunity on the table.

You are competing in a highly competitive marketplace known for low margins, high competition and a rapidly developing business landscape.

You need every edge you can get to ensure your success over your competitors and to gain market share.

These overlooked opportunities represent funds you can use to grow your business.

More importantly, these are funds that your competitors may be using to grow their business if they have properly designed and implemented a tax plan.

Do you want help with the tax planning process?

Schedule a one-on-one consultation.

Any serious business needs a properly designed and implemented tax plan.

There are many who miss the opportunity to take advantage of the tax benefits the government has in place.

These tax benefits make it possible to legally reduce your taxes to accelerate the growth of your wealth.

I recently delivered a tax plan to an eCommerce business owner.

After we implement the tax strategies, we outlined in our tax plan, the business will save $46,700 on taxes.

EVERY YEAR.

That yearly savings reinvested back into the business at only an 8% return will yield $2,308,248 over the next 20 years.

Do you want help with the tax planning process?

Schedule a one-on-one consultation.

Without additional sales, products, or marketing campaigns we were able to add over $2 Million to this business’s bottom-line.

If we placed this business in competition with itself pre-tax plan and post-tax plan, the post-tax plan business would have an extra $2,308,248 to grow their marketing, sales, products and overall company.

Which business would be more successful if competing in the same market vertical?

Do not give your competition the edge they need to take your market share by neglecting to proactively plan for taxes.

Do you want us to help you with the tax planning process?

Do you want help with the tax planning process?

Schedule a one-on-one consultation.

👇 I recorded a video going over this below

We cover the following aspects of your business and more during the tax planning process:

✔️ Legal Entity Structure

✔️ Accounting Method Optimization

✔️ Sales Tax and Other Compliance Assessments

✔️Deductions

✔️ Retirement

✔️ Insurance

✔️ Legal Tax Loopholes

✔️ Recent regulatory change

✔️ Niche specific strategies

✔️ Advanced planning strategies

Do you want us to help you with the tax planning process?

Schedule a one-on-one consultation at the link below:

https://go.camusocpa.com/schedule-tax-planning-ss_ecommerce

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When I Get Angry at eCommerce Businesses AND CPA’s (Avoid This Mistake While You Still Have Time)

During the first quarter of every year I find myself frustrated.

Frustrated with eCommerce business owners and CPA’s.

It is unavoidable that a new business will reach out to our firm because they are not confident about their current tax strategies or CPA.

After a detailed strategy session, I am able to determine how and where they are overpaying in taxes due to lack of strategic planning.

This means yet another taxpayer will overpay the IRS due to lack of planning for the current tax year.

This is because, once the year ends there is not much to be done other than to accurately file your taxes and proactively plan to do better this upcoming year.

I recently delivered a tax plan to an eCommerce business that resulted in a YEARLY tax savings of over $31,000.

This business owner was clearly unhappy with their last CPA since they had been overpaying their taxes for the last 4 years by $31,000.

Do you want help with the tax planning process?

Schedule a one-on-one stragety session.

eCommerce business owners need to be proactive anytime they work with service providers to ensure they get the expertise and attention they need.

CPA’s should not be overlooking tax opportunities.

CPA’s need to structure their workflows to provide proactive advice to their clients to minimize their taxes and protect their assets

But business owners have to own their financial and business responsibilities when assessing service providers.

This mean knowing the difference between tax preparation and tax planning.

You have to ensure that your business gets the services, advice, and expertise required for your financial success.

This business owner realized that their tax return did not cost the $500 in fees they paid their CPA.

Instead, it costs them $124,000 in overlooked tax opportunities.

Do you want help with the tax planning process?

Schedule a one-on-one stragety session.

But is this the business owners’ fault or the CPA’s fault?

Probably both.

Most CPA firms focus on tax preparation not proactive tax planning.

So, when this CPA filed the business owner’s taxes, they got the service they paid for.

But not the service they needed.

