Ecommerce & Taxes | US CPA Accountant Explains Top 10 Tips To Deduct NOW (US GAAP Deductions)
Channel: Jonathan Pemp
Date: 2021-01-18

If you’re interested to work with Alan and his agency, here’s his plug to book a consultation call with him: 
https://freecashflow.io/book

I think you guys will really enjoy this video with my friend Alan Chen, CPA from freecashfow.io, he helps ecommerce business owners, SAAS companies and other online entrepreneurs with their Tax/Accounting and helps saves 15-25% additional in tax. He was generous enough to give me an hour of his time to answer a few questions you may have, enjoy!

The video is really long so here’s the timestamps if you want:
Introduction - 0:00
Alan Introduction - 0:50
Topic Introduction - 2:14
 Freecashflow.io missions statement - 2:46
Typical $1.5M/Year Ecom Business Owner - 3:38
Are my facebook/google ads tax deductible? - 7:05
Tax deductions about inventory?/Dropshipping? - 8:32
How to travel for free? - 13:27
Example of 7 figure ecommerce business expense - 16:57
Can deduct driving mileage for business expense? - 18:54
Can I hire family members? - 22:47
I’m working from home. What kind of tax deductions can I take? - 25:07
Why setup an LLC? What are the benefits? - 27:06
How to stretch the dollar? How to invest my company profits into investments? - 29:37
What do I do about sales tax? How to deal with ecommerce sales tax? - 36:22
Why should I hire you? Why hire an accountant specialised in online business? - 39:42
For an average ecom owner, what are the easiest low hanging fruit adjustments that you can do to save taxes and how much can you expect to save? - 42:04
Is there anyway to invest the freecashflow back into investments eg. stocks etc? - 43:23
Could you explain more about the 401k and how we can save tax on that? - 44:38
 When do you recommend getting an accountant - is there a specific dollar amount you should then look to get to hire one? How should I go about looking for one? - 45:50
What software systems do you recommend/what type of source documents do you need to keep? How should I go about setting this up? - 47:50
If we are hiring VAs and such, how do we expense this how do you go about structuring the deductions for this - any special scenarios for this? - 49:47
Difference between bookeeper/tax accountant? - 52:10
What are the types of services that you offer and how does that help ecom/online entrepreneurs? - 53:55
Biggest mistakes that your clients experience? - 55:47
I have not charged sales tax for my ecommerce store in the past do i owe the IRS now? How does sales tax work and How do we pay that to the IRS? - 58:18
How do people find you? - 1:00:59

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