Highly Experienced Accountants for Online Businesses
E-commerce companies are experiencing radical change as more and more sellers move online.
In the last decade, E-tail made up over 14% of global retail sales (as of 2020) and is on pace to grow at a compound annual growth rate of 20.4% over the next five-year period. As smaller brands develop loyal followings and tap into supply chains once guarded by Fortune 500 companies, the number of successful online sellers is rapidly growing.
With changes in the competitive landscape and how consumers purchase goods, e-commerce companies have had to keep pace with their operations. This requires careful attention to operating agreements, unit costs, and marketing budgets.
Tax Planning Strategies for E-Commerce
At Tax Hack Accounting Group, we understand the challenges involved with e-commerce taxes. Our experts will ensure that your e-commerce business stays compliant with tax law while guiding you toward every opportunity to save your hard-earned money. We can advise on the ideal corporate structure to reduce your tax burden, whether that’s an LLC, S Corp, or C Corp. We will help you to set up a bookkeeping system that ensures your financial obligations remain crystal clear. If you need assistance navigating the complexity of e-commerce sales tax, our team can help clarify that for you as well.
Guidance on Bookkeeping & Software Selection with E-Commerce
Accurate and well-maintained records are essential for claiming legitimate tax deductions. E-commerce companies can often deduct expenses related to inventory, shipping, advertising, home office expenses, and more. Proper bookkeeping ensures that these deductions are well-documented and comply with tax regulations, reducing tax liabilities. Furthermore, effective bookkeeping, combined with the right software, can streamline financial tasks. This efficiency gives time and resources back to e-commerce business owners to invest in growing their business, marketing, or enhancing customer experiences. Our team at Tax Hack Accounting Group, can walk you through what systems and bookkeeping software will be best suited for your online business.
Work with Cutting-Edge Tax Advisors in the E-Commerce Space
Keeping pace with our clients is no easy feat. That is why we’ve developed tools and metrics that help online sellers understand their own progress against goals and how they measure up to the rest of the industry. To keep up with our clients, we’ve established an advisory program staffed by e-commerce CPAs, dedicated to consistently delivering a first-rate client experience. Our proven method for delivering a successful On-Ramp includes:
- Prior Year Tax Return Review Covering Missed Strategy and Deductions
- QuickBooks, Xero, Accounting Systems Diagnostic
- Financial Projections & Tax Liability
- Tax Credits Analysis
- Entity Considerations, Structuring Optimization, and Tax-Optimal Buy-Sell Agreement
Our focus is well beyond tax return filings. We partner with e-commerce companies who are looking for a team that can constantly deliver more. This is exactly what our e-commerce bookkeepers offer to every client that joins out On-Ramp program.
On-Ramp for Business
Business and entrepreneur tax returns and compliance
Quarterly estimated taxes
Tax credit analysis
IRS controversy correspondence, representation, and audit defense
Financial reviews and bookkeeping*
Quickbooks or Xero accounting diagnostic
Chart of accounts
Key Performance indicators benchmarking
Systems integration and automation
Accounting software implementation
R&D and Work Opportunity tax credit tracking automation
Accounting system integration
Why Do I Need A Strategic Tax & Accounting Advisor?
Avoid Unnecessary Penalties
Software products don’t fight penalties or take little-known deductions. We do.
Deliverables and Strategy Focused
We make sure that our advisors are aware and transparent about the goals for each client.
Live & Ongoing Strategy
We provide “live” advice that ensures you take action to realize available savings before the ink “dries” on your financials.
Our tax experts know how the IRS works and how to save $1,000’s in tax without raising red flags.