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Amazon invoice example for Accounting and Tax

how's it going everybody my name's Warner Fields with fields of profit and today I'm joined by Chris who is successful e-commerce entrepreneur we'll get into all that kind of stuff built and sold an eight figure business and now he helps run uh tall oak which does bookkeeping CFO Services all that kind of stuff so he's actually here to answer those tax questions that I get all the time so bring it on a little bit more qualified professional for you guys before we jump into all the kind of the nitty-gritty of that you just want to kind of briefly introduce yourself why should the people listen to Chris Potter on the internet today well hopefully I can expl the reason why you should listen to me I guess so yeah thanks for the intro there basically the general idea of what my background looks like is I actually started selling on eBay back in 2005 and in 2008 actually went full-time on Amazon and I ran an Amazon business in pretty much any business model you can think of between online Arbitrage Retail Arbitrage wholesale I did a little bit private label I did Drop Shipping as well so you pretty much named the business model I've actually done it in some fashion and the last last iteration of my Amazon business actually ended in 2020 and at that point we were last year we did about 13 million sales that last year and we exited our Amazon business and then when we exited that business it was me and a partner and he went his separate way went my separate way and I decided to invest into some tax offices so I actually bought 47 tax offices in Virginia and North Carolina and this year we actually started doing actually I guess it would been 2022 in the middle of 2022 is we started doing bookkeeping and taxes specifically for e-commerce businesses so we basically took what my people are good good at on the tax side we took what I'm good at on the e-commerce side and we kind of merged them together and you know we've been running ever since from there so we handle pretty much book keeping CFL taxes not just for e-commerce but we also do it for you know any pretty much anyone like this year so far we're right now in the middle of February and we've already done nearly 5600 tax returns this season we did over 10,000 last year so so we're already probably about halfway to what we'll probably end doing by the end of the year that's awesome yeah I'm sure there's a ton of Need for e-commerce specific like lots of new entrepreneurs getting into it who just have no idea what to do with their taxes and that's probably why you're watching this video right so I I just had a personal curiosity to you said you've done like all the Amazon businesses what was your favorite like model of it even if it wasn't the most profitable I I don't know I don't know if there's a favorite because like for me like my big thing is I seem to be challenged I I always need to just find I always need something new and so like the area that I found that was actually the most rewarding for me personally was just the research I really love the research and be able to figure things out and all that good stuff so honestly like just the sourcing in general and finding leads finding sources on the wholesale aspect it was trying to get those accounts that no one else could get so like it's not necessar the model it's a matter of like the portion of the model I always thought was good and the research portion was always my favorite but you know they're all somewhat similar just just a different methodology I mean wholesale is a little bit different because you are going to a lot of like conferences and you're actually talking to people and all that stuff which I enjoy that too so I don't know it's that's a difficult question because they're all different and you know some points I just got tired of one model went to other so yeah yeah yeah I I think it tracks that the type of person who wants to be challenged goes from an eight figure business to just buying 47 tax firms right yeah yeah so you know there's probably a bunch of guys watching this video who maybe it's their first business Definitely Maybe the first e-commerce business I get the question all the time like do I need an LLC do I need a corporation as a new seller you know what do they need to worry about there should they go and start an LLC immediately what's kind of your thoughts there certainly so just to clarify before we get into any specific questions there are two things I need to to talk about one of them I'm not an attorney I'm not I'm also not a CPA however I know a ton about taxes and I have lots of CPAs on my staff so anything I see in this you know as far as somebody's answers they're not legal advice they're mostly just business owner to business owner and they're at my best best of knowledge and so I would definitely recommend if you do have specific text things that you have questions on see a text professional whether it's me or someone else to get the most appropriate answers so want to make sure I get the disclaimer right off the bat but specifically as far as your question which is you know how should we start out this is more legal question it is necessarily a tax question because you know realistic when you start out it's pretty much mostly the option is should I do self proprietor or should I do an LLC or should I do an es Corp those are usually the first three corporations for pretty much 90% of the people is not going to make any sense realistically the only time that really