31 TAX TIPS for this year

The new year is coming at us quickly! This means 1099s, more IRS, and more taxes. You need to be prepared by educating yourself!

Reseller Tax Academy: https://www.resellertaxacademy.com/

Spreadsheets: https://notyourdadscpa.com/inventory-...

• 1099 video:    • New 1099K thresholds! The IRS will now kno...  
• Can I deduct my inventory when I purchase it?:    • Can I deduct my inventory when I purchase ...  
• How to deduct personal items video:    • How to deduct PERSONAL ITEMS in your resel...  

TIMESTAMPS

00:00 Introduction
00:18 Get a separate bank account
01:22 Find a bookkeeping system that works for you
02:05 Determine your optimal business structure - SP, LLC, S corp
02:51 Learn about the Sole Proprietorship
03:39 Learn about the LLC
04:40 Learn about the S corp
06:17 Track your activity, not just for taxes, but to build your business!
06:53 Do I need receipts?
07:53 Hire vs. DIY - Decide who will do your taxes
08:37 Learn about how directly taxes impact your life & goals
09:17 Self-employment tax vs. income tax vs. sales tax
10:13 What are quarterly estimated taxes?
11:17 Sales tax for online sellers
12:34 Hobby vs. business
13:03 New 1099 rules and 87K new IRS agents
14:00 How to deduct inventory (accrual vs cash method for inventory)
15:15 Cost methods to calculate your cost of goods sold
16:06 Be alert for scams
16:38 Understand the difference between “tax planning” and “tax preparation”
17:36 Review your business situation with a CPA
18:03 Deducting Donations
18:45 How to account for consignment sales
19:37 How to take the home office deduction
20:36 How to deduct mileage
21:18 How to deduct your cell phone and internet
21:51 Travel - How to partially deduct your vacations
22:35 Do I have to depreciate large purchases?
23:28 Avoid late penalties
24:28 Getting audited - should I be worried?
25:20 Assess your profitability
25:47 Educate yourself & take action!

1) SUBSCRIBE to learn how to get a handle on your business!
   / @notyourdadscpa  

2) FREE GUIDE: "Business Starter Guide for Resellers"
https://notyourdadscpa.com/business-s...

3) COME JOIN THE FREE GROUP!
Accounting for Online Sellers free Facebook group:   / accountingforsellers  

4) READY TO DITCH THE TAX ANXIETY?
Reseller Tax Academy: https://www.resellertaxacademy.com/
Bookkeeping Basics for Resellers: https://notyourdadscpa.com/bookkeepin...
Reseller Finance eBook: https://notyourdadscpa.com/reseller-f...

5) LET'S CONNECT!
Follow for tips on Instagram!   / notyourdadscpa  
Facebook:   / notyourdadscpa  
Website: https://www.notyourdadscpa.com

6) NEED TAX HELP? Join my waiting list here:
https://notyourdadscpa.com/tax-season/