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/