Chris Potter | Tax & Bookkeeping (@chrispotter361) 's Twitter Profile
Chris Potter | Tax & Bookkeeping

@chrispotter361

I tweet about eCom, Taxes, Finances, Acquisitions, Business Building. Built / Acquired: 8 figure Ecom, 7 figure Ecom, two 7 figure tax businesses.

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linkhttps://talloakadvisors.com/tax-preparation-2024-wait-list/ calendar_today18-07-2014 20:10:26

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Whenโ€™s the last time you double-checked your business expenses? ๐—ฌ๐—ผ๐˜‚ ๐—ฐ๐—ผ๐˜‚๐—น๐—ฑ ๐—ฏ๐—ฒ ๐—บ๐—ถ๐˜€๐˜€๐—ถ๐—ป๐—ด ๐—ฑ๐—ฒ๐—ฑ๐˜‚๐—ฐ๐˜๐—ถ๐—ผ๐—ป๐˜€ ๐˜†๐—ผ๐˜‚ ๐—ฑ๐—ถ๐—ฑ๐—ปโ€™๐˜ ๐—ฒ๐˜ƒ๐—ฒ๐—ป ๐—ธ๐—ป๐—ผ๐˜„ ๐—ฒ๐˜…๐—ถ๐˜€๐˜๐—ฒ๐—ฑ. Take a closer look, and let your business keep more of what it earns.

Chris Potter | Tax & Bookkeeping (@chrispotter361) 's Twitter Profile Photo

๐—ฌ๐—ผ๐˜‚ ๐˜„๐—ผ๐˜‚๐—น๐—ฑ๐—ปโ€™๐˜ ๐—น๐—ฒ๐—ฎ๐˜ƒ๐—ฒ ๐—ฐ๐—ฎ๐˜€๐—ต ๐—น๐˜†๐—ถ๐—ป๐—ด ๐—ฎ๐—ฟ๐—ผ๐˜‚๐—ป๐—ฑ ๐—ถ๐—ป ๐˜†๐—ผ๐˜‚๐—ฟ ๐˜€๐˜๐—ผ๐—ฟ๐—ฒ, ๐—ฟ๐—ถ๐—ด๐—ต๐˜? Implementing an expense approval workflow in your eCommerce biz can stop that same kind of waste. ๐™‚๐™š๐™ฉ ๐™ฎ๐™ค๐™ช๐™ง ๐™ฉ๐™š๐™–๐™ข ๐™–๐™ก๐™ž๐™œ๐™ฃ๐™š๐™™, ๐™ฉ๐™ง๐™–๐™˜๐™  ๐™š๐™ซ๐™š๐™ง๐™ฎ

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Quick tip: Most eCommerce businesses ignore how much taxes can eat into their profits. ๐—œ๐˜โ€™๐˜€ ๐˜€๐—ถ๐—บ๐—ฝ๐—น๐—ฒ..๐—ฟ๐—ฒ๐—ด๐˜‚๐—น๐—ฎ๐—ฟ ๐—ฏ๐—ผ๐—ผ๐—ธ๐—ธ๐—ฒ๐—ฒ๐—ฝ๐—ถ๐—ป๐—ด ๐—ฎ๐—ป๐—ฑ ๐˜๐—ฎ๐˜… ๐—ฝ๐—น๐—ฎ๐—ป๐—ป๐—ถ๐—ป๐—ด ๐˜„๐—ถ๐—น๐—น ๐—ธ๐—ฒ๐—ฒ๐—ฝ ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€ ๐—ถ๐—ป ๐˜๐—ต๐—ฒ ๐—ฐ๐—น๐—ฒ๐—ฎ๐—ฟ ๐—ฎ๐—ป๐—ฑ ๐—ฝ๐—ฟ๐—ฒ๐˜ƒ๐—ฒ๐—ป๐˜

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๐—™๐—น๐—ฎ๐˜€๐—ต ๐˜€๐—ฎ๐—น๐—ฒ๐˜€: ๐—ต๐—ถ๐—ด๐—ต ๐—ฑ๐—ฒ๐—บ๐—ฎ๐—ป๐—ฑ, ๐—ฏ๐˜‚๐˜ ๐—น๐—ผ๐˜„ ๐—บ๐—ฎ๐—ฟ๐—ด๐—ถ๐—ป๐˜€? ๐—œ๐—ณ ๐˜†๐—ผ๐˜‚'๐—ฟ๐—ฒ ๐—น๐—ผ๐—ผ๐—ธ๐—ถ๐—ป๐—ด ๐—ฎ๐˜ ๐—ฎ ๐˜€๐—ต๐—ผ๐—ฟ๐˜-๐˜๐—ฒ๐—ฟ๐—บ ๐—ฏ๐—ผ๐—ผ๐˜€๐˜, ๐—ด๐—ฟ๐—ฒ๐—ฎ๐˜. But if youโ€™re chasing long-term growth, you need to make sure those discounts don't crush your profitability.