makes sense if you're some sort of private label business and you're going to hold on to it for at least 5 years and there's specific tax reasons why that makes sense but I would say probably almost everyone watching that video probably does not fall into that category so then it boils down to misl proprietor m see am I in es Corp and escorp is really best for businesses that have sold at least enough to make a profit of $50,000 or more in a year before it makes sense and there's a lot of reasons why I say that but just keep in mind if you're just starting out that's not where you should start I've seen some people immediately open up their LLC immediately go to escorp and that's not exactly the best option ambitious but they probably watch a couple Tik Tock videos and everyone talks about es Corps they're like you got to do it but realistically the break even point to actually have es Corp actually even make sense is about $40 $50,000 in profit so if you're underneath that you're going to pay more for your Tax Repair to do your tax return and you also have to pay for payroll and all this other stuff that that kind of like cost you money so you shouldn't do it until you're about that number so now the question is do you do so proprietor or you do LLC and realistically in my opinion you should start out with an LLC mostly because of the liability aspect of it has nothing to do with taxes because for tax purposes it literally makes no difference between whether you're a s proprietor or you're an LLC they both function exactly the same so it ask what to do with liability and I think that that way if you ever were to get sued or if you ever that that sort of thing that would least start not coming after you personally and so that that's kind of really the big difference there but the number one key that you should really think about especially starting out isn't necessarily the entity but as far as the business split because the biggest problem we tend to see with most people first starting out is they have their personal credit cards and they have their personal bank account and they hook everything up and then they just decide to do everything on their personal cards everything in their bank account they put some business purchases on the card they put personal ones on the card and it's an absolute nightmare for tax purposes an absolute nightmare for booking purposes that's what I did year one I learned my lesson on that one it's a mess man it is an absolute mess and we we have clients to come to us with nightmares like that and we untangle them and it's not fun it costs a lot of money to do it because it just takes a lot of labor for us to figure that stuff out and so that that's kind of like the the biggest thing I typically see with most people is that when you create an LLC it's almost like kind of has like a thought in the back of your mind that you're really starting a real business which then forces you to open up a new bank account for business and then also kind of separate out your credit cards and okay to run an Amazon business off of a personal credit card the key is is just a separate them out so that way if you have let's say three credit cards you have one just for your personal stuff and then use the other two for business and don't like put personal ones on those cards you're saying your business and vice versa that way you're kind of keeping it fully separated yeah that's awesome lots of value there and also within like the the LLC thing I I agree like a lot of people say you don't need it but yeah it protects the assets and also depending on the state it's usually really cheap like some states are expensive but I think I paid like 50 bucks did it online and I like mental aspect you're talking about there is you know I I run a legit business now I got to kind of on top of it right so you know kind of moving on from that for these newer sellers at kind of a very basic level are there any you know some spreadsheets or specific tools that you have seen clients come in and they're decently set up on the back end for their bookkeeping yeah so I would say that the majority of people just either using inventory lab or they're using nothing is what I would say the majority of of people that come to me that're just starting out within the last year that's typically what we see and I would say that inventory lab is probably the better bet of anything that you have because it does give you again it's not an accounting solution but it's okay enough to be able to get taxes done and the biggest thing is it does give you information you need to be able to make buying decisions cuz when you're first starting out your real key isn't necessarily to just figure out how to do bookkeeping your goal is basically to make money and figure out how to actually do that and so sourcing is kind of where that comes into play and inventory Lab at least gives you the data you need to tell you yeah you did a terrible job on this item or you did a great job because it tells you that stuff and spreadsheets yes you can do it that way but as soon as you start scaling and buying any sort of volume it's very difficult to kind of keep up with that in spreadsheets so generally I would say inventory lab is probably the best bet but you know let's say for example you're someone who does inventory lab but you also never put in any of your expenses which we see that a lot too and so we actually do have an internal spreadsheet that we use that we give to our clients that basically is an expense spreadsheet where you can take your exports