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organizing your online sales finances for taxes


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organizing your online sales finances for taxes

Running an online sales business has opened a lot of doors for my family. It has provided us with the additional income that we needed to get through some hard times. My wife has been taking care of this business from the beginning and has done quite well with it. The one thing that she overlooked was the bookkeeping aspect of it. She has done her best to hold onto receipts and track spending, but she didn't do very well putting it all into a spread sheet for tax season. If this is something that you are experiencing, this blog can help you reclaim the organization you need to optimize your finances for tax season.

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Reporting A Stock Transaction Loss As A Wash Sale

Some investors repeatedly buy and sell stock in a particular company in response to changes in the stock price. However, individuals who repurchase corporate stocks too soon after selling identical stocks at a loss must postpone the loss and report the sales transaction as a wash sale. Because taxable stock sale gains can be offset by stock sale losses, investors sometimes sell stocks that have fallen in price to harvest the available loss. Read More 

Does Your Home Business Need A Financial Consultant?

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How Can I Reduce My Small Business Taxes?

Especially when your business is still growing, the cost of taxes can be daunting for a small business. There are a few steps that you can take to reduce your taxes considerably. Hire a Tax Specialist The first thing to do is hire a consultant who will be able to offer you sound advice on your tax planning. A small business accounting specialist from a company like Bliss & Skeen CPAs with experience doing tax planning is one good option. Read More 

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Avoid These Accounting Faux Pas For New Businesses

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