Chris Potter | Tax & Bookkeeping (@chrispotter361) 's Twitter Profile Photo

๐—ง๐—ฟ๐—ฎ๐—ฐ๐—ธ๐—ถ๐—ป๐—ด ๐—ฒ๐˜…๐—ฝ๐—ฒ๐—ป๐˜€๐—ฒ๐˜€ ๐—ถ๐˜€ ๐—ฏ๐—ผ๐—ฟ๐—ถ๐—ป๐—ด, ๐—ฟ๐—ถ๐—ด๐—ต๐˜? ๐—ฆ๐˜‚๐—ฟ๐—ฒ. ๐—•๐˜‚๐˜ ๐—ถ๐˜'๐˜€ ๐˜๐—ต๐—ฒ ๐—ณ๐—ผ๐˜‚๐—ป๐—ฑ๐—ฎ๐˜๐—ถ๐—ผ๐—ป ๐—ผ๐—ณ ๐—ฎ ๐˜€๐˜๐—ฎ๐—ฏ๐—น๐—ฒ ๐—ฒ๐—–๐—ผ๐—บ๐—บ๐—ฒ๐—ฟ๐—ฐ๐—ฒ ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€. A good tax strategy isnโ€™t about shortcutsโ€”itโ€™s about being prepared for whatever comes your way.

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๐—ฆ๐˜๐—ฟ๐˜‚๐—ด๐—ด๐—น๐—ถ๐—ป๐—ด ๐˜„๐—ถ๐˜๐—ต ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฏ๐—ผ๐—ผ๐—ธ๐—ธ๐—ฒ๐—ฒ๐—ฝ๐—ถ๐—ป๐—ด? Itโ€™s not just about recording numbers โ€“ itโ€™s about making sure your financials are ready for tax season. Want to stay ahead of the game? ๐˜ผ ๐™จ๐™ค๐™ก๐™ž๐™™ ๐™—๐™ค๐™ค๐™ ๐™ ๐™š๐™š๐™ฅ๐™ž๐™ฃ๐™œ ๐™จ๐™ฎ๐™จ๐™ฉ๐™š๐™ข ๐™˜๐™ค๐™ช๐™ก๐™™ ๐™จ๐™–๐™ซ๐™š ๐™ฎ๐™ค๐™ช

Chris Potter | Tax & Bookkeeping (@chrispotter361) 's Twitter Profile Photo

๐—ฌ๐—ผ๐˜‚โ€™๐—ฟ๐—ฒ ๐—ฏ๐˜‚๐˜€๐˜† ๐—ด๐—ฟ๐—ผ๐˜„๐—ถ๐—ป๐—ด ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฒ๐—–๐—ผ๐—บ ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€โ€”๐—ฑ๐—ผ๐—ปโ€™๐˜ ๐—น๐—ฒ๐˜ ๐˜๐—ฎ๐˜…๐—ฒ๐˜€ ๐—ฏ๐—ฒ ๐˜๐—ต๐—ฒ ๐˜๐—ต๐—ถ๐—ป๐—ด ๐˜๐—ต๐—ฎ๐˜ ๐˜€๐—น๐—ผ๐˜„๐˜€ ๐˜†๐—ผ๐˜‚ ๐—ฑ๐—ผ๐˜„๐—ป. Clean books = clean taxes. Get ahead, stay ahead. ๐˜ผ ๐™—๐™ž๐™ฉ ๐™ค๐™› ๐™ฌ๐™ค๐™ง๐™  ๐™ฃ๐™ค๐™ฌ ๐™ ๐™š๐™š๐™ฅ๐™จ ๐™ฉ๐™๐™š ๐™๐™š๐™–๐™™๐™–๐™˜๐™๐™š

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๐—š๐—ผ๐˜ ๐—ฎ๐—ป ๐—ฒ๐—–๐—ผ๐—บ ๐˜€๐˜๐—ผ๐—ฟ๐—ฒ? ๐—š๐—ฟ๐—ฒ๐—ฎ๐˜. ๐—š๐—ผ๐˜ ๐˜†๐—ผ๐˜‚๐—ฟ ๐˜๐—ฎ๐˜…๐—ฒ๐˜€ ๐—ถ๐—ป ๐—ผ๐—ฟ๐—ฑ๐—ฒ๐—ฟ? Not so great. Donโ€™t wait until the last minute. Set up a simple system to track your expenses monthly. ๐™”๐™ค๐™ช๐™ง ๐™–๐™˜๐™˜๐™ค๐™ช๐™ฃ๐™ฉ๐™–๐™ฃ๐™ฉ ๐™ฌ๐™ž๐™ก๐™ก ๐™ฉ๐™๐™–๐™ฃ๐™  ๐™ฎ๐™ค๐™ช. ๐™๐™ง๐™ช๐™จ๐™ฉ ๐™ข๐™š.

