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.
ID: 2657619134
https://talloakadvisors.com/tax-preparation-2024-wait-list/ 18-07-2014 20:10:26
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Whenโs the last time you double-checked your business expenses? ๐ฌ๐ผ๐ ๐ฐ๐ผ๐๐น๐ฑ ๐ฏ๐ฒ ๐บ๐ถ๐๐๐ถ๐ป๐ด ๐ฑ๐ฒ๐ฑ๐๐ฐ๐๐ถ๐ผ๐ป๐ ๐๐ผ๐ ๐ฑ๐ถ๐ฑ๐ปโ๐ ๐ฒ๐๐ฒ๐ป ๐ธ๐ป๐ผ๐ ๐ฒ๐ ๐ถ๐๐๐ฒ๐ฑ. Take a closer look, and let your business keep more of what it earns.
๐ฌ๐ผ๐ ๐๐ผ๐๐น๐ฑ๐ปโ๐ ๐น๐ฒ๐ฎ๐๐ฒ ๐ฐ๐ฎ๐๐ต ๐น๐๐ถ๐ป๐ด ๐ฎ๐ฟ๐ผ๐๐ป๐ฑ ๐ถ๐ป ๐๐ผ๐๐ฟ ๐๐๐ผ๐ฟ๐ฒ, ๐ฟ๐ถ๐ด๐ต๐? Implementing an expense approval workflow in your eCommerce biz can stop that same kind of waste. ๐๐๐ฉ ๐ฎ๐ค๐ช๐ง ๐ฉ๐๐๐ข ๐๐ก๐๐๐ฃ๐๐, ๐ฉ๐ง๐๐๐ ๐๐ซ๐๐ง๐ฎ
Quick tip: Most eCommerce businesses ignore how much taxes can eat into their profits. ๐๐โ๐ ๐๐ถ๐บ๐ฝ๐น๐ฒ..๐ฟ๐ฒ๐ด๐๐น๐ฎ๐ฟ ๐ฏ๐ผ๐ผ๐ธ๐ธ๐ฒ๐ฒ๐ฝ๐ถ๐ป๐ด ๐ฎ๐ป๐ฑ ๐๐ฎ๐ ๐ฝ๐น๐ฎ๐ป๐ป๐ถ๐ป๐ด ๐๐ถ๐น๐น ๐ธ๐ฒ๐ฒ๐ฝ ๐๐ผ๐๐ฟ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐ถ๐ป ๐๐ต๐ฒ ๐ฐ๐น๐ฒ๐ฎ๐ฟ ๐ฎ๐ป๐ฑ ๐ฝ๐ฟ๐ฒ๐๐ฒ๐ป๐
๐๐น๐ฎ๐๐ต ๐๐ฎ๐น๐ฒ๐: ๐ต๐ถ๐ด๐ต ๐ฑ๐ฒ๐บ๐ฎ๐ป๐ฑ, ๐ฏ๐๐ ๐น๐ผ๐ ๐บ๐ฎ๐ฟ๐ด๐ถ๐ป๐? ๐๐ณ ๐๐ผ๐'๐ฟ๐ฒ ๐น๐ผ๐ผ๐ธ๐ถ๐ป๐ด ๐ฎ๐ ๐ฎ ๐๐ต๐ผ๐ฟ๐-๐๐ฒ๐ฟ๐บ ๐ฏ๐ผ๐ผ๐๐, ๐ด๐ฟ๐ฒ๐ฎ๐. But if youโre chasing long-term growth, you need to make sure those discounts don't crush your profitability.
๐ง๐ฟ๐ฎ๐ฐ๐ธ๐ถ๐ป๐ด ๐ฒ๐ ๐ฝ๐ฒ๐ป๐๐ฒ๐ ๐ถ๐ ๐ฏ๐ผ๐ฟ๐ถ๐ป๐ด, ๐ฟ๐ถ๐ด๐ต๐? ๐ฆ๐๐ฟ๐ฒ. ๐๐๐ ๐ถ๐'๐ ๐๐ต๐ฒ ๐ณ๐ผ๐๐ป๐ฑ๐ฎ๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐ฎ ๐๐๐ฎ๐ฏ๐น๐ฒ ๐ฒ๐๐ผ๐บ๐บ๐ฒ๐ฟ๐ฐ๐ฒ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐. A good tax strategy isnโt about shortcutsโitโs about being prepared for whatever comes your way.
