Skip to main content Skip to search

News

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.

Read more

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.

Read more

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

Read more

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

E-Commerce Tax Planning Training Webinar

See How These Tax Saving Strategies Can Help You Ethically Save $5,000 to $30,000 Per Year In Taxes…
…Even If You Already Have A CPA

  • How to design and implement a tax planning system for your E-Commerce Business
  • ​Learn the specific tax planning categories and processes to focus on to save thousands every tax year for your E-Commerce Business
  • ​Learn the specific tax planning strategies to focus on to save thousands every tax year for your E-Commerce Business
  • ​Learn the secret to why most CPA’s and E-Commerce Businesses fail at effectively tax planning and how you can avoid this

Read more

United Kingdom Issues Cryptocurrency Tax Guidance

Here at Camuso CPA, we offer a wide array of tax services for cryptocurrency investors including tax preparation and tax planning. Financial service companies are transitioning from employee driven revenue models to information driven revenue models. Camuso CPA strives to deliver useful insights and offer relevant explanations about the latest tax and financial topics.

The United Kingdom’s tax agency has released an explanation of how it sees cryptocurrency assets and how individuals will be taxed on their holdings. The report focuses on how individuals possessing cryptocurrency might be taxed,but does not outline the tax structure for tokens held by businesses or for business purposes. Guidance on that will be published at a later date. Her Majesty’s Revenue and Customs (HMRC) is the government agency responsible for collecting taxes.

This does not impact US investors, but we watch all crypto tax regulation developments closely to gain insights to perspectives and circumstances that can impact future legislation here in the USA. Much like the US the UK tends to view crypto tax property for tax purposes.

The report notes a token’s treatment for tax purposes is dependent on the token’s use case, rather than its definition. Cryptocurrencies will not be taxed in the same way as gambling. The report goes into detail, explaining how and when their transactions may be classified as securities. To simplify the calculations required, taxpayers are permitted to pool different assets together.

Investors who purchase tokens specifically in the hopes that their value will increase will be required to pay capital gains tax when they sell, while individuals who receive tokens from their employers as a form of payment, from mining, transaction fees or airdrops will have to pay income tax and national insurance contributions.

Tax authorities across the world will continue to issue further guidance and focus more heavily on cryptocurrency tax compliance. We will continue to track these developments closely. Time will tell, but it will be interesting to see how things develop here in the states related to the designation of cryptocurrency as intangible property from the Private Letter Ruling in 2014.

Contact Our Team Today

If you searching for CPA firms to assist you with reporting cryptocurrency income and capital gains, contact Camuso CPA. Whether you need tax preparation services, assistance with properly reporting gains and income from virtual currencies on your taxes, cryptocurrency portfolio analysis, or any other service provided by a certified accountant, Camuso CPA can help.

Read more

End to Anonymous Cryptocurrency Trading by Shapeshift, A CPA’s Perspective

Cryptocurrency exchange Shapeshift is launching a new mandatory membership program that will now require users to provide personal information. Cryptocurrency exchanges are under more regulatory pressure than ever, with governments requiring that they conduct KYC and AML procedures to prevent fraud. As a centralized exchange, Shapeshift lacks the ability to operate without a license or some form of cooperation from local governments.

KYC and AML processes are the first step for both exchanges and users to begin moving towards compliance and disclosure to regulatory authorities. As exchanges such as Shapeshift move towards user registration compliance, we noted in a separate recent article that various countries across the globe have developed in international crypto tax force to target non-compliant cryptocurrency investors.

As the topic of institutional investors and Bitcoin ETFs continue to gain more relevance, we will undoubtedly start to see more centralized exchanges conform to the same demands that traditional financial institutions comply with in order to gain access to larger customers. Our prediction is that we will see further sweeping inquiries into user data from exchanges such as we saw last year with the John Doe request from Coinbase, additionally investors should expect to receive more 1099-K forms from exchanges in future years.

The change from being an ‘exchange without accounts’ to requiring personal information was made for 3 primary reasons:

1) The requests of many of our users to have account-related features: A record of transaction history, saved/whitelisted addresses, and email notifications, etc.

2) Increasing interest in the broad phenomenon of tokenization — the ability to “financialize” and bring liquidity to various aspects of business/customer relationships. Specifically, the ability to build tokenized loyalty programs, in which the engagement between a business and its customers can itself become an asset.

3) The practice of requiring customers to hand over personal private information is one we’ve struggled with since inception. To the extent that digital asset technology remains a legal grey area, we need to be prudent and thoughtful in our approach as we navigate the regulatory environment.

Contact Us Today

If you searching for CPA firms to assist you with reporting cryptocurrency income and capital gains, contact Camuso CPA. Whether you need tax preparation services, assistance with properly reporting gains and income from virtual currencies on your taxes, cryptocurrency portfolio analysis, or any other service provided by a certified accountant, Camuso CPA can help.

Read more

SEC STATES BITCOIN AND ETHEREUM ARE NOT SECURITIES, FAVORABLE TAX IMPLICATIONS

William Hinman, the Securities and Exchange Commission’ director of the division of corporate finance said Thursday that ether — the currency that powers the Ethereum network — shouldn’t be regulated in the same way as stocks and bonds.

“Based on my understanding of the present state of ether, the Ethereum network, and its decentralized structure, current offers and sales of ether are not securities transactions,” Hinman said at Yahoo’s All Market Summit: Crypto in San Francisco. “And, as with bitcoin, applying the disclosure regime of the federal securities laws to current transactions in ether would seem to add little value.”

His statements follow similar ones made in April by SEC chair Jay Clayton about bitcoin. Taken together, the two sets of remarks provide the clearest understanding of how the regulatory agency views the cryptocurrency market.

When a cryptocurrency becomes sufficiently decentralized, as the widely popular bitcoin and ether have, the agency no longer views it as a security. In contrast, smaller initial coin offerings, or ICOs, are almost always securities in the SEC’s eyes. That distinction matters, because securities are subject to the same regulations as normal stocks.

This indication by the SEC has implications investors may not first consider from a tax perspective. Since cryptocurrencies are generally classified as property, wash sale regulations should not currently be a concern for investors. This means investors can sell an investment to realize a tax loss, only to buy it back immediately thereafter at a bargain.

Today, wash sales only apply to stocks and securities, since Bitcoin and Ethereum have not been labeled a stock or security, the IRS can only tax traders for non-economic substance transactions under property rules. These transactions are similar to wash sales, considering the volatility of crypto markets and the potential argument that investors made late trades in response to market-moving news as opposed to tax motivations, traders have a legitimate position on the matter.

https://www.camusocpa.com/contact/#/

Are you looking for a CPA in for cryptocurrency tax help? Give Camuso CPA a call today. We also offer a host of other tax services for your benefit. For more information on how our services can help you, please do not hesitate to give us a call at your earliest convenience. One of our friendly and knowledgeable representatives will be happy to answer any questions that you may have.

Read more