Chris Potter | Tax & Bookkeeping (@chrispotter361) 's Twitter Profile Photo

๐—›๐—ฒ๐—ฟ๐—ฒโ€™๐˜€ ๐—ฎ ๐˜๐—ถ๐—ฝ: ๐—”๐˜‚๐˜๐—ผ๐—บ๐—ฎ๐˜๐—ถ๐—ป๐—ด ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฏ๐—ผ๐—ผ๐—ธ๐—ธ๐—ฒ๐—ฒ๐—ฝ๐—ถ๐—ป๐—ด ๐—ฐ๐—ฎ๐—ป ๐˜€๐—ฎ๐˜ƒ๐—ฒ ๐—ต๐—ผ๐˜‚๐—ฟ๐˜€ ๐—ฒ๐—ฎ๐—ฐ๐—ต ๐˜„๐—ฒ๐—ฒ๐—ธ. The less time you spend manually tracking everything, the more time you have for growing your business. ๐™‹๐™ž๐™˜๐™  ๐™– ๐™จ๐™ค๐™ก๐™ž๐™™ ๐™ฉ๐™ค๐™ค๐™ก, ๐™จ๐™š๐™ฉ ๐™ž๐™ฉ ๐™ช๐™ฅ

Chris Potter | Tax & Bookkeeping (@chrispotter361) 's Twitter Profile Photo

๐—œ๐—ณ ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฒ๐—–๐—ผ๐—บ ๐˜€๐˜๐—ผ๐—ฟ๐—ฒ ๐—ณ๐—ฒ๐—ฒ๐—น๐˜€ ๐—น๐—ถ๐—ธ๐—ฒ ๐—ถ๐˜โ€™๐˜€ ๐—ด๐—ฟ๐—ผ๐˜„๐—ถ๐—ป๐—ด ๐—ณ๐—ฎ๐˜€๐˜๐—ฒ๐—ฟ ๐˜๐—ต๐—ฎ๐—ป ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฏ๐—ผ๐—ผ๐—ธ๐—ธ๐—ฒ๐—ฒ๐—ฝ๐—ถ๐—ป๐—ด, ๐˜†๐—ผ๐˜‚โ€™๐—ฟ๐—ฒ ๐—ป๐—ผ๐˜ ๐—ฎ๐—น๐—ผ๐—ป๐—ฒ. Here's a tip: Set up automatic invoicing to save time and avoid scrambling when tax deadlines hit.

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95% of Amazon sellers will never retire on their business. ๐Ÿ˜ฑ They built a job, not wealth. ๐—๐—ผ๐—ฏ ๐—ฏ๐˜‚๐—ถ๐—น๐—ฑ๐—ฒ๐—ฟ๐˜€: Reinvest everything, save nothing. ๐—ช๐—ฒ๐—ฎ๐—น๐˜๐—ต ๐—ฏ๐˜‚๐—ถ๐—น๐—ฑ๐—ฒ๐—ฟ๐˜€: Take distributions, diversify investments. ๐™”๐™ค๐™ช๐™ง ๐™—๐™ค๐™ค๐™ ๐™ ๐™š๐™š๐™ฅ๐™ž๐™ฃ๐™œ

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๐—›๐—ฒ๐—ฟ๐—ฒ'๐˜€ ๐˜๐—ต๐—ฒ ๐˜๐—ฟ๐˜‚๐˜๐—ต: ๐—จ๐—ง๐—  ๐—ฝ๐—ฎ๐—ฟ๐—ฎ๐—บ๐—ฒ๐˜๐—ฒ๐—ฟ๐˜€ ๐—ฐ๐—ฎ๐—ป ๐˜€๐—ฎ๐˜ƒ๐—ฒ ๐˜†๐—ผ๐˜‚ ๐—ณ๐—ฟ๐—ผ๐—บ ๐˜€๐—ฝ๐—ฒ๐—ป๐—ฑ๐—ถ๐—ป๐—ด ๐—ฏ๐—น๐—ถ๐—ป๐—ฑ๐—น๐˜† ๐—ผ๐—ป ๐—ฎ๐—ฑ๐˜€. Start tracking whatโ€™s working, ditch whatโ€™s not, and optimize your spend. ๐™„๐™ฉ'๐™จ ๐™ฉ๐™๐™š ๐™ก๐™ž๐™ฉ๐™ฉ๐™ก๐™š ๐™ฉ๐™๐™ž๐™ฃ๐™œ๐™จ ๐™ฉ๐™๐™–๐™ฉ ๐™ข๐™–๐™ ๐™š ๐™–