๐ฆ๐๐ฟ๐๐ด๐ด๐น๐ถ๐ป๐ด ๐๐ถ๐๐ต ๐๐ผ๐๐ฟ ๐ฏ๐ผ๐ผ๐ธ๐ธ๐ฒ๐ฒ๐ฝ๐ถ๐ป๐ด? Itโs not just about recording numbers โ itโs about making sure your financials are ready for tax season. Want to stay ahead of the game? ๐ผ ๐จ๐ค๐ก๐๐ ๐๐ค๐ค๐ ๐ ๐๐๐ฅ๐๐ฃ๐ ๐จ๐ฎ๐จ๐ฉ๐๐ข ๐๐ค๐ช๐ก๐ ๐จ๐๐ซ๐ ๐ฎ๐ค๐ช
๐ฌ๐ผ๐โ๐ฟ๐ฒ ๐ฏ๐๐๐ ๐ด๐ฟ๐ผ๐๐ถ๐ป๐ด ๐๐ผ๐๐ฟ ๐ฒ๐๐ผ๐บ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐โ๐ฑ๐ผ๐ปโ๐ ๐น๐ฒ๐ ๐๐ฎ๐ ๐ฒ๐ ๐ฏ๐ฒ ๐๐ต๐ฒ ๐๐ต๐ถ๐ป๐ด ๐๐ต๐ฎ๐ ๐๐น๐ผ๐๐ ๐๐ผ๐ ๐ฑ๐ผ๐๐ป. Clean books = clean taxes. Get ahead, stay ahead. ๐ผ ๐๐๐ฉ ๐ค๐ ๐ฌ๐ค๐ง๐ ๐ฃ๐ค๐ฌ ๐ ๐๐๐ฅ๐จ ๐ฉ๐๐ ๐๐๐๐๐๐๐๐
๐๐ผ๐ ๐ฎ๐ป ๐ฒ๐๐ผ๐บ ๐๐๐ผ๐ฟ๐ฒ? ๐๐ฟ๐ฒ๐ฎ๐. ๐๐ผ๐ ๐๐ผ๐๐ฟ ๐๐ฎ๐ ๐ฒ๐ ๐ถ๐ป ๐ผ๐ฟ๐ฑ๐ฒ๐ฟ? Not so great. Donโt wait until the last minute. Set up a simple system to track your expenses monthly. ๐๐ค๐ช๐ง ๐๐๐๐ค๐ช๐ฃ๐ฉ๐๐ฃ๐ฉ ๐ฌ๐๐ก๐ก ๐ฉ๐๐๐ฃ๐ ๐ฎ๐ค๐ช. ๐๐ง๐ช๐จ๐ฉ ๐ข๐.
๐๐ฒ๐ฟ๐ฒโ๐ ๐ฎ ๐๐ถ๐ฝ: ๐๐๐๐ผ๐บ๐ฎ๐๐ถ๐ป๐ด ๐๐ผ๐๐ฟ ๐ฏ๐ผ๐ผ๐ธ๐ธ๐ฒ๐ฒ๐ฝ๐ถ๐ป๐ด ๐ฐ๐ฎ๐ป ๐๐ฎ๐๐ฒ ๐ต๐ผ๐๐ฟ๐ ๐ฒ๐ฎ๐ฐ๐ต ๐๐ฒ๐ฒ๐ธ. The less time you spend manually tracking everything, the more time you have for growing your business. ๐๐๐๐ ๐ ๐จ๐ค๐ก๐๐ ๐ฉ๐ค๐ค๐ก, ๐จ๐๐ฉ ๐๐ฉ ๐ช๐ฅ
๐๐ณ ๐๐ผ๐๐ฟ ๐ฒ๐๐ผ๐บ ๐๐๐ผ๐ฟ๐ฒ ๐ณ๐ฒ๐ฒ๐น๐ ๐น๐ถ๐ธ๐ฒ ๐ถ๐โ๐ ๐ด๐ฟ๐ผ๐๐ถ๐ป๐ด ๐ณ๐ฎ๐๐๐ฒ๐ฟ ๐๐ต๐ฎ๐ป ๐๐ผ๐๐ฟ ๐ฏ๐ผ๐ผ๐ธ๐ธ๐ฒ๐ฒ๐ฝ๐ถ๐ป๐ด, ๐๐ผ๐โ๐ฟ๐ฒ ๐ป๐ผ๐ ๐ฎ๐น๐ผ๐ป๐ฒ. Here's a tip: Set up automatic invoicing to save time and avoid scrambling when tax deadlines hit.
