Before I get started let me state clearly and strongly that I AM NOT A TAX EXPERT but I do have a lot of experience in business and these are some of the things I have learned you can do to lower your taxes for this year.
There are two methods of accounting –Cash and Accrual. When you keep your books and file you taxes on a cash basis you can take expenses and deductions when you incur them, but when you use the accrual method you have to spread them out over the year and expense them when they occur in real time. Therefore for small online businesses I think you will find the cash method better and more advantageous. (Talk to your CPA before doing this so you can learn the rules).
Basically what you want to do this time of year is prepay any expenses you can and order merchandise for resale before the end of the year. This way you can take those expenses on your 2015 taxes. For example, just last week I prepaid my website hosting for the next three years). My CPA says I can take that entire expense this year.
Of course you only want to do this if you had a profitable year. If you are already in a loss situation this would only make it worse. And remember losses are not that bad if you are spending money that will make you a profit later. And also remember you can take losses against your regular income from a job if you have one.
If you have not yet started your business then December is a great month to do so because you will have expenses but little or no income so you can take those paper losses against any other income you have but you will already be set up to make money starting in January.
How to Easily Turn Your WordPress Blog into a WordPress Website – Despite the fact that the default setting of WordPress is as a blog, it can be used to make websites. How? It’s really pretty easy. This article shows you how.
Amazon Proven Inventory Performance – Jim Cockrum has a new program called the Proven Performance Inventory. I have looked this over and its excellent like all of Jim’s programs. Here are the details . . .
Is it Still Worthwhile to sell on eBay? – I get this question a lot and the short answer is yes, but it’s a little more complicated than that.
New Wholesale Sources for eBay and Amazon Sellers – Books, tools hatsand more
Many Amazon sellers do not know that Amazon will fulfill your eBay (or website or any other sales venue) orders for you. And the best part is that Amazon passes on their low UPS rates to you when they do that.
The way it works is simple. When an item sells on eBay (or any other site), find the item in your FBA inventory and click the box next to the item. Now look at the drop down box above your inventory listing and select “Create Fulfillment Order.” Hit the Go button and Amazon will bring you to a page that has a field for the address and the email address. Fill in the information and hit Continue and it takes you to a page that shows the shipping charge. It also gives you the option to select expedited shipping if that is how you sold it. Select the shipping and hit continue and Amazon will now fulfill your order.
Having explained all that there is a better way. I use a company called JoeLister that can help you create eBay listing from your Amazon FBA listings and fulfill the products automatically for you. I have been using them for several months now and its working out quite well. They not only automatically fulfill the order, they post the tracking to eBay and if your FBA inventory falls to zero Joelister will also zero out your eBay listing so you don’t sell something you don’t have.
Amazon Launches Amazon Handmade – Handmade arts and crafts has long been the domain of eBay and Etsy until now. Now Amazon has jumped into this market in a big way.
Inventory Planning for The Rest of the Holiday Season – One thing you should know is this time of year Amazon’s warehouses are so swamped with shipments that it takes much longer to accept and store goods. But nevertheless if you have inventory arriving keep sending it in.
Perfecting Titles and Keywords on Amazon (and eBay) -This article is mostly directed at Amazon and most of my examples relate to Amazon but almost all of this information will carry over to eBay sellers as well. At the end I have an additional paragraph about optimizing this information for eBay sellers.
New Wholesale Sources for eBay and Amazon Sellers – Baby items, Hawaiian soaps, tablewareand more
Third Party Service Helps With Sales Tax Filing & Payment Collecting sales tax is easy. You just set up you tax preferences in eBay and Amazon and they will collect the tax for you at the time the sale is made, but they won’t pay the tax for you. That is your responsibility.
Are Amazon and eBay Discouraging Retail Arbitrage and Drop shipping? The short answer is yes. But how are they doing that?
Research and Source Alibaba Products With Terapeak – Terapeak’s partnership with Alibaba.com is designed to help sellers to grow their sales and profits like never before.
New Wholesale Sources for eBay and Amazon Sellers – Flameless holiday candles, French-milled soaps, fashion accessoriesand more
If you haven’t purchased this product I highly recommend it. It gives you instant access to this specialized list, plus my own wholesale search engine sources for just $4.99 –AND it comes with a money back guarantee if you are not happy with the information. You can’t beat a deal like that!
1. Holiday Selling Tips – The hot 4th quarter selling season is here. Are you ready? Our first article has a few tips to help you maximize sales.
2. Fight The Online Sales Tax Bill – Almost all of the big box retailers and the US Chamber of Commerce have ganged up on online sellers and given millions of dollars of lobbying money to our congressmen and Senators to get them to pass a bill that will make it mandatory for all online sellers to collect and pay sales tax in all 45 states with sales tax.