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๐—™๐—น๐—ฎ๐˜€๐—ต ๐˜€๐—ฎ๐—น๐—ฒ๐˜€ ๐—ฐ๐—ฎ๐—ป ๐—ณ๐—ฒ๐—ฒ๐—น ๐—น๐—ถ๐—ธ๐—ฒ ๐—ฎ ๐—ด๐—ผ๐—น๐—ฑ๐—บ๐—ถ๐—ป๐—ฒ, ๐—ฏ๐˜‚๐˜ ๐—ฎ๐—ฟ๐—ฒ ๐˜๐—ต๐—ฒ๐˜† ๐—ฟ๐—ฒ๐—ฎ๐—น๐—น๐˜† ๐—ฏ๐—ผ๐—ผ๐˜€๐˜๐—ถ๐—ป๐—ด ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฝ๐—ฟ๐—ผ๐—ณ๐—ถ๐˜ ๐—บ๐—ฎ๐—ฟ๐—ด๐—ถ๐—ป๐˜€? Tracking how they impact your numbers is key. Take a look at your cost-per-sale during these events. ๐™„๐™ฉ ๐™ข๐™ž๐™œ๐™๐™ฉ

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๐— ๐—ผ๐˜€๐˜ ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€ ๐—ผ๐˜„๐—ป๐—ฒ๐—ฟ๐˜€ ๐—ฎ๐˜ƒ๐—ผ๐—ถ๐—ฑ ๐˜๐—ต๐—ฒ ๐—ป๐˜‚๐—บ๐—ฏ๐—ฒ๐—ฟ๐˜€, ๐—ฏ๐˜‚๐˜ ๐—ถ๐—ด๐—ป๐—ผ๐—ฟ๐—ถ๐—ป๐—ด ๐˜๐—ต๐—ฒ๐—บ ๐˜„๐—ผ๐—ปโ€™๐˜ ๐—บ๐—ฎ๐—ธ๐—ฒ ๐˜๐—ต๐—ฒ ๐—ฝ๐—ฟ๐—ผ๐—ฏ๐—น๐—ฒ๐—บ ๐—ด๐—ผ ๐—ฎ๐˜„๐—ฎ๐˜†. Itโ€™ll just cost you more in the long run. A simple strategy? Set aside time each week to go over your books.

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๐—ฆ๐—ฎ๐˜„ ๐—ฎ ๐Ÿณ-๐—ณ๐—ถ๐—ด๐˜‚๐—ฟ๐—ฒ ๐—ฒ๐—–๐—ผ๐—บ ๐—ฏ๐—ฟ๐—ฎ๐—ป๐—ฑ ๐—ฝ๐—ฎ๐—ป๐—ถ๐—ฐ ๐—ฑ๐˜‚๐—ฟ๐—ถ๐—ป๐—ด ๐˜๐—ฎ๐˜… ๐˜€๐—ฒ๐—ฎ๐˜€๐—ผ๐—ป. Why? They never set aside cash for quarterly taxes. If you're profitable, set aside 15โ€“30% of your net. ๐™„๐™ฉโ€™๐™จ ๐™ฃ๐™ค๐™ฉ โ€œ๐™š๐™ญ๐™ฉ๐™ง๐™–โ€ ๐™ข๐™ค๐™ฃ๐™š๐™ฎ. ๐™„๐™ฉโ€™๐™จ ๐™ฉ๐™๐™š ๐™„๐™๐™Ž ๐™ฌ๐™–๐™ž๐™ฉ๐™ž๐™ฃ๐™œ

