Ever heard of the “Masters Rule”? This rule allows you to rent your home to your business for 14 days tax-free. This post includes more details about this strategy and how to do it legally.
Depending on what type of business entity you are, you’re required to have at least one meeting per year with your partners and/or shareholders. But even if you’re scrupulous about having these meetings, you may not realize the importance of recording minutes from your meeting.
For most eCommerce and Online Business Owners, meeting minutes are something it’s all too easy to be too casual about. But in fact, keeping meeting minutes is an essential way to protect yourself and your business.
A lot of eCommerce sellers are hit with an inconvenient truth when tax season rolls around: they haven’t spent any time thinking about the right type of business entity for their business. Without having made this decision, they are lost in a sea of paperwork, doing their best to guess which forms are their responsibility, and hoping that they aren’t making a dire mistake that will cost them money down the road.
There are two ways to look at your taxes: as an unpleasant and unpredictable chore that you put off as long as possible. Or, consider the view as a manageable necessity of keeping your Amazon FBA, eCommerce, or Online Business financially strong.
By having a plan for your money, you can drop that check in the mail (or make it easily online!) each quarter and keep scaling to new heights in your online climb with less stress.