Serious eCommerce businesses need proactive tax advice in the form of a tax plan.

1. If you are not confident that you are not overpaying in taxes, you probably are
2. If you only speak to your CPA 1-2 times per year during March or April, you are probably overpaying in taxes

Do you want us to help you with the tax planning process?

Do you want us to help you with the tax planning process?

👇 I recorded a video going over this below

We cover the following aspects of your business and more during the tax planning process:

✔️ Legal Entity Structure

✔️ Accounting Method Optimization

✔️ Sales Tax and Other Compliance Assessments

✔️Deductions

✔️ Retirement

✔️ Insurance

✔️ Legal Tax Loopholes

✔️ Recent regulatory change

✔️ Niche specific strategies

✔️ Advanced planning strategies

Strategies that put thousands of dollars back into your eCommerce business.

Schedule a one-on-one consultation.

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Everyday Activities That Increase TAX SAVINGS for eCommerce Businesses

Almost everything you do can have an impact on your taxes.

The key is planning your business and life to ensure that you take the right steps to make sure you lower your taxes.

Those who are most successful in their tax planning make it a part of their normal activities.

A tax strategy is not a one-time event.

It is something should become part of your routine.

Here are a few examples of everyday activities that can impact your taxes:

✔️Paying expenses

✔️Receiving money from an entity you own

✔️Putting money into an entity you own

✔️Having a meeting with partners, vendors or advisors

✔️Buying or selling inventory

✔️Having a discussion about your business

✔️Working with spouses or children

👇 I recorded a video going over this below

Do you want help with the tax planning process?

We cover the following aspects of your business and more during the tax planning process:

✔️ Legal Entity Structure

✔️ Accounting Method Optimization

✔️ Sales Tax and Other Compliance Assessments

✔️Deductions

✔️ Retirement

✔️ Insurance

✔️ Legal Tax Loopholes

✔️ Recent regulatory change

✔️ Niche specific strategies

✔️ Advanced planning strategies

Strategies that put thousands of dollars back into your eCommerce business.

Schedule a one-on-one consultation.

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2 Simple Rules That Will Significantly Reduce Your eCommerce Business Taxes

Rule #1: The Government Wants You To Reduce Your Taxes

99% of the tax code exists for the purpose of saving you money.

If the tax code was created just for you to pay taxes it would be 10-15 pages rather than 70,000+ pages.

All the tax code really is  a series of stimulus packages designed by politicians to provide cash flow to businesses that structure their operations strategically.

All you have to do is learn the rules.

Do you want help with the tax planning process?

Schedule a one-on-one consultation.

Rule #2: Be Proactive with Planning

Politicians think about taxes every day.

Most eCommerce business owners think about taxes once per year. Sadly, this is true even for most CPA’s.

The complexity of the tax law is really aimed at reducing your taxes, not increasing them.

But there is one vert important catch.

Business owners need to plan in advance to capture the tax opportunities included in the tax code.

If you wait until tax season to consider your taxes and strategies like most unsuspecting taxpayers, you are too late.

Don’t play the game wrong.

👇 I recorded a video going over this below

We cover the following aspects of your business and more during the tax planning process:

✔️ Legal Entity Structure

✔️ Accounting Method Optimization

✔️ Sales Tax and Other Compliance Assessments

✔️Deductions

✔️ Retirement

✔️ Insurance

✔️ Legal Tax Loopholes

✔️ Recent regulatory change

✔️ Niche specific strategies

✔️ Advanced planning strategies

Do you want us to help you with the tax planning process?

Schedule a one-on-one consultation.

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My Top Tax Deduction for eCommerce Businesses!

I get this question frequently when speaking with eCommerce business owners about taxes.

The truth is tax planning really isn’t about a special tax deduction.

Although, I can probably find many valuable deductions that you are overlooking.

Tax planning is about looking at the BIG PICTURE.

Do you want help with the tax planning process?

Schedule a one-on-one consultation.

