During the first quarter of every year I find myself frustrated.
Frustrated with eCommerce business owners and CPA’s.
It is unavoidable that a new business will reach out to our firm because they are not confident about their current tax strategies or CPA.
After a detailed strategy session, I am able to determine how and where they are overpaying in taxes due to lack of strategic planning.
This means yet another taxpayer will overpay the IRS due to lack of planning for the current tax year.
This is because, once the year ends there is not much to be done other than to accurately file your taxes and proactively plan to do better this upcoming year.
I recently delivered a tax plan to an eCommerce business that resulted in a YEARLY tax savings of over $31,000.
This business owner was clearly unhappy with their last CPA since they had been overpaying their taxes for the last 4 years by $31,000.
Do you want help with the tax planning process?
Schedule a one-on-one stragety session.
eCommerce business owners need to be proactive anytime they work with service providers to ensure they get the expertise and attention they need.
CPA’s should not be overlooking tax opportunities.
CPA’s need to structure their workflows to provide proactive advice to their clients to minimize their taxes and protect their assets
But business owners have to own their financial and business responsibilities when assessing service providers.
This mean knowing the difference between tax preparation and tax planning.
You have to ensure that your business gets the services, advice, and expertise required for your financial success.
This business owner realized that their tax return did not cost the $500 in fees they paid their CPA.
Instead, it costs them $124,000 in overlooked tax opportunities.
Do you want help with the tax planning process?
Schedule a one-on-one stragety session.
But is this the business owners’ fault or the CPA’s fault?
Probably both.
Most CPA firms focus on tax preparation not proactive tax planning.
So, when this CPA filed the business owner’s taxes, they got the service they paid for.
But not the service they needed.
Serious eCommerce businesses need proactive tax advice in the form of a tax plan.
1. If you are not confident that you are not overpaying in taxes, you probably are
2. If you only speak to your CPA 1-2 times per year during March or April, you are probably overpaying in taxes
Do you want us to help you with the tax planning process?
Do you want us to help you with the tax planning process?
👇 I recorded a video going over this below
We cover the following aspects of your business and more during the tax planning process:
✔️ Legal Entity Structure
✔️ Accounting Method Optimization
✔️ Sales Tax and Other Compliance Assessments
✔️Deductions
✔️ Retirement
✔️ Insurance
✔️ Legal Tax Loopholes
✔️ Recent regulatory change
✔️ Niche specific strategies
✔️ Advanced planning strategies
Strategies that put thousands of dollars back into your eCommerce business.