Episode 162 : Amazon Sellers Might Owe Taxes They Don’t Know About (CPA Reveals)

Amazon sellers… are you leaving money on the table or worse, setting yourself up for unexpected taxes?

In this powerful interview, Jimmy Smith sits down with CPA and eCommerce accounting expert Cindy Smith from E-Commerce Accounting LLC to uncover the truth about taxes, bookkeeping, and financial statements for online sellers.

What you’ll learn in this video:

• The biggest tax mistakes Amazon and Shopify sellers make

• How sales tax and income tax nexus really work across states

• Why your inventory isn’t an expense (and how to treat it correctly)

• The importance of monthly financial statements for scaling

• Tips on credit cards, profit-first system, and bookkeeping practices

• Data security and how to choose the right accountant for your business

If you’re an Amazon FBA seller, Shopify entrepreneur, or eCommerce business owner, this video will help you avoid costly mistakes and set up a solid foundation for growth.

Work with Cindy (E-Commerce Accounting LLC): askjimmysmith.com/eca

Disclaimer: This video is for general educational purposes only. Please consult a licensed professional for advice specific to your business.

Amazon sellers and eCommerce entrepreneurs over $5k per month in sales:

If you're ready to scale your Amazon business to new heights, APPLY HERE to join the Business Building Legends community: https://www.askjimmysmith.com/legends

Not there yet?

If you're just starting out or earning less than $5,000 per month on Amazon, YOU are why I make all my best resources FREE. I have nothing to sell you. Access my FREE 30-day training and other tools here: https://www.askjimmysmith.com/freetraining

Chapters:

00:00 – Why Accounting is Critical for E-Commerce

00:22 – Meet Cindy Smith, CPA & E-Commerce Specialist

02:00 – What Makes E-Commerce Accounting Different

06:00 – The Biggest Mistakes Sellers Make

09:00 – Inventory: Asset vs Expense Explained

12:30 – Using Credit Cards Correctly in Your Business

14:30 – Profit First Method for E-Commerce Sellers

17:20 – The Complex World of Sales Tax

21:00 – Sales Tax vs Income Tax: Key Differences

25:00 – How to Vet an Accountant for E-Commerce

31:00 – Data Security & Protecting Your Business

38:00 – Red Flags in Financial Statements

42:20 – Services Offered by E-Commerce Accounting LLC

47:00 – Tax-Saving Tips for Sellers

49:30 – Final Advice & Next Steps

Other eCommerce Training and Business Building Links:

Free Amazon Facebook Group:

https://bit.ly/mstgroup

The Proven Amazon Course:

https://bit.ly/paccourse

eBay Training Community:

https://treasurehuntingprofits.com

Amazon Coaching (affiliate):

https://bit.ly/jimcockrumcoaching

eCommerce Accounting Services:

https://ecommerceaccountingllc.com

Replen Dashboard:

https://www.replendashboard.com

Affiliates and Discount Links:

Aura Repricer:

https://bit.ly/replensgoaura

Helium10 (Discounts):

https://bit.ly/helium10ajs

Disclaimer:

While all of these success stories/testimonials are from real people and we get more each and every day, please understand however that the results posted are not typical. I'm not implying you’ll duplicate them or that you’ll get any results at all! Your results will vary greatly and will depend on many factors including your experience, work ethic and other factors as well. The fact is, the average person who buys any business course or training gets little to no results. The results I share here and in other places are for reference only. Business always involves risk and your best chance of success is to take consistent, intentional action. We can equip and inspire you, but no one, including me can guarantee your results!

#AmazonSellers #EcommerceAccounting #TaxTips