You may or may not be aware of some specific tax planning tools that are available to you as an ecommerce business owner.

Most likely some of the tax planning pillars you probably have under control.

But optimizing your business is about looking at the big picture.

👇 I recorded a video going over this below

We cover the following aspects of your business and more during the tax planning process:

✔️ Legal Entity Structure

✔️ Accounting Method Optimization

✔️ Sales Tax and Other Compliance Assessments

✔️Deductions

✔️ Retirement

✔️ Insurance

✔️ Legal Tax Loopholes

✔️ Recent regulatory change

✔️ Niche specific strategies

✔️ Advanced planning strategies

You need to ensure you are considering all of the available tax strategies that apply to your current business and future business goals.

I would be willing to bet that 1 to 2 components of your tax plan are out of order or not being considered EVEN if you already have a CPA.

This is leaving TENS (if not hundreds) of THOUSANDS of dollars on the table.

Every year.

Do you want us to help you with the tax planning process?

Schedule a one-on-one consultation.

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When Is the Last Time Your eCommerce Business Had A Checkup? Don’t Risk Your Financial Health.

Most people go to the doctor and dentist, at least annually, for a checkup regardless of their health status.

This is part of a long-term strategy for a long-term wellness and health.

The same routine should be in place with your CPA regarding your tax planning and finances.

This is part of a long-term strategy for a long-term strategy to maintain your financial health.

You need AT LEAST annual or quarterly check-ups on even the best designed and implemented tax plans.

Many people work closely with their CPA initially on their tax plan but fail to continue to refocus on this as years progress.

Do you want help with the tax planning process?

Schedule a one-on-one consultation.

Yes, many tax strategies once initially set can be left alone and still yield a benefit.

But many strategies may need to be revisited, readjusted or even added to based on new facts and circumstances that require check-ins with your CPA.

Also, keep in mind, the tax code is constantly changing creating new opportunities and challenges for you as a taxpayer.

Just last week I saved a client $15,000 by identifying a new tax credit opportunity for them related to the passage of the CARES Act.

We put together the original tax plan for this client almost two years ago before the CARES Act was in place.

These are the type of tax planning opportunities that can go overlooked if you have a consistent focus on your tax plan.

Do you have a structured check-in process with your CPA?

👇 I recorded a video going over this below

Do you want us to help you with the tax planning process?

We cover the following aspects of your business and more during the tax planning process:

✔️ Legal Entity Structure

✔️ Accounting Method Optimization

✔️ Sales Tax and Other Compliance Assessments

✔️Deductions

✔️ Retirement

✔️ Insurance

✔️ Legal Tax Loopholes

✔️ Recent regulatory change

✔️ Niche specific strategies

✔️ Advanced planning strategies

Strategies that put thousands of dollars back into your eCommerce business.

Schedule a one-on-one consultation.

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One Tax Strategy = $36,600 In Yearly Tax Savings (eCommerce Case Study Included)

Taxes are one of your largest business and personal expenses.

I see way too many successful eCommerce businesses leaving thousands on the table every single year.

Like one client we recently worked with.

One specific income shifting strategy outlined below from the Tax Plan that we delivered to this client produced a yearly tax savings of $36,600.

Strategies that put thousands of dollars back into your eCommerce business.

Schedule a one-on-one consultation.

Tax planning is a system that is a structured by a proven process to assess your company and the tax code to pay the least amount of taxes as legally possible.

This is a separate process from tax preparation which is just focused on accurately and timely filing your taxes.

When I work with clients to create and implement a tax strategy, the result is legally reducing their taxes.

But this process includes several steps that actually help to reduce audit risk at the same time in order to protect your bottom-line.

👇 I recorded a video going over this below

Do you want us to help you with the tax planning process?

