Podcasts about cpaonfire

The founder of CPAsOnFire.com shares why you must not slumber when it comes time to knowing your numbers.

Doctor Mark Sherwood breaks down specific steps that you can take to lose that excess quarantine weight. Ron Parisi of CPAONFIRE.COM then shares about the common accounting mistakes made in the world of business.

How much will you save from the new tax law? It turns out that while there are some great "gives" from Uncle Sam for entrepreneurs, there are several potentially costly "takes" as well. Death and taxes, right? To help talk through how some of the most important tax law changes will impact your bottom line, I invited Josh Bauerle from CPAonFire.com back on the show. You might remember Josh from episode 208 where he answered tax questions from the Side Hustle Nation community. This time, Josh talks through the new benefits for pass-through entities, changes in C-Corp taxes, the new standard deduction amounts, changes to child tax credits, and more. Note: Click here to download Josh’s breakdown of how the new tax law impacts your personal bottom line. Tune in to hear Josh talk through the most important tax changes and how they affect you as a small business owner or side hustle entrepreneur.

Josh Bauerle, an Ohio CPA that serves many clients including podcaster John Lee Dumas of Entrepreneur On Fire, joined us for this week's episode of Life In Accounting: The Where Accountants Go podcast. “CPA on Fire” Josh started his career by trying several different roles – cost accounting, financial advising, and public accounting – before deciding that developing his own practice was the ideal fit for him. He came from an entrepreneurial family, so although he and his wife had just become the parents of twin boys (!), the risk didn't thwart his determination. He talks a little about the early years, but it was when he started working with John Dumas of Entrepreneur On Fire that his technology clientele seems to have started to grow exponentially. As of the timing of this interview, almost all of his clients have some type of online business – with many being in the e-commerce sales industry. All Remote! One of the more interesting parts of this interview is when Josh gets to talking about the make-up of his current clientele. Due to the nature of how his practice has grown, he doesn't actually serve any local clients. All of his clients live in other cities. Therefore, the majority of their interaction is online via portals or Skype. In fact, even his contracted help is all remote. He has three team members that assist him with servicing his clients, all three of which work remotely. Positioning & branding One of the leading reasons we wanted to interview Josh was for his leading edge view of positioning and branding. Josh has built a unique practice focused on serving clients in a specific industry, and in a specific way. It can be difficult for many entrepreneurial CPAs to differentiate themselves in the market, so I think you will find this discussion with Josh very enlightening. Make sure you listen closely – you may even want to take notes. Although Josh says he isn't particularly tech-savvy, he does list a few tools he uses as well as processes that work well for him in this remote-based practice. I hope you enjoy! See you next week. There's more to come… Mark Goldman CPA President – Where Accountants Go www.WhereAccountantsGo.com If you found this episode beneficial and haven't subscribed yet, please visit https://whereaccountantsgo.com/blog/ and click on the orange “Subscribe” button in the upper right hand corner to be notified every time we post new content. Thank you!