from your credit cards and your bank statements copy and paste them in there and then you can just basically go through through the list and categorize them as you go along and we have a spreadsheet for that and I'll probably give you the link on that that you can probably post on this if you want to do that that' be awesome yeah so we have that it doesn't track income it doesn't tell your profit and losses but it's a good way to keep track of your expenses that people generally totally forget about or Miss in inventory lab and that's the reason why we came up with that solution because we saw a lot of clients that came to us and they're just missing all sorts of expenses and we've have that broken down so that way we we help solve that problem yeah that's awesome another thing I tried to implement like this year to help me was was putting you know you know you're separate in personal and business a lot of course but also for us I started putting like a lot of boxes and software and all that on one card and then inventory on different cards so it's even easier to kind of separate what you got going on there something that I've been suggesting some people seems to be helping them so you can try that out as well at home Al keep your account happy when you got piles of paperwork right y to to kind of piggy back on that sorry for cutting you off a little bit there but to piggy back on that once you do get to a point where you actually do want to hire someone to do your books that actually makes it significantly easier for us to understand like is an item an actual expense or is an inventory purchase because like I was actually just reviewing someone's books a few days ago where they had actually had another accountant doing the work on it and they had like certain expenses for a specific supplier they had them all in inventory and so I asked and so I look at at and I was like okay well 80% of these purchases are on One credit card but then there's like you know another 20% on a different credit card so I asked the client and I was like hey is that how you set this up and he's like yeah generally that's what he did so that immediately told me that the previous bookkeeper they had didn't follow that and then I was able to go in there and properly make the right expenses which does make a difference for tax purposes so that's just kind of one of those things that does make it significantly easier even if you do hire someone to do your work it makes that that job a lot easier because then we also don't have to ask you hey what is this and then you know maybe we put in the wrong category because you didn't do it that way so that's an actually great tip yeah yeah that's awesome yeah so moving forward a little bit what are some of those like the most common deductions that you'll see Amazon sellers take I got a million different suggestions from people but you know top of the line what should people not forget about yeah so you know probably the biggest ones that would say people typically Miss would be you know any prep Center cost obviously the big one and one kind of side note on here is if you are using inventory lab please do not put your prep Center cost in with the buy cost I've SE some people do that please don't do it because it does mess up with your bookkeeping if you ever do decide to move over to Accurate bookkeeping it totally messes it up so prep Center cost is a big one you know just those shipping supplies you mentioned there that's a big one making sure you have every single subscription cost that you have that's a huge number that we typically see for most Amazon sellers is there's all this software out there another one would be any sort of like lead list that you paid for any sort of Discord groups any sort of coaching that you've done any sort of courses you paid for all of those are deductible and those are things that people typically Miss as well so that's kind of like the main ones I would say and one of the cool things is is that that spreadsheet I was mentioning we actually have a list that kind of like tells you all different categories and it has examples of things that most e-commerce sellers typically have in each of these categories so we can pretty much go right down that list and say hey is there any of these I'm kind of missing and that way you kind of jog your memory and say oh yeah I remember I bought that should probably go back and find that expense and make sure I get it yeah yeah that's awesome we we'll definitely have to put that down below so you guys can kind of check through that stuff yeah so for the you know maybe it's their first tax Seas maybe they had one tax season last year what documents are they going to need to pull together for this year's tax season from Amazon from eBay like all that kind of stuff yeah so part of it depends on who you're working with for accounting purposes because generally a normal CPA that is not fluent with eCommerce they will ask you to pull all these reports together and then hopefully do it right whereas someone who understands e Commerce we can pull those reports for you and tell you exactly what they are so generally like with when you're working with us we actually get like an Amazon login we pull the reports from there and all the good stuff but let's say for example you choose to just find your local CPA generally the things they'll usually ask you for which they probably won't ask you for with things they for sure will ask you is if you sold over $220,000 in any of the different marketplaces and keep in mind that is a change that