95% of Amazon sellers will never retire on their business. ๐ฑ They built a job, not wealth. ๐๐ผ๐ฏ ๐ฏ๐๐ถ๐น๐ฑ๐ฒ๐ฟ๐: Reinvest everything, save nothing. ๐ช๐ฒ๐ฎ๐น๐๐ต ๐ฏ๐๐ถ๐น๐ฑ๐ฒ๐ฟ๐: Take distributions, diversify investments. ๐๐ค๐ช๐ง ๐๐ค๐ค๐ ๐ ๐๐๐ฅ๐๐ฃ๐
๐๐ฒ๐ฟ๐ฒ'๐ ๐๐ต๐ฒ ๐๐ฟ๐๐๐ต: ๐จ๐ง๐ ๐ฝ๐ฎ๐ฟ๐ฎ๐บ๐ฒ๐๐ฒ๐ฟ๐ ๐ฐ๐ฎ๐ป ๐๐ฎ๐๐ฒ ๐๐ผ๐ ๐ณ๐ฟ๐ผ๐บ ๐๐ฝ๐ฒ๐ป๐ฑ๐ถ๐ป๐ด ๐ฏ๐น๐ถ๐ป๐ฑ๐น๐ ๐ผ๐ป ๐ฎ๐ฑ๐. Start tracking whatโs working, ditch whatโs not, and optimize your spend. ๐๐ฉ'๐จ ๐ฉ๐๐ ๐ก๐๐ฉ๐ฉ๐ก๐ ๐ฉ๐๐๐ฃ๐๐จ ๐ฉ๐๐๐ฉ ๐ข๐๐ ๐ ๐
๐๐น๐ฎ๐๐ต ๐๐ฎ๐น๐ฒ๐ ๐ฐ๐ฎ๐ป ๐ณ๐ฒ๐ฒ๐น ๐น๐ถ๐ธ๐ฒ ๐ฎ ๐ด๐ผ๐น๐ฑ๐บ๐ถ๐ป๐ฒ, ๐ฏ๐๐ ๐ฎ๐ฟ๐ฒ ๐๐ต๐ฒ๐ ๐ฟ๐ฒ๐ฎ๐น๐น๐ ๐ฏ๐ผ๐ผ๐๐๐ถ๐ป๐ด ๐๐ผ๐๐ฟ ๐ฝ๐ฟ๐ผ๐ณ๐ถ๐ ๐บ๐ฎ๐ฟ๐ด๐ถ๐ป๐? Tracking how they impact your numbers is key. Take a look at your cost-per-sale during these events. ๐๐ฉ ๐ข๐๐๐๐ฉ
๐ ๐ผ๐๐ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐ผ๐๐ป๐ฒ๐ฟ๐ ๐ฎ๐๐ผ๐ถ๐ฑ ๐๐ต๐ฒ ๐ป๐๐บ๐ฏ๐ฒ๐ฟ๐, ๐ฏ๐๐ ๐ถ๐ด๐ป๐ผ๐ฟ๐ถ๐ป๐ด ๐๐ต๐ฒ๐บ ๐๐ผ๐ปโ๐ ๐บ๐ฎ๐ธ๐ฒ ๐๐ต๐ฒ ๐ฝ๐ฟ๐ผ๐ฏ๐น๐ฒ๐บ ๐ด๐ผ ๐ฎ๐๐ฎ๐. Itโll just cost you more in the long run. A simple strategy? Set aside time each week to go over your books.
