75: The Resellers’ Best Friend: Tax Prep with Mark Tew
“It does seem intimidating, but after you get into it, it’s not as painful as most people imagine it will be.”
Mark Tew is a CPA who specializes in helping resellers optimize their taxes and profitability. After deciding that becoming a professional skateboarder wasn't in the cards, he created Not Your Dad's CPA. He has helped thousands of resellers save money and attain peace of mind about taxes. He also runs his own reselling side business, so he knows a thing or two about how to navigate the tax and accounting side of ecommerce. When not doing taxes or calming the fears of his clients about taxes, you will find him eating Mexican food, watching movies, playing volleyball, or hanging out with his family.
SHOW HIGHLIGHTS & TAKEAWAYS:
- Tips for resellers as tax season approaches.
- Misconceptions about 1099 forms from eBay.
- The difference between an LLC and an S Corp.
- Why it’s important to get a separate account for your reselling business.
- Advantages of filing as a sole proprietor in your individual return.
- How to prepare an annual summary of your income and expenses.
- Don’t forget to track your mileage!
- Do you qualify for a home office deduction?