used to be 20,000 and they supposedly change it to $600 and then in on December 23rd the IRS decide to change it back and say 20,000 for year that was I don't know what they were thinking on that one but yeah so for 2023 which is taxes you'll do next year it will be $600 but for this specific tax year it's $220,000 still so any place that you sold $20,000 or more you'll need to have the $199 for that now you also need to have all of your expenses that you paid which includes any sort of expenses you have for the marketplaces so like for example on Amazon you can pull a date range report from Amazon that then tells you all the expenses you have for Amazon and then for eBay you have to do like specific invoice exports from eBay then you have like gumroad if you're selling if you're like a person that sells list gumroad has CSC files you have to export from there and pretty much every platform you have whether it's mcui or stockx or you know stadium is another one there's all these different really smaller ones depending if you're clothing and choose retailers there's a lot of these other really small ones and pretty much every single one of those typically takes some sort of cut before they send you the payment and those are the numbers that you kind of need to know because the biggest issue we typically see with people is that they think that the money comes into their account is their revenue but it's not it's missing the 30% from Amazon and and all that good stuff exactly and so what happens is that that 1099 that comes in doesn't even match that number and so the typically a CPA looks at that and they're like I don't know what to do with this and then they end up just writing it all off as an expense which isn't the proper way to do it so that's one of those cases where if you do work with a standard CPA that doesn't understand e-commerce understand that they should be asking you for not just the 1099s they should be asking you for all of those other specific expens is they're specific to each of those selling platforms and generally they won't ask for that because they won't know to do it yeah gotcha yeah so that's awesome that's a lot of the stuff that I had questions for you know that new seller who wants to jump in there have a lot of tax questions so just to summarize for that you know that new seller pulling together all their $ 1099 and all that kind of stuff from Amazon this year making sure that they have you know an inventory lab or like a seller board or something like that that tracks their active cost of goods sold beyond that is there anything else that you would kind of add to that I'm starting an e-commerce business accounting starter pack that they should be well aware of no I think we kind of covered I think the other key like I said the other key is that people typically don't track their expenses so even just utilizing a spreadsheet that I kind of share would kind of solve that problem so that that's probably the biggest thing but I think you pretty much covered pretty much everything awesome yeah yeah making sure everybody's got their bases covered there so then for this second part of the video then I asked a lot of you guys on Instagram through an Instagram story do you have any tax questions a very rare thing that I will never ask you again probably but this time we are actually answering some of those more specific tax questions for you so I've got a little bit of a of a list here for us we can just go ahead and and run through it the first thing this confused me back in 2018 with sales taxes and all that kind of stuff right as Amazon sellers what do we need to worry about as far as sales tax I get a lot of questions do I need to collect sales tax all that kind of stuff great question and the answer today would be significantly different than it would be back in 2017 2018 you probably know so I'm not going to go back through a history because I could s here for 15 minutes talking about that but let's just talk about what what's important right now so pretty much most marketplaces now actually do collect sales tax on your behalf so for example Amazon eBay pretty much they all collect them on your behalf Shopify is slightly different because if you do have a Shopify store unless you're specifically paying for their service to collect sales taxs they don't collect sales taxs on your behalf so if you're Shopify that's a little bit different but if you're just straight up just you know Marketplace sell and you're just selling on the major platforms Amazon is collecting them on your behalf now the major thing is is that even though are collecting on your behalf when you actually create your LLC or you create your business you're still required to have a sales tax license in whatever state generally you do now keep in mind every state is different obviously there's some states that don't even have sales tax and there are some states that have different rules as well so this is a kind of a generalized rule but there are certain states that this doesn't apply so generally you do need an actual sales tax license which is basically filling out form with the actual State and opening up a sales tax account with the state the issue is that as soon as you open it up the state expecting that you're going to collect sales tax and they don't know they don't know otherwise so what happens is is that you open it up and and you're like okay well Amazon's collecting it so I don't have to worry about this well the issue is if you just literally ignore it then what happens is that the state will then