We cover the following aspects of your business and more during the tax planning process:

✔️ Legal Entity Structure

✔️ Accounting Method Optimization

✔️ Sales Tax and Other Compliance Assessments

✔️Deductions

✔️ Retirement

✔️ Insurance

✔️ Legal Tax Loopholes

✔️ Recent regulatory change

✔️ Niche specific strategies

✔️ Advanced planning strategies

Strategies that put thousands of dollars back into your eCommerce business.

Schedule a one-on-one consultation.

Read more

What Has COVID-19 Taught eCommerce Businesses About Money?

During times of economic uncertainty or severe downturns, it becomes key for business owners to focus on protecting their bottom-line.

You cannot afford to send funds to Uncle Sam that belong on YOUR balance sheet.

You need these funds to ensure that your business, employees and family survive and thrive.

Tax planning is key to ensure that you do not leave any money on the table.

What many business owners realized during COVID-19 is just how important taxes and accounting are for their business and financial future.

This was revealed by the tax and funding opportunities that became available with the passage of the Cares Act.

Even before the Cares Act, there are tons of opportunities to save thousands on your taxes.

Now we have even more strategies at our disposal.

Strategies that put thousands of dollars back into your eCommerce business.

Schedule a one-on-one consultation at the link below:

https://go.camusocpa.com/schedule-tax-planning-ss_ecommerce

Recently, working with an eCommerce business we were able to identify and capture over $15,000 of tax credits related to the Cares Act.

With just one strategy.

The $15,000 in tax savings doesn’t even include the rest of the tax planning opportunities available to the business as part of our tax planning process.

Many business owners realized that capturing these tax opportunities can make the difference in their business’s survival and cash flow.

Schedule a one-on-one consultation at the link below:

https://go.camusocpa.com/schedule-tax-planning-ss_ecommerce

There is a HUGE difference between tax preparation AND tax planning.

If you have not taken the time to work with you CPA on a comprehensive tax plan you are leaving thousands on the table.

EVERY YEAR.

Do not wait until tax season just to get a bill from your CPA or tax preparer.

When I work with clients to create and implement a tax strategy, the result is legally reducing their taxes, but the process includes several steps that actually help them reduce their audit risk at the same time to protect their bottom-line.

👇 I recorded a video going over this below

Do you want us to help you with the tax planning process?

We cover the following aspects of your business and more during the tax planning process:

✔️ Legal Entity Structure

✔️ Accounting Method Optimization

✔️ Sales Tax and Other Compliance Assessments

✔️Deductions

✔️ Retirement

✔️ Insurance

✔️ Legal Tax Loopholes

✔️ Recent regulatory change

✔️ Niche specific strategies

✔️ Advanced planning strategies

Schedule a one-on-one consultation at the link below:

https://go.camusocpa.com/schedule-tax-planning-ss_ecommerce

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eCommerce Businesses Beware: The Costly Difference Between Tax Planning & Tax Preparation

The general public believes that when they go get their taxes completed, their preparer has helped them organize their life to pay as little taxes as possible.


But that’s NOT true.


There is a HUGE difference between tax preparation AND tax planning.

If you have not taken the time to work with you CPA on a comprehensive tax plan you are leaving thousands on the table.


EVERY YEAR.

Schedule a one-on-one consultation at the link below:

https://go.camusocpa.com/schedule-tax-planning-ss_ecommerce

Just the other day, I delivered a tax plan to an eCommerce business owner.


After we implement the tax strategies, we outlined in our tax plan, the business will save $36,600 on taxes.

EVERY YEAR.


That yearly savings reinvested back into the business or market at only an 8% return will yield $1,808,879 over the next 20 years.

The owner had mixed feelings. He was very happy about the tax savings.

But also very angry.


This is because they have been overpaying in taxes for at least the last 4 years!


That means they overpaid their taxes by at least $146,400. Before opportunity costs considerations.

Ouch.

Schedule a one-on-one consultation at the link below:

https://go.camusocpa.com/schedule-tax-planning-ss_ecommerce

👇 I recorded a video going over this below

How often do you talk to your CPA?

If the answer is once per year during tax season, you likely are overpaying in taxes.

