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 no...  
• Can I deduct my inventory when I purchase it?:    • Can I deduct my inventory when I purc...  
• How to deduct personal items video:    • How to deduct PERSONAL ITEMS in your ...  

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/