say oh my you're supposed to be collecting sales tax and it'll just basically guess how much they think that you owe them they'll send you a letter and then you're going to look at and be like whoa I don't ow $111,000 and so that was literally a story I had from a client that I talked to probably 4 days ago literally the exact same case is they got a letter in a mail like $111,000 and they're like what do I do and it's like you don't probably anything but the thing is is that what you do need to do is you do need to submit a form typically whatever reporting method your specific state has you do need to send something into them stating that you know it's Zar you owe them and then that's perfectly fine but if you never send that form in they will just assume you owe them money and then it's a mess to clean up after the fact so depending on your state you need to figure it out like for example Virginia Which this is something I recently found out is that you don't even need one in Virginia you don't even have to open it at all in Virginia you know but there's Most states you do and then some states you do it monthly some states you do it quarterly some states you do it yearly you know it's one of those cases where either you figure it out yourself on what that reporting method is or you hire someone to do it and that's something we do take care of for clients as well if we need to yeah with my Arkansas reale permit I just go in I type zero every month it's easy but it takes me you know 15 seconds and you don't you'll get a angry letter and all that kind of stuff but yeah reporting zero is what we do there as well so another pretty common question I got from the community is you know can I hire you know family friends my kids and can I write them off the answer is probably it depends and the reason why I would say it depends is it depends on the structure and how you're going to pay them now like for example if it's your child depending on the type of structure you have you may have to put them on payroll or you can just pay them and as long as it's underneath a certain amount you don't really have to claim it or do anything but you can claim as an expense for you and your child can not have to claim income at all so that is a legitimate write off especially when you start getting the kids that are kind of like in the teenage years because they legitimately can do work at that point especially for the style of business that most people are doing this with there's obviously edge cases where like if you're a private label seller and you're selling kids products you can have your kids do photography so those are cases where you potentially can do that but I would say majority of people who are probably just doing reselling away that sort of thing generally crap is about the only thing they can really help with or maybe sourcing and so in those cases usually teenagers are mostly helping with that and so as long as underneath $12,000 a year you generally can do that and then you claim it as an expense for you and then for them they don't have to claim it at all and but keep in mind if you're an escorp you generally have to put them on payroll it's a whole whole different thing you know obviously if you're hiring your brothers that sort of thing you certainly can hire them it's just a matter of how you pay them is really the question they're all deductible it's again it's just a matter of how you pay them if they're technically employees and that's why you have to determine there's a specific guidelines you have to follow for whether they're an employee or contractor if they're an employee then you have to literally put them on payroll just like a regular employee if they're not an employee then you have to determine or contractor you can just send them payments but then the thing to keep in mind is that now you have to send them $10.99 at the beginning of year which a lot of people don't realize that either they're just paying them cash or paying them whatever and then they're like yeah and then we we figure out okay well what happened there and they're like oh yeah we just paid them cash or we paid them whatever well you have to still report that especially if you want it to be a deduction for yourself you can't deduct it if you don't actually reported on$ 1099 those 1099s are due on January 31st so for example if you're watching this video now and you actually paid someone you know and you never actually collected anything you know as far as like any sort of paperwork they hired them their contract you should have sent the 1099 in by January 31st so that's the key thing a lot of people forget so you're in trouble is what he's saying if he didn't send it in already sweet that's awesome there I'm I'm a big fan of hiring you know friends family that kind of thing so that's something I've I've taken advantage of it's baked in trust and all that kind of stuff so I love it when I hear people like hey you know my kid they they make their money from prepping stuff for me like that's awesome so I'm a little bit personally curious on this one this question I got how should people do their accounting for buying discounted gift cards that's a fun question so it's a nuanced answer because the way you should do it which again this is like the technical accounting terms the way you should do it is when you buy that it's considered an asset to your company is what it is and then when you buy the inventory you should be shifting it from that asset category into an inventory asset and then when the item sells it shifts from an inventory