Mon, 17 December 2018
Have you ever had a moment when you got amazing news and then a few minutes later you find out that the news wasn’t as great as you thought it was? Unfortunately, a similar situation has cropped up in ecommerce circles with the new tax law. Here to help bring clarity to the subject is Josh Bauerle. In his conversation with Scott, Josh explains the confusion surrounding the tax law, how it will affect ecommerce sellers like you, steps you can take to make sure you are working off of the right information, and much more. Don’t miss a minute of this informative episode of The Amazing Seller!
Wait, what happened?
Like most ecommerce sellers you were probably pumped to hear about the new change in the tax policy that allows businesses to write off inventory whether they sell it or not. This news was hailed as a game changer as it would save small business owners a ton of costs when it comes to taxes. Sometimes that old saying holds, “If something sounds too good to be true, it probably is.” Josh Bauerle and Scott took their time and did their due diligence tracking down all the info they thought they’d need to bring this new change to the TAS community. As it turns out, the tax policy is not as clear as they thought it would be on this change. The debate continues as different CPA’s have different takes on how business owners should interpret the new tax law.
Why you need a CPA.
This issue serves as a prime example to show ecommerce sellers why they need to have established a relationship with a CPA that they can trust. The benefit of having a relationship with a CPA who knows your specific business is that they can take a look at this new tax policy and give you their professional opinion on how you should adjust your business practices accordingly. If you only take your financial advice from what you hear or read online, pause! You need a CPA in your corner helping you through all the ins and outs.
Don’t try to game the system.
If you’ve been around the TAS community for very long, you know that Scott works hard to make sure that the advice he gives toes the ethical line. He doesn’t want to walk right up to it or mess around with shady business practices, and neither should you! Some voices in the ecommerce community are sharing ways you can manipulate your business and game the system to work in your advantage. You should see blaring red lights when this happens! While it may take more work and cause you to take the long route to success, keeping your business practices ethical will allow you to build something you can be proud of. To hear more about this tax policy news and more from Josh and Scott, make sure to listen to this episode of The Amazing Seller!
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