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Tag: Taxes

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Digital Asset, Cryptocurrency & NFT Accounting

How To Answer IRS Digital Asset Tax Question

The Internal Revenue Service (IRS) continues to refine and update queries regarding cryptocurrencies and digital assets. The 2022 draft for 1040, released on September 1st, shows the latest version of the cryptocurrency question, which states: At anytime during 2022, did you: (a)- get cryptocurrency as an award, reward, or compensation (b)- exchange, sell, or dispose […]

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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 […]

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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 […]

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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 […]

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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 […]

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