3. Is Affiliate Marketing Dead? – It used to be that affiliate marketing was a license to print money if you had any kind of online presence. You can still make money with affiliate marketing, but it’s a little more work today than it used to be.
4. How To Be Successful Working With Wholesale Sources – I have written about this before, but it is one of the topics I get a lot of questions about so I though I would cover it again.
5. New Wholesale Sources for eBay and Amazon Sellers
1. Tips for Balancing Your Online Business and Your Life – Running an online business can be stressful if you let it. Even though I have been doing this for over 16 years, I noticed it was happening to me and it was starting to affect my health. So that is the genesis of the first article in this issue.
2. eBay Fall 2015 Seller Update – Positive Changes for Sellers
3. eBay Niche of the Month – Vintage Woodworking Tools
4. Amazon can now repackage your eligible customer returns
5. New Wholesale Sources for eBay and Amazon Sellers
I’ve just updated How to Make a Living Working from Home. The book used to contain plans for six home businesses. However the new version has seven home businesses. Click on the above link to see the book’s table of contents. You’ll see the seven home businesses discussed in the book. How to Make a Living Working from Home also has information on avoiding scams as well as tips on how to set up and organize your business.
If you’ve already ordered this book, don’t worry. You get updates for life on my ebooks. Go back to the thank you page you were given when you ordered. The new version of the book, with the additional home business, will be available for you to download. If you no longer have the URL of the thank you page, contact us and we’ll get it to you.
I usually publish twice a month but you may have noticed that I only got one issue out in August. We have three computers in our office and unbelievably all three of them crashed within the space of one week. Fortunately, we had everything backed up so we did not lose any data, but we were completely down for 4 days while we struggled to get new computers and get all the data ported over. On top of that as we are Apple users and we had to get used to the new Yosemite operating system. But all is well now and we will be back on schedule for two issues in September.
As per usual, the newsletter has some great information!
1. What to Do If Your Amazon Account is Suspended
2. Keeping your Affiliate Blog or Website Fresh & Profitable
3. Making The Move From Retail Arbitrage to Wholesale Sourcing
4. Selling Arts & Crafts for Artists
5. New Wholesale Sources for eBay & Amazon Sellers
So what’s in the newsletter? Lots of great information AND a new product, the Amazon Profit Booster! Here are the details . . . .
1. New Amazon Mini-Profits Booster Course Now Available
2. How To Source Products for Your e-commerce Business
3. Perfecting Titles and Keywords for Your eBay and Amazon Business
4. Getting Ready for The Hot 4th Quarter Holiday Selling Season
5. New Wholesale Sources for eBay and Amazon Sellers
On July 1st Amazon released the news about Prime Day –
Step Aside Black Friday – Meet Prime Day
On the eve of Amazon’s 20th birthday, the company introduces Prime Day, a global shopping event, with more deals than Black Friday, exclusively for Prime members
Unfortunately they did not give sellers a lot of time to prepare for this which should be a huge selling day. My friend Shumli Goldberg sent me some tips for making the most of the day. 1. Stock up!
More than anything else, next Wednesday is going to be a day of huge volume sales. This requires having enough stock to cope with the demand, as selling out in the first few hours means that you’re losing out on huge opportunities to make money throughout the day.
2. Know your pricing limits!
With sales galore, price wars will be frequent and devastating. Plummeting prices often drive smaller sellers into the ground, especially when they don’t have a strong grasp on their profit margins, operational costs, and markup. Understanding your full cost, and how low you can drop your prices, is critical before deciding on a sales day strategy.
3. Make sure your listings are up to date!
Sales generate traffic, and traffic means more eyeballs on pages. With a higher volume of customers seeing your selection, the performance of each page is more critical than ever before. Low quality images, poor product descriptions, and missing information could really hurt you, as the lost opportunities begin to move to your competition. If ever there was a time to make sure all your listings were in order, it’s now!
4. Rid yourself of stale inventory!
Customers will roving for the best deals they can find. Take the opportunity to clear out your leftover inventory that you just can’t seem to get rid of. Offer it for discounted prices or do whatever you need to do to get it noticed by the hordes of shoppers coming your way.
Shmuli Goldberg, Director of Marketing
Shmuli Goldberg is the Director of Marketing at Feedvisor and an experienced marketer, who has worked with online sellers of all sizes to improve their online performance. An analytics geek at heart, Shmuli has spent hundreds of hours delving into the intricacies of the Amazon and eBay marketplaces. Previously, Shmuli has acted as Senior Technology Evangelist and Director of Marketing at ClickTale, and has been a featured speaker at industry conferences all over the world.
Learn how to sell on Amazon with the Complete Amazon Marketing System – a two volume printed training course for setting up and running a profitable Amazon business working from your own home.
The Online Seller's News is the
oldest & largest newsletter for eBay, Amazon & Online Sellers. Get
news, tips, tricks & learn online selling strategies. New Wholesale Sources in every issue.