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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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Need To Calculate Cost Of Goods Sold? 5 Components You’ll Need

Do you need to calculate the cost of goods sold (COGS) for your business? While this calculation may be unfamiliar to many small business owners, it is vitally important both to really know what type of profit you have made as well as to keep your taxes low. But how do you come up with this number? The equation itself appears relatively simple, but you will need to know five components in order to do it. Read More