The best time to start thinking about your 2020 taxes is not April 15 of next year. By then it is too late to make many of the moves that can save you money. Here are a few tax-saving tips you can take advantage of before the year ends. 1) Make a Charitable Contribution Normally, if you make a donation by cash (including credit card or check) you could deduct up to 60% of your adjusted gross income (AGI) when you itemize on your tax return....

Ideally when a business needs to buy something a purchase order is submitted and an approval is received before the item or service is bought. However, there are scenarios when that is not always possible. Sometimes employees are outside of the office and need to make a purchase sooner rather than later. Other times employees need to travel for work and end up racking up miles on their vehicle. Prior to 2018 employees who made out of pocket...

For many Amazon sellers taxes are the furthest thing on their mind. For others sales tax is what grabs the most attention. However, ignoring income taxes can be disastrous. Whether you sell on Amazon through Fulfilled by Merchant (FBM) or Fulfilled by Amazon (FBA) you should be aware of your income tax obligations, especially if you are a full-time seller. When you are an employee taxes are pretty simple. Your employer withholds them and pays...

Selling on Amazon FBA when you live outside the United States can be a challenge but it’s not impossible. Even still sellers online want to sell their products on the Amazon platform and rightly so. The company started from humble beginnings in 1994 and has steadily grown to almost $30 billion in annual sales today. There is no sign of e-commerce sales slowing down so it’s no surprise that people around the globe want to get a piece of the...

The Tax Cuts and Jobs Act resulted in the most sweeping changes to the tax code in decades. It affected not just individuals but corporations and small business owners. One such change was for the deduction of meals and entertainment. As of 2018 entertainment, including expenses for recreation, are no longer deductible. Gone (at least for now) are the days when you could take a potential client to a concert or a ball game and write off the...

Many employers’ eyes glaze over when it comes time to hiring. What confuses many is whether to hire someone as an employee or independent contractor. “What’s the big deal?” you might ask. Well for starters, failure to properly classify a worker as an employee could lead to penalties and interest on unpaid Social Security and Medicare taxes. An employer is responsible for paying half of the Social Security and Medicare taxes due on an employee’s...