Tax preparation is focused on summarizing your historical information to accurately and timely file your tax return to remain in compliance with the IRS.

Tax Planning looks at your current operations and future projections to determine aspects of the tax code that can benefit your business and reduce your taxes.

Tax planning requires speaking with your CPA well before tax season and on a consistent basis.

The simplest way to put this is that tax preparation is a historical process but tax planning is a forward looking process focused on future tax savings.

We cover the following aspects of your business and more during the tax planning process:

✔️ Legal Entity Structure

✔️ Accounting Method Optimization

✔️ Sales Tax and Other Compliance Assessments

✔️Deductions

✔️ Retirement

✔️ Insurance

✔️ Legal Tax Loopholes

✔️ Recent regulatory change

✔️ Niche specific strategies

✔️ Advanced planning strategies

Do you want us to help you with the tax planning process?

Schedule a one-on-one consultation at the link below:

https://go.camusocpa.com/schedule-tax-planning-ss_ecommerce

Read more

The Government Wants eCommerce Businesses To Pay LESS Taxes (Learn Why & How)

Despite common opinion, the government actually wants business owners to reduce their taxes.

The tax code is your map to wealth creation.

Yes, I understand that most people think Uncle Sam is there to take your profits and view taxes as nothing more than a sunk cost.

We all know the famous quote from Ben Franklin – “Nothing is certain but death or taxes.”

You only die once.

You file taxes yearly. This is the only certainty.

Not everyone pays the same amount of taxes.

Some pay $0 in taxes and make millions.

The key question is how much do you pay?

I recently delivered a tax plan to an eCommerce business owner.

Before they worked with Camuso CPA on their tax plan their prior CPA told them during their tax preparation last year that if they want to pay less tax then they should make less money.

This mindset disgusts me.

Don’t take these clichés from your CPA or advisor as truths.

After we implement the tax strategies, we outlined in our tax plan, this business will save $26,700 on taxes.

EVERY YEAR.

That yearly savings reinvested back into the business at only an 8% return will yield $1,319,592 over the next 20 years.

Do you want us to help you with the tax planning process?

Schedule a one-on-one consultation at the link below:

https://go.camusocpa.com/schedule-tax-planning-ss_ecommerce

👇 I recorded a video going over this below

The tax code is simply an incentive system for businesses designed by politicians.

A series of stimulus packages for businesses.

If the tax code was created just for you to pay taxes it would be 10-15 pages rather than 70,000+ pages.

How do wealthy businessmen and investors pay NO taxes while others just complain about this fact?

The short answer is because they work with highly qualified CPA’s to identify the tax opportunities within the 70,000 pages of tax code that ALLOW them to pay no tax.

The reason why the tax code is so complex is because there are thousands of tax incentives in the form of deductions, credits and deferrals that can save you thousands of dollars every year.

That’s all the tax code really is- a series of stimulus packages designed by politicians to provide cash flow to businesses that structure their operations strategically.

The tax code shows you how to reduce your taxes and amount huge amounts of cash flow.

If you ignore the tax code you do so at your own financial peril.

Camuso CPA is different than many CPA’s that focus on just preparing your taxes during March or April.

Yes, we can accurately handle your business and personal taxes.

But we also focus on significantly reducing your taxes and improving your profits with proactive strategies tailored to your business.

Do you want us to help you with the tax planning process?

We cover the following aspects of your business and more during the tax planning process:

✔️ Legal Entity Structure

✔️ Accounting Method Optimization

✔️ Sales Tax and Other Compliance Assessments

✔️Deductions

✔️ Retirement

✔️ Insurance

✔️ Legal Tax Loopholes

✔️ Recent regulatory change

✔️ Niche specific strategies

✔️ Advanced planning strategies

Do you want us to help you with the tax planning process?

Schedule a one-on-one consultation at the link below:

https://go.camusocpa.com/schedule-tax-planning-ss_ecommerce

Read more