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Chris Potter | eCom Finance Strategist Profile picture
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Feb 9 • 9 tweets • 3 min read
Here's a master list of 24 things you can write off on taxes in your Amazon / eCom business, along with 88 things you can not write off.

Save $$$ this year!

1. ✅Software, Inventory Reimbursement Services, PPC Advertising

🚫Landline home phone
2. ✅Video Conferencing Fees, Amazon Related Fees, Shipping Costs.

🚫Illegal Activities
3. ✅Virtual Assistants, Business Insurance, Shipping Supplies

🚫Personal Life Insurance
4. ✅Prep Center Costs, Sales Tax Paid on OA or RA Purchases, Lead Lists

🚫Business gifts over $25

5. ✅Mileage for your vehicle, Website costs, Government licenses and regulatory fees

🚫Gas, Oil changes, vehicle repairs, or the Section 179 depreciation deduction IF you take mileage as a deduction.

6. ✅Meals, Tax Preparation Fees, Interest Payments

🚫Country Clubs, Athletic Clubs, Sporting Clubs, Airline Clubs, or Golf Clubs.

7. ✅Business Coaching, Employee Payroll, Cell Phone

🚫Entertainment Expenses.

8. ✅Home Office, Internet, Coworking Space

🚫Painting your bedroom and lawn care for your home.

😕Need to make sense of your 2022 taxes?

We can help.

We work with businesses and individuals from all 50 US states of all shapes and sizes.

In 2022, our team completed over 10,000 tax returns.

Shoot me a DM or click the link in my bio if you are interested!

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More from @ChrisPotter361

Chris Potter | eCom Finance Strategist Profile picture
Feb 8
For Online Arbitrage, one of the most underused tools to find profitable products is the Keepa Product Finder.

I've put together 11 of the best Keepa Product Finder Hacks that can net you thousands of profit.

⬇️⬇️⬇️
1. Find more items by the same brand

2. Severity of Price Change over time

Read 15 tweets
Chris Potter | eCom Finance Strategist Profile picture
Jan 24
I've sold over $20 million worth of Amazon using Online Arbtrage.

I know good tips when I see them.

I've put together the ULTIMATE list of OA Tips and Hacks found across Twitter.

You'll have your mind blown with 96 OA tips to improve your business.

Bookmark this!

⬇️⬇️⬇️
1. Inbox filters for order confirmations

2. Out of Stock Notifications

Read 102 tweets
Chris Potter | eCom Finance Strategist Profile picture
Jan 24
3 more things you can write off in your Amazon / eCom business, and 1 thing you can not.

Save $$$ on taxes this year by deducting these things...

⬇️⬇️⬇️
✅1. Home Office - If you run your business from your home, you may qualify for a home office deduction.

Add up the qualified expenses for your home. Then, calculate what % of the home you use for business.

That % of business use is what you can write off.
✅2. Internet - This is typically included in the Home Office deduction listed in #1.

If you use 30% of your home for business, then you can write off 30% of your internet bill!
Read 7 tweets
Chris Potter | eCom Finance Strategist Profile picture
Jan 23
If you don't have KPI's for your business, you are missing out.

How do you know if your business is performing well?

You can look at revenue, ROI, and profit numbers.

But that doesn't tell you the whole picture....
The best business owners and CEO's go much deeper than this, and create KPI's that reveal the heart of their operations.
Here are three criteria to use when developing your KPIs:

1. They must be based on the company’s goals.

2. They must be based on activities that are critical drivers
of the company’s success.

3. They must be mathematically measurable.
Read 10 tweets
Chris Potter | eCom Finance Strategist Profile picture
Jan 19
3 more things you can write off in your Amazon / eCom business, and 1 thing you can not.

Save $$$ on taxes this year by deducting these things...

⬇️⬇️⬇️
✅1. Meals - If your meal has a specific business purpose it is deductible. Business meetings with clients, employees or ownership are legit purposes.

Keep notes of what you covered in the meetings!

In 2023, only 50% of expenses are written off - a change from 2022.
✅2. Tax Preparation Fees - If you pay us (or someone else) to do your taxes this year, that's a write off too!
Read 7 tweets
Chris Potter | eCom Finance Strategist Profile picture
Jan 18
3 more things you can write off in your Amazon / eCom business, and 1 thing you can not.

Save $$$ on taxes this year by deducting these things...

⬇️⬇️⬇️
✅1. Mileage for your vehicle - as long as it's for business purposes. You must keep documentation showing how you used the mileage. MileIQ works well for this.

You get a 65.5 cents per mile deduction in 2023, up from 62.5 in the second half of 2022.
✅2. Website costs - Set up a website for your DTC company, or land wholesale accounts?

That's deductible!
Read 7 tweets

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