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And this essentially is what we are referring to when we say inflation tax is hidden. Because instead of you actually paying taxes on your taxreturn, it’s just something that happens when you show up to a store and everything costs more than what it used to be. So of course, you need cash as a business.
Just like a traditional brick-and-mortar business, your eCommerce business needs a good bookkeeping system for essential functions like tracking revenues and expenditures and filing taxreturns. You’re probably starting to see a trend in these bookkeeping basics for eCommerce, and that is to stay organized.
This credit is worth 50% of your startup costs up to $500 per year. Verify that you qualify, and if you don’t for the previous year, contact your EA, Attorney, CPA about startingup a retirement plan next year. You may claim this credit in the tax year before your plan goes into effect. Small-businesstax credits.
It was our first time filing his taxes, so we asked to see his financial statements and taxreturns from prior years. For one, he reported his total revenue as his income on his taxreturn in prior years. This means that he had deducted absolutely NOTHING on his taxreturns. So let’s jump into it.
Start-up and Organizational Costs. When you first start your LLC, there’s a pretty good chance you had some initial investment costs in things like computers, equipment, R&D. You’re able to deduct up to $5,000 in start-up costs in the first year you open your business. Vehicle Expenses.
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