If you’re in a finance position within the ecommerce business - this is that time of the year when you have to pay your taxes. Small ecommerce store owners are often so busy with the day-to-day duties of running the shop that they de-prioritize keeping their financial statements organized. The more disorganized your information is, the bigger the tax bill will be. Here are some things you can do to not only minimize your tax bill, but also save you some time that you can use to grow your business:
Keep your books up to date:
Having clean and accurate records is a critical component of a pain-free tax season. It’s also critical in the event that you get audited.
Remember the important deadlines:
Tax deadlines can give nightmares to you, and missing them can result in expensive and unnecessary penalties. Buy good accounting software: With such a software you can download transactions from your bank or online payment system, and input expenses and revenue. Additionally, it can give you a look at how you are doing financially. And you can keep an eye on the expenses that will give you those tax savings. Set up accounts to match: If your account name matches the name of the line on the tax form to which it relates, your accountant will know exactly where to put it on the tax form. Easy enough. Attach copies of receipts to your transactions: You can either take a picture of the receipt, or save an electronic copy to the transaction to which it belongs. This can help you in acknowledging exactly what you bought, and how you can deduct it. Consider Filing for a Tax Extension: You’ll need to fill out the tax extension form that corresponds with your business type and estimate the amount of taxes you owe for the year. Note that if you don’t make a payment for taxes owed by the regular tax deadline, you could be liable for penalties and interest, even if you’ve filed for an extension.
Author - Pragyan Sharma
Content Writer at Buildabazaar - the place where you can get the best ecommerce solutions available for you.
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After being a witness of such explosive growth in the niche of mobile app for ecommerce, in last 12 months. It is anticipated that about 50% of the online retail sales will be done through mobile based shopping apps by the end of 2018. In short, mobile app for ecommerce are no less than a holy grail of ecommerce online shopping.
And recently, with the advent of 4G Technology, newer and faster networks, a rise in the number of users of these networks, and more affordable 3G and 4G handsets will help to increase data traffic. However, the key driver of data growth on a global scale is mobile apps, particularly mobile video apps. The availability of more affordable 4G handsets is also fuelling growth in data traffic. The increase in affordable 4G-enabled handsets and 4G services, will collectively boost traffic. By 2018, 4G users will generate 46 percent of all mobile data traffic. An ecommerce online shop app isn’t just a ‘good-to-have’ element for your business any more now. Instead, a mobile app is a potential channel to grow and survive in the competitive retail market. The shoppers buying preferences and methods are changing fast. They enjoy using mobile apps for retail shopping and get whatever they want by making a few taps on their phone screens. All the little problems that can occur on managing a website can be far easier to remove or fix on an ecommerce mobile app builder. With the availability of various channels as an ecommerce app builder, the customers have numerous smartphones and tablet gadgets to buy. This is why cross-channel selling absolutely makes sense. These apps are certainly an add-on to your cross channel selling as well as the vital element that you must add to the network. As technology continues to evolve, so too will the growth of eCommerce apps. One of the primary tactics that retailers utilize is figuring out a way to make it easier for a customer to purchase goods or services by simply tapping a button on their phone. Source: SaaS GeeK |
Malvi Modi
Renowned in Buildabazaar for her “out of the box” approach, Her obsession is to reach optimal production outcomes and achieve great results for the company. She has been instrumental in branding the company and building the online business.She loves watching movies and big fan of Shah Rukh Khan. Archives
August 2017
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