Do you ever find your head spinning when trying to figure out all the in’s and out’s of your ecommerce business’s taxes? Don’t you wish there was someone who could cut through all the clutter and give you clear answers to some of your top questions regarding taxes? On this episode of The Amazing Seller, you’ll hear from Josh Bauerle as he addresses common questions and issues ecommerce sellers like you run into. He covers topics like bookkeeping, keeping separate bank accounts, quarterly taxes, and more! Make sure you have your pen and paper ready for this helpful episode! How Important is Bookkeeping? It's probably one of the least sexiest yet MOST important subjects when running an ecommerce business… bookkeeping. What do you need to do to protect yourself and make sure you are operating within the confines of the law? How do you start small and scale your approach as your business gets off the ground? On this episode of The Amazing Seller, Josh Bauerle breaks down why you should focus on keeping your business account separate from your personal account. He also provides helpful tips on which tools you can use that will ensure that you have a clear accounting of all your business details. To hear Josh go further with this topic, make sure you catch this episode! How Should You Pay Your Taxes? So you have your business up and running and your product launch ready, but you still have to figure out details like how to pay your business taxes. What do you do? What is the best way to pay for your taxes, quarterly or annually? On this episode of The Amazing Seller, Josh Bauerle explains why paying your taxes quarterly is the best solution. He also provides a helpful tip for estimating how much you should pay each quarter so you aren’t left with a huge difference or even a penalty at the end of the year. Josh’s insights might be just the thing you need to make sure you have all your ducks in a row, don’t miss it! Why You Should Set Up An LLC Did you know that if you don’t set up an LLC you are personally vulnerable to any lawsuits brought against your company? Is setting up an LLC the best option for you and your ecommerce business or are there other routes to take? On this episode of The Amazing Seller, you’ll hear from Josh Bauerle as he goes over the benefits of setting up an LLC and how other business entities work. Josh explains how an LLC can provide an extra wall of protection for business owners like you should your company become the subject of a lawsuit. In addition, he goes over how virtual assistants and contractors fit into the tax equation. Don’t miss this helpful episode! Navigating Sales Taxes One of the most complicated areas of running an ecommerce small business is dealing with sales taxes. The reason this can be so complicated is due to the fact that there isn’t a unified explanation from the government on how to respond to this issue. It's complicated by the fact that your location, your product’s location, and where you customer buys the product can all be in different states which increases the difficulty of assessing what sales tax level you need to pay. To help you make some sense of this issue, Josh Bauerle joins Scott on this episode of The Amazing Seller. Josh doesn’t have all the answers on this topic because it's such a complicated and difficult one, but he does have a place for ecommerce seller like you to start. Make sure to catch this episode! OUTLINE OF THIS EPISODE OF THE AMAZING SELLER [0:03] Scott’s introduction to this episode of the podcast! [3:00] Josh Bauerle joins the podcast. [4:30] Josh talks about the necessity of good bookkeeping. [11:00] Why you need to have a separate bank account for your business. [17:00] Can you use product inventory as a tax deduction? [20:30] Why should you pay quarterly taxes? [22:00] A great tip for projecting your quarterly taxes cost. [28:30] How do business entities work? [31:30] Why you should set up an LLC. [47:00] Josh and Scott discuss the role of sales taxes. [55:00] Josh talks about the exciting service that he is developing for FBA Seller! RESOURCES MENTIONED IN THIS EPISODE www.CPAonfire.com Mention “Full Service” Josh’s email: jose[at]cpaonfire.com Mention “Full Service” in the subject line. www.theamazingseller.com/fetcher Jungle Scout Wave Splitly Quickbooks FreshBooks Xero TaxJar

  It’s nearing the end of the year and most sellers are so busy preparing for a great fourth quarter that they aren’t thinking a bit about preparing for tax season. That’s pretty normal but could be a mistake. You’ve got to begin thinking through your tax liability a long time before tax season comes. That’s why Scott is doing this episode with his friend and business accountant, Josh Bauerle. Josh works with lots of online entrepreneurs and Amazon sellers and has a great deal of experience dealing with the tax implications of those kinds of businesses. You’re going to learn some great things from Josh on this episode so make sure you carve out the time to listen and get yourself ready for tax season. One of the biggest tax mistakes Amazon sellers make has to do with inventory. As a seller of online products you naturally have inventory. Inventory is the products you purchase to resell through your online platforms. You can write off your inventory when it comes to taxes - BUT inventory for tax purposes is NOT what you might think it is. You’ve got to know what the IRS considers to be inventory, how it handles these things, and how it requires you to keep your inventory records. Josh Bauerle is an expert on these things and he’s got a very clear explanation of how you need to handle your inventory issues - and he shares it on this episode. Sales tax is a real headache for eCommerce sellers. Do you know how to handle it? Every person or company who sells products online is liable for sales tax on those products. It's not only a federal issue, it also varies with each state in which the products are sold. If you spend even a small amount of time thinking about that you’ll realize that the potential sales tax liability for an Amazon private label seller can get pretty heavy, pretty quickly. And on top of all that, every state handles the rules differently. You’ve got to get this one figured out though - it could make or break your business. CPA Josh Bauerle is Scott’s guest on this episode and he’s got lots of wisdom for you regarding taxes and tax liability. Why it’s legally vital for you to keep business funds separate from personal funds. Many people start out in business flying by the seat of their pants. Every business expense and every personal expense seem to be the same thing because they are living off of the money they make from the business. But today’s guest, Josh Bauerle is a CPA who has worked with business people for a long time and he’s got some horror stories about the kind of things that can happen when you co-mingle your personal and business expenses. On this episode, he highlights the reasons you need to keep those funds separate and how you can easily track and coordinate them to keep you out of tax trouble. This section alone is worth the time it will take you to listen. Are you getting all the business tax deductions that are rightfully yours? When you start a business of any kind you’re going to spend money for a variety of things that go into the operation of your business. From office supplies, to educational resources, to trips, you can legally and ethically write off many of the expenses you have in order to decrease your tax liability. But there are guidelines for how you do it that you have to understand so that you don’t get yourself in trouble with the IRS. Find out how to do tax deductions the right way from Josh Bauerle, CPA on fire, on this episode of The Amazing Seller. OUTLINE OF THIS EPISODE OF THE AMAZING SELLER [0:03] Scott’s introduction to this episode of the podcast with Josh Bauerle. [4:00] Josh’s experience with Amazon clients so far. [6:15] How you should track inventory for tax purposes. [11:18] The variety of business entity options you could form for your business. [16:30] The essential nature of using a separate checking account for your business. [20:00] The tax advantages of forming an S-corp. [25:50] What is sales tax and why it’s a mess for Amazon sellers. [33:30] The tax breaks that come through business deductions. [42:00] Why bookkeeping is vitally important for eCommerce sellers. RESOURCES MENTIONED IN THIS EPISODE www.CPAOnFire.com - Josh’s company website. www.TheAmazingSeller.com/143 AND www.TheAmazingSeller.com/241 - episodes where Josh was featured in the past. www.TheAmazingSeller.com/257 - episode about sales tax. www.TaxJar.com www.JungleScout.com Quickbooks Xero Wav Apps Freshbooks

