Ecommerce has become the norm reaching over $500 billion in retail sales over the past year. Amazon has distinguished itself as the number one online marketplace holding over 49% of the market with retail sales over $250 billion in the U.S. alone. It’s no wonder entrepreneurs have rushed to claim a piece of this flourishing market.
Amazon sellers are still held to normal business taxation and accounting rules. Amazon’s business model has proven to be a challenge for Amazon Sellers to properly account for Amazon’s fees and pay out process. It has led to accounting errors and under reporting of tax liability.
Over 70% of Amazon sellers make under $300,000 in gross annual sales. A little over 20% of sellers make under $12,000 in gross annual sales. The truth is that most Amazon sellers are considered small businesses that require minimal bookkeeping. However, it is still possible to find yourself in “the red” when it comes time to filing your tax return. Estimated tax payments become increasingly complex when incorporating your net sales with household income and self-employment taxes. True Tax Solutions provides scaled business solutions for Amazon sellers.
We provide the following packages to make tax time easier for Amazon sellers:
Annual Tax Service: $550 ($450 if you provide your own Profit & Loss Statement)
- Sole Proprietor/Single Member LLC: Form 1040 (Personal Return) and Schedule C, Profit Loss Statement & Personal Tax return.
- Partnership (Form 1065) Profit & Loss Statement, K-1 for each partner, 25% off individual return for each partner.
- S-Corp (Form 1120S) Profit & Loss Statement, K-1 for each shareholder, 25% off individual return for each shareholder.
Annual & Quarterly Tax Prep/Bookkeeping: $850 (Payment Plans Available)
- Sole Proprietor/Single Member LLC: Quarterly Profit & Loss Statement & Quarterly Tax Calculation, Form 1040 (Personal Return) and Schedule C.
- Partnership (Form 1065) Quarterly Profit & Loss Statement & Tax Calculation, K-1 for each partner, 25% off individual return for each partner.
- S-Corp (Form 1120S) Quarterly Profit & Loss Statement & Tax Calculation, K-1 for each shareholder, 25% off individual return for each shareholder.
Contact True Tax Solutions today for your Amazon Sellers Tax Preparation needs.