๐ฆ๐ฎ๐ ๐ฎ ๐ณ-๐ณ๐ถ๐ด๐๐ฟ๐ฒ ๐ฒ๐๐ผ๐บ ๐ฏ๐ฟ๐ฎ๐ป๐ฑ ๐ฝ๐ฎ๐ป๐ถ๐ฐ ๐ฑ๐๐ฟ๐ถ๐ป๐ด ๐๐ฎ๐ ๐๐ฒ๐ฎ๐๐ผ๐ป. Why? They never set aside cash for quarterly taxes. If you're profitable, set aside 15โ30% of your net. ๐๐ฉโ๐จ ๐ฃ๐ค๐ฉ โ๐๐ญ๐ฉ๐ง๐โ ๐ข๐ค๐ฃ๐๐ฎ. ๐๐ฉโ๐จ ๐ฉ๐๐ ๐๐๐ ๐ฌ๐๐๐ฉ๐๐ฃ๐
๐ ๐ผ๐๐ ๐ฒ๐๐ผ๐บ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐๐ฒ๐ ๐๐ฝ๐ฒ๐ป๐ฑ ๐บ๐ผ๐ฟ๐ฒ ๐๐ถ๐บ๐ฒ ๐ฐ๐ต๐ฎ๐๐ถ๐ป๐ด ๐ฑ๐ผ๐๐ป ๐ฟ๐ฒ๐ฐ๐ฒ๐ถ๐ฝ๐๐ ๐๐ต๐ฎ๐ป ๐ฎ๐ฐ๐๐๐ฎ๐น๐น๐ ๐ด๐ฟ๐ผ๐๐ถ๐ป๐ด. Organize your finances now, so you're not stuck doing damage control later. ๐๐๐ญ ๐จ๐๐๐จ๐ค๐ฃ ๐๐ค๐๐จ๐ฃโ๐ฉ ๐๐๐ซ๐ ๐ฉ๐ค
๐๐๐ฒ๐ฟ ๐ณ๐ฒ๐ฒ๐น ๐ผ๐๐ฒ๐ฟ๐๐ต๐ฒ๐น๐บ๐ฒ๐ฑ ๐ฏ๐ ๐ป๐๐บ๐ฏ๐ฒ๐ฟ๐? ๐๐ฒ๐ฟ๐ฒโ๐ ๐ฎ ๐ฝ๐ฟ๐ผ ๐๐ถ๐ฝ: ๐ฏ๐ฟ๐ฒ๐ฎ๐ธ ๐๐ต๐ฒ๐บ ๐ฑ๐ผ๐๐ป ๐ถ๐ป๐๐ผ ๐ฐ๐ต๐๐ป๐ธ๐. Track your eCom expenses weekly, not just when tax time rolls around. ๐๐ข๐๐ก๐ก ๐จ๐ฉ๐๐ฅ๐จ ๐ก๐๐๐ ๐ฉ๐ค ๐๐๐ ๐ฌ๐๐ฃ๐จ. ๐๐๐๐ฅ
๐จ๐ง๐ ๐ฝ๐ฎ๐ฟ๐ฎ๐บ๐ฒ๐๐ฒ๐ฟ๐ ๐ฎ๐ฟ๐ฒ๐ป'๐ ๐ท๐๐๐ ๐ณ๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฐ๐ต ๐ด๐ฒ๐ฒ๐ธ๐. They're for anyone serious about tracking ad performance. Knowing which campaign performs best helps you spend smarter. ๐๐๐ฃ๐ฉ ๐ฉ๐ค ๐๐ซ๐ค๐๐ ๐ฌ๐๐จ๐ฉ๐๐ฃ๐ ๐ข๐ค๐ฃ๐๐ฎ?
๐ก๐ผ๐ ๐ฎ๐น๐น ๐ฒ๐ ๐ฝ๐ฒ๐ป๐๐ฒ๐ ๐ฎ๐ฟ๐ฒ ๐ฐ๐ฟ๐ฒ๐ฎ๐๐ฒ๐ฑ ๐ฒ๐พ๐๐ฎ๐น. 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. ๐๐ค๐ช๐ง ๐๐ค๐ฉ๐ฉ๐ค๐ข ๐ก๐๐ฃ๐ ๐ฌ๐๐ก๐ก ๐ฉ๐๐๐ฃ๐ ๐ฎ๐ค๐ช.