Running a business is complicated in and of itself. There are all kinds of things you have to keep track of including taxes. There are many common mistakes made when it comes to taxes and on this episode of the podcast, Scott is talking with his friend Josh about the common questions that come to him when it comes to business text questions. Being a CPA, Josh has the actual answers you need in order to do things legally and ethically. You can hear all of these common questions and their answers on this episode of the podcast. Are you calculating your product inventory the RIGHT way for tax purposes? Many people think that in order to calculate their taxes correctly when it comes to inventory they simply need to add up how much they have spent on products during the calendar year. Scott's guess today is a certified public accountant and he says that is actually not the right way to do it. You will find up providing wrong figures to the IRS if you do so, and you could be liable for a much larger payment, plus penalties by doing it. On this episode, you were going to learn the right way to calculate inventory for tax purposes. Is an IRS audit something you should be afraid of? When you hear the phrase, “tax audit” it may cause you to break out in a cold sweat. But do you really need to be so concerned? What is the likelihood that you were really going to be audited? And if you are, which kind of audit is it that you should be concerned about? And this great conversation with a certified public accountant you were going to hear about the different kinds of audits, what each of them really is about, and what you should do if you are audited. It's a great episode to dispel a lot of the myths that are floating around in the business community, so make sure you take the time to listen. What meals and entertainment are deductible? Many people who run a business have been told that they can deduct meals and entertainment that have to do with their business with no problem. But is that entirely true? When this episode of the podcast a certified public accountant is going to tell us that you actually only get to deduct 50% of your meals and entertainment, and you can only do that if those are directly related to a business activity of some kind. If you want to hear the full story on this important issue, make sure that you listen. It could save you a lot of money in the end. What business entity is best for your business? There's a good deal of confusion about which business entity you should choose for your business activity. Should you be a sole proprietor? What about an LLC? Or maybe an S corporation or C corporation? If you're confused by all of these possibilities you are not alone. On this episode of the podcast, you will hear the definitions of each of these, what their advantages are, and how you should go about choosing the one that is right for you and your business. This section of the podcast alone is worth the time it will take you to listen. OUTLINE OF THIS EPISODE OF THE AMAZING SELLER [0:09] Scott’s introduction to this episode! [3:19] How to deal with inventory as a business expense - the RIGHT way. [11:29] Turning common personal expenses into business deductions. [13:15] Home office space - how do you deduct it as a business expense? [16:14] When the IRS contacts you for an audit - how does it happen? [19:10] What meals and entertainment are deductible? [21:06] Bookkeeping issues: How should you keep your records? [25:41] A good rule of thumb for withholding federal taxes. [27:20] The various business entities you can do business as. [34:20] Can an S-corp be backdated to the beginning of your LLC creation? [38:40] The issue of sales tax: How should you handle it? RESOURCES MENTIONED ON THIS EPISODE www.TheAmazingSeller.com/ask www.TheAmazingSeller.com/143 - Previous episode with Josh www.CPAonFire.com - Josh’s business website Xero accounting software www.Quickbooks.com www.WaveApps.com www.Freshbooks.com Bench Bookkeeping Service www.MyWifeQuitHerJob.com www.TaxJar.com