asset to actually cost to get sold that's pretty much the chain of how it should work and then you should effectively treat your gift cards just like their inventory and then there's also like a discount because obviously you're buying it with discount so then you have to have an adjustment generally for the basis between how much you paid for it and how much you actually use it for so that's to generalize terms of how theoretically you should do it in reality that's ridiculously complex and pretty much even we don't follow that method for most clients that we have because that requires you as a seller to then keep track of all of that stuff you now have to keep track of like how much you bought it for you have to keep track how much you have in stock in any given time and it's an absolute Nightmare and most sellers don't want to do that so realistically what the kind of other option is is let's say you're using an inventory lab right which is probably a good chunk of the people that we have here and so what you would do in those cases is you effectively would buy the items and you buy the gift cards on discount whatever the number is and when you put the buy costs into inventory lab you're basically just taking whatever percentage off you have for those gift cards let's say you got a 20% discount and you're buying the items let's say you take a look at your total number on your receipt and it's $1,000 and you got a 20% discount your gift card so then for your buy cost you would take whatever the numbers are and deduct 20% off of it now it's a little more nuanced where let's say you have only had $1,000 of gift cards but you bought $1,300 wor the stuff so now you have to figure out okay well I I only paid $800 for this $1,000 gift card and then you have to figure out what the exact percentage is because that means you paid $800 in gift card then you paid another $300 in cash which means the total you actually paid was 1100 off of the, 1300 say you calculate with the difference in percentages and then you percentage that out by item and then that's what the it you put in for buy cost so that's kind of like the general way we typically recommend doing it for for that now if you're actually doing it for like bookkeeping purposes let's say say you have like QuickBooks the other option is is that you again you just put it as an inventory asset and then at the end of the year you basically do an inventory valuation of it where you add up all of your gift cards what you have left and then we back those out as inventory so that's just kind of one of the things that we do for for that sort of case but for the layman's terms that are typically used in inventory lab that kind of bulk of what I just talked about how people typically should handle it awesome yeah that's a little bit convoluted for sure but I was getting that question on some of you more advanced sellers out there taking advantage of that so yeah that's that's a good answer there yeah so another kind of one of those gray area questions I'm sure you get a lot is what should people do about cash back I knew that question was coming so I I actually have an entire threat on this on Twitter because I I do ask this a lot and this again is a gray area answer and it really is dependent on which way you want to look at it because the technical definition is that cash back theoretically if you're doing it for business is taxable now rewards are specifically told by the IRS that they're not taxable so now you talk about some great area stuff where well what if I convert my cash back to a gift card is it a reward is it mileage I don't know and there's no specific guidelines out there for the IRS that tell you how to handle those situations so it more or less is most open for interpretation because there's no there's no case law to really go after to say what to do so at that point it's like okay well it it sounds like it is rewards so then it would make sense to not have to claim them then you have another case where if you think about logically that you know and again I'm looking at this from a business owner's perspective and not the IRS perspective as as a business owner you're getting the cash back but there's no 1099s that never go anywhere so theoretically the IRS never knows you ever received it so I can tell you that a good majority of business owners even though legally it's very very great area they never claim them that's what a majority of sellers do you are supposed to claim them because if you again if you were to do like Google searches and look up like is cash back taxable you'll get a couple different answers one answer you'll say no it's not and the reason why they'll say that is because the expectation is is that most people who are getting cash back is on personal purchases and so if it is a personal purchase it is absolutely not taxable and so that that's the problem is that as soon as you convert it from personal to business now at that point it's basically a rebate against the product you're buying and so because it's a rebate against what you're buying that is technically taxable now again if you you again if you're one of those people who are like again this is this is me talking as a business owner of what I've heard from people doing and not what I recommend but I can tell you this is what people do is they basically just deposit their account act like it never happened and then they never tell their accountant order CPA that ever existed and realistically we're not going to ask for that as a CPA staff we're also not going to audit that