Can I Deduct Inventory When I Purchase It?

Can I Deduct Inventory When I Purchase It?

One of the most misunderstood accounting concepts in the ecommerce and reselling space involves how to deduct your inventory costs. What is cost of goods sold? How do I calculate it? I get these questions often from resellers. I’ve also frequented forums on eBay,...
Client Letter: Year-End Tax Planning for 2020

Client Letter: Year-End Tax Planning for 2020

Dear [insert your name here ???? ], Due to the coronavirus pandemic (COVID-19) and the enactment of legislation to offset the economic burden wrought by COVID-19, as well as a legislation passed at the end of 2019, there is a lot to consider when reviewing year-end...
8 PPP Myths

8 PPP Myths

Not sure if the Paycheck Protection Program (PPP) is right for you? Even as it’s extended from eight weeks to 24, there are a lot of PPP myths floating around. Don’t let these myths stop you from getting the loan your business needs. My partners at Bench have put...
The 5 Biggest Reseller Tax Myths (and How to Avoid Them)

The 5 Biggest Reseller Tax Myths (and How to Avoid Them)

All the information you need is online. The trouble is sorting through all of the misinformation, including the biggest reseller tax myths, which you will inevitably run into.  I talk with reseller business owners almost every day, and I can tell you first hand that...
QuickBooks Online or QuickBooks Self-Employed?

QuickBooks Online or QuickBooks Self-Employed?

If you have ever looked into the various bookkeeping options for your reselling business, you have likely heard about QuickBooks. That’s because it’s the top rated small-business accounting software and is widely used by millions. QuickBooks is made by Intuit, the...