It wasn’t too long ago that Scott received a bad news email from Amazon. One of his products, a bundle of items, was suspended by Amazon and he was being required to rectify the situation that caused the product to be suspended. On this episode Scott is going to walk you through the exact steps he took to address the situation with Amazon and give you a ton of things to think about when it comes to dealing with Amazon directives like this. If you haven’t had this issue yet, you will, so be sure you listen to the episode so you can be ahead of the game!   The importance of some kind of product inspection.   When Scott received a notice from Amazon that one of his products had been suspended, it was because his return rate was at 13%. Why was it so high? Some of his products were missing pieces and the customers were returning them. Scott learned that his practice of having his items shipped directly from his supplier to Amazon was not working. He was going to have to figure out a way to ensure that every product was inspected before it was shipped. On this episode Scott’s going to tell you how he addressed the issue and give you some resources to check out to set up your own product inspections.   You need to set up variations on every product.   When Scott received a notice from Amazon that one of his products was suspended he had a few options he could pursue. One of those was to set up a variation of the same product and then ship in some products he had in hand to replace the ones that were being suspended. That would enable him to get a listing for that product back up in a rather quick fashion. Scott suggests that every time you set up a product listing on Amazon you create it with the option for variations, even if you don't think that product will ever have a variation. This enables you to address issues like he faced if it should come up.   The tax implications of products you can’t use.   One of the things Scott was concerned about when he got a notice from Amazon that a product was being returned by customers because it was missing parts, was the loss he would have to take on those products. It amounted to $7,000 worth of products and he didn't want to take a hit that large. He called his tax accountant and discovered that he would be able to write those off as a loss and benefit himself on his taxes to some degree. On this episode Scott covers what that sort of loss would look like and how you would go about it if it happens to you.   Why Scott changed his product to Merchant Fulfilled.   The first thing Scott did when he discovered that one of his products have been suspended by Amazon list to switch that product to a merchant fulfilled status. That enabled his product to remain live on the Amazon catalogue and potentially get some sales while he investigated the problems that had caused his products to be suspended in the first place. On this episode Scott is going to walk you through every step he took to get his product back on the Amazon catalog in record time and address the issues with his products that were causing the high return rate that got it suspended in the first place.   OUTLINE OF THIS EPISODE OF THE AMAZING SELLER   [0:25] Scott’s introduction to the podcast! [1:31] The problem of putting all your eggs in one basket. [2:01] How you can join Scott on Periscope. [3:02] The one question that comes up over and over: What makes a good product? [6:40] The initial message Scott received about a suspended product. [8:11] The role a high number of refunds played on Amazon’s decision. [11:10] Why it was good that Scott had variations of this product on Amazon. [12:20] The decision to do merchant fulfilled instead of FBA on the problem product. [15:54] Determining the problem: Was it with Amazon or with the supplier? [18:22] The tax issues involved. [20:48] Sending in new inventory to replace the problem products. [21:34] The lesson Scott learned: go with a 3rd party inspection service. [22:53] Another option Scott had and why he didn’t go that route. [24:30] Why you need to create your product listing with variations, every time. [26:30] The benefits of building an external channel for your products.   http://www.Periscope.tv - and find Scott @ScottVoelker www.TheAmazingSeller.com/161 - episode about “What Makes a Great Product” www.TheAmazingSeller.com/56 - another episode on product selection www.CPAOnFire.com - Scott’s tax accountant www.TopWinInspection.com - one inspection service option. ww.FreePrivateLabelCourse.com - Scott’s free course!