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๐— ๐—ผ๐˜€๐˜ ๐—ฒ๐—–๐—ผ๐—บ ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€๐—ฒ๐˜€ ๐˜€๐—ฝ๐—ฒ๐—ป๐—ฑ ๐—บ๐—ผ๐—ฟ๐—ฒ ๐˜๐—ถ๐—บ๐—ฒ ๐—ฐ๐—ต๐—ฎ๐˜€๐—ถ๐—ป๐—ด ๐—ฑ๐—ผ๐˜„๐—ป ๐—ฟ๐—ฒ๐—ฐ๐—ฒ๐—ถ๐—ฝ๐˜๐˜€ ๐˜๐—ต๐—ฎ๐—ป ๐—ฎ๐—ฐ๐˜๐˜‚๐—ฎ๐—น๐—น๐˜† ๐—ด๐—ฟ๐—ผ๐˜„๐—ถ๐—ป๐—ด. Organize your finances now, so you're not stuck doing damage control later. ๐™๐™–๐™ญ ๐™จ๐™š๐™–๐™จ๐™ค๐™ฃ ๐™™๐™ค๐™š๐™จ๐™ฃโ€™๐™ฉ ๐™๐™–๐™ซ๐™š ๐™ฉ๐™ค

Chris Potter | Tax & Bookkeeping (@chrispotter361) 's Twitter Profile Photo

๐—˜๐˜ƒ๐—ฒ๐—ฟ ๐—ณ๐—ฒ๐—ฒ๐—น ๐—ผ๐˜ƒ๐—ฒ๐—ฟ๐˜„๐—ต๐—ฒ๐—น๐—บ๐—ฒ๐—ฑ ๐—ฏ๐˜† ๐—ป๐˜‚๐—บ๐—ฏ๐—ฒ๐—ฟ๐˜€? ๐—›๐—ฒ๐—ฟ๐—ฒโ€™๐˜€ ๐—ฎ ๐—ฝ๐—ฟ๐—ผ ๐˜๐—ถ๐—ฝ: ๐—ฏ๐—ฟ๐—ฒ๐—ฎ๐—ธ ๐˜๐—ต๐—ฒ๐—บ ๐—ฑ๐—ผ๐˜„๐—ป ๐—ถ๐—ป๐˜๐—ผ ๐—ฐ๐—ต๐˜‚๐—ป๐—ธ๐˜€. Track your eCom expenses weekly, not just when tax time rolls around. ๐™Ž๐™ข๐™–๐™ก๐™ก ๐™จ๐™ฉ๐™š๐™ฅ๐™จ ๐™ก๐™š๐™–๐™™ ๐™ฉ๐™ค ๐™—๐™ž๐™œ ๐™ฌ๐™ž๐™ฃ๐™จ. ๐™†๐™š๐™š๐™ฅ

Chris Potter | Tax & Bookkeeping (@chrispotter361) 's Twitter Profile Photo

๐—จ๐—ง๐—  ๐—ฝ๐—ฎ๐—ฟ๐—ฎ๐—บ๐—ฒ๐˜๐—ฒ๐—ฟ๐˜€ ๐—ฎ๐—ฟ๐—ฒ๐—ป'๐˜ ๐—ท๐˜‚๐˜€๐˜ ๐—ณ๐—ผ๐—ฟ ๐˜๐—ต๐—ฒ ๐˜๐—ฒ๐—ฐ๐—ต ๐—ด๐—ฒ๐—ฒ๐—ธ๐˜€. They're for anyone serious about tracking ad performance. Knowing which campaign performs best helps you spend smarter. ๐™’๐™–๐™ฃ๐™ฉ ๐™ฉ๐™ค ๐™–๐™ซ๐™ค๐™ž๐™™ ๐™ฌ๐™–๐™จ๐™ฉ๐™ž๐™ฃ๐™œ ๐™ข๐™ค๐™ฃ๐™š๐™ฎ?

Chris Potter | Tax & Bookkeeping (@chrispotter361) 's Twitter Profile Photo

๐—ก๐—ผ๐˜ ๐—ฎ๐—น๐—น ๐—ฒ๐˜…๐—ฝ๐—ฒ๐—ป๐˜€๐—ฒ๐˜€ ๐—ฎ๐—ฟ๐—ฒ ๐—ฐ๐—ฟ๐—ฒ๐—ฎ๐˜๐—ฒ๐—ฑ ๐—ฒ๐—พ๐˜‚๐—ฎ๐—น. A simple approval workflow can act as your safety net. It ensures every dollar spent has a clear purpose, which means no more blind spending. ๐™”๐™ค๐™ช๐™ง ๐™—๐™ค๐™ฉ๐™ฉ๐™ค๐™ข ๐™ก๐™ž๐™ฃ๐™š ๐™ฌ๐™ž๐™ก๐™ก ๐™ฉ๐™๐™–๐™ฃ๐™  ๐™ฎ๐™ค๐™ช.