because it's not what we do but if you actually do tell us we have cash back we're obligated to then tell you you are required to to take it so you can read between the lines as far as like what the legal law is and how the great area is and all that good stuff and unfortunately it's a very convoluted answer but a lot of it depends because the issue is is that let's say for example you're like hey I have all this cash back I don't want to claim it but you tell me you now have it I'm required to then say we have it because if I don't I potentially can lose my ability to file tax returns if I ever get audited on that so that's part of the problem is that if you tell me it's there I have no option but to tell you that's taxable unless you're one of those accountants that don't understand it or one of those accountants who just doesn't care about their about you know their ability and they think okay we're never going to audit on this anyways there's no case law who gives a crap but you also don't want to be the first person that then creates the case law to make this happen either because then you got a l to deal with so you can read the answer any way you want there but that's kind of like the long combo on that yep yep it's definitely a gray area and that's the kind of reasons why I bring you on the show right yeah yeah so that's some super awesome stuff really appreciate you sharing all that info with us for you know that seller out there they want to go and start finding that accountant where should they start you know what kind of advice do you have there all right so I would say the key thing is is is to start asking questions with the person they're working with to make sure they understand what you're actually doing and that's probably the biggest challenge we see was you know there's a lot of people out there they're amazing CPAs they understand the tax laws extremely well they're great bookkeepers but as soon as you start talking about ourr you start talking about gift card cash back you start talking about what do I do with you know this cash back that came from here what about rutin how do I how do I handle that how do I handle cost good sold wood items with Amazon that got damaged like you start asking some of these questions they're going to look at you like a deer in headlights and I have a clue what you're talking about and if you go to a CPA and you ask them okay how many other clients do you have that have actually done Amazon sales and they tell you well you're my first or second second one they're probably not going to understand how to handle it if the you know another question you can ask them and say you know how would you handle sales that are from multiple Market places how do you do that and if they're like I don't know will just ask for $199 is what they'll probably say and if that's the only answer they give you and they're not asking for any more information then they probably are also not very knowledgeable in the space so realistically it's just you asking the right questions as far as making sure they understand your business you can even ask them all right well I'm reselling things on Amazon and I use something called on online Arbitrage do you know what that means and if they're like no is that legal then you should probably think twice about using them because if they don't understand what you're doing there's no way they can make sure that you're actually doing your taxes properly if you don't know that so that's kind of the problem cool yeah really appreciate you hopping on the show and dropping a bunch of value for us for any of the guys out there maybe they've got you know tax questions of their own they need some help where can they go find you learn more about you learn more about tall oak definitely so there's two two spaces so you can check out our website you know which is to advisors.com you see my little logo here just go to that site you can actually schedule strategy session with me if you want to have a chat I'm kind of backlogged at the moment so unfortunately if you do want to chat specifically with me it's going to be a little bit of a backlog at the moment but if you want chat we can go that route you can also send us an email through there and I'm pretty responsive through there the other spot is you can go on Twitter pretty active on Twitter I'm Chris Potter 361 on there and you can DM me and that sort of thing I typically try and check DMS in between my various meetings and things like that so if you want a relatively quick quicker response you can go on there and again we can handle taxes we can handle your bookkeeping we can handle CFO we kind of closed off at the moment but bookkeeping and taxes we definitely can take care of for pretty much sellers of any size specifically for taxes bookkeeping usually we recommend sticking with inventory lab till you're about like $40 $50,000 a month in sales and at that point usually them make sense to potentially hire for bookkeeping but for taxes we can you know if you've only sold 500 bucks we can help you out with that doesn't matter yeah yeah for sure we'll get the links for that stuff down in the description down below really appreciate youall hopping on and sharing some value with the community if you guys got value from this video feel free to share some of that value back hit the Subscribe button that would really help me out if you guys have any questions comments anything like that drop those in the comment section as well but I really appreciate you guys watching this video and I will see you next time