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How To Improve Sales; Tax Strategies; Avoiding Audit Penalties;

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Small Business Digest

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T.J. Gentle, CEO of SmartFurniture.com and member of the President's Small Business Advisory Board shows how his firm converted customers at approximately 10x the rate of typical website visitors while increasing the average order amount by 27% on a site where average order size is over $700.

Bill Cummings talks about the 13 most common mistakes business owners make. He points out pitfalls that lead to a higher tax bill. Among them are some of the following:

  1. Selecting the wrong business entity
  2. Selecting the wrong retirement plan
  3. Missing real estate deductions
  4. Missing the many allowed deductions available to business owners
  5. Not maximizing personal wealth when cashing out.

Mark Faggiano, CEO and Founder of  TaxJar, offers tips on how small businesses can avoid the backlash of states trying to tax online sales. States are looking for revenue by way of taxes, and have found more ways to implement nexus rules for business who sell online. Something as simple as having a link to your site, on an affiliates site in another state, now establishes nexus and you must collect sales tax.

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