one of the best information about this subject . recently stated online retail store to collect tax on sales made to other states other than nexus state >
I’ve been selling as a hobby and decided to file as a bus for last year. I had to step it up to pay some medical bills after my husband was laced off. Its already in the second quarter how to I pay for last quarter now . Thank you for all your great videos
Heyyy! Thank you for your efforts. Would love to see a video about sales tax with online reselling, specifically within eBay. They collect tax for many of the states but not all. I've seen in eBay an option to set up charging sales tax. How do you do that? Feeling overwhelmed. 😅
@@notyourdadscpa thank you. I saw it today! Very helpful. I live in FL. Stressing me out about sales tax not being charged on platforms. I'm good now. 😁
What if you're already full-time employed with a W-2 and you start self-employment on the side? Does the IRS still consider you self-employed if you already have a full-time job and receive a tax refund through your employer?
I will cover this soon! But yes, if you are registered for sales tax, even though the platforms are taking care of it, the state still expects you to file a sales tax return, even though you'll likely owe $0.
My husband is self employed and I’m trying to learn how to help him keeping track of what we will owe he only gets a 1099 he doesn’t have a w2 please can you give me tips?
I’m so confused so I have to do this ? I received my refund and stimulus and only collected unemployment,they are going by my recent tax where I made like 5000$ and only made 6000$ in 2019
Great video! Question, so when we find out our estimated sales tax and go ahead and pay quarterly, that's more for us to just keep up to date throughout the year? You said, if under a certain amount then we can just pay it all at once at the end of the year right.. Also, if we over estimate with our quarterly fees will the IRS be on top of everything to send up back the overage? I would imagine they keep precise numbers even if they have to pay back.. Thanks in advance!!!
Yes, it all gets accounted for at tax time when you file your income tax return. So if you pay too much you'll get a refund, or if you still owe then you'll have to pay in the difference.
When doing the annualized method, given that the 2nd & 3rd quarterly payments do not align with the 2nd & 3rd quarters of the calendar, do you have to pay 25% of the tax due for that quarter or can, as in the case of Q2, only pay up through May? Every time I look at videos and read the IRS documents I never find something that directly answers this.
Probably a silly question but- if you got a refund in 2019 and your reselling income stays about the same in 2020 is unlikely to need to make estimated payments? My husband and I each have jobs that issue w2s and we have always gotten refunds. This past year was my first as a reseller and we still got a refund but it was just less. I hope my question makes sense!
If working FT job can you just have job take out more taxes per check instead of paying quarterly? 2021 1st year trying reselling. Spent more then i made which was just $500 gross. Worring How to do taxes kept me frozen from listing to sell.
Hey Mark! Ben here I'm a full time reseller that started around August of this year. Quick question if my write offs currently add up to more than I owe do I still need to make an estimated payment? any info on this would be super helpful! Thanks
I work full time and sell part time on eBay. It looks as though you can file a 1040 with all information in one return. Is this the case or should I separate the two from eachother and file a 1040 and 1099?
Good question! Just like information from your W-2 goes on the 1040, so does the information from the 1099. Only the 1099 info goes on a Schedule C, which is part of the 1040.
Not Your Dad's CPA ok that what I thought, I’m gonna try and do my own taxes with my business the first year. That helps a ton! Thanks, found your channel via Harry Tornado and I’m very glad to be a new subscriber!
@@kyleringeisen4750 great question! I'm new reseller this year too with a FT job. I normally do my taxes and thought I might not be able. Since first year should be easy and doable.
The more I learn the more I agree with the fact that Taxation is theft.
one of the best information about this subject .
recently stated online retail store to collect tax on sales made to other states other than nexus state >
I’ve been selling as a hobby and decided to file as a bus for last year. I had to step it up to pay some medical bills after my husband was laced off. Its already in the second quarter how to I pay for last quarter now . Thank you for all your great videos
Wow Mark! This is exactly what I was looking for! Thank you for making these videos. They're a great resource tool!
Any way you can add visual and numbers. I am definitely a visual learner. Lol if not it’s ok. Thanks for the information!
Great feedback, I'll see what I can do!
Great video! Thanks!!
Heyyy! Thank you for your efforts. Would love to see a video about sales tax with online reselling, specifically within eBay. They collect tax for many of the states but not all. I've seen in eBay an option to set up charging sales tax. How do you do that? Feeling overwhelmed. 😅
Coming up!
@@notyourdadscpa thank you. I saw it today! Very helpful. I live in FL. Stressing me out about sales tax not being charged on platforms. I'm good now. 😁
What if you're already full-time employed with a W-2 and you start self-employment on the side? Does the IRS still consider you self-employed if you already have a full-time job and receive a tax refund through your employer?
How about filing sales tax. I know the platforms do so on our behalf, however, I’ve heard you still need to file.
I will cover this soon! But yes, if you are registered for sales tax, even though the platforms are taking care of it, the state still expects you to file a sales tax return, even though you'll likely owe $0.
Not Your Dad's CPA great! Just a basic step by step would be helpful.
My husband is self employed and I’m trying to learn how to help him keeping track of what we will owe he only gets a 1099 he doesn’t have a w2 please can you give me tips?
Great info it answered a lot of questions for me. When can I use my home office deduction?
Very helpful!
This man gives gold!
So I can just skip it all together? I don’t have to fill out the form?
2021 is my first year as a sole proprietor.
I’m so confused so I have to do this ? I received my refund and stimulus and only collected unemployment,they are going by my recent tax where I made like 5000$ and only made 6000$ in 2019
Great video! Question, so when we find out our estimated sales tax and go ahead and pay quarterly, that's more for us to just keep up to date throughout the year? You said, if under a certain amount then we can just pay it all at once at the end of the year right..
Also, if we over estimate with our quarterly fees will the IRS be on top of everything to send up back the overage? I would imagine they keep precise numbers even if they have to pay back..
Thanks in advance!!!
Yes, it all gets accounted for at tax time when you file your income tax return. So if you pay too much you'll get a refund, or if you still owe then you'll have to pay in the difference.
When doing the annualized method, given that the 2nd & 3rd quarterly payments do not align with the 2nd & 3rd quarters of the calendar, do you have to pay 25% of the tax due for that quarter or can, as in the case of Q2, only pay up through May? Every time I look at videos and read the IRS documents I never find something that directly answers this.
Probably a silly question but- if you got a refund in 2019 and your reselling income stays about the same in 2020 is unlikely to need to make estimated payments? My husband and I each have jobs that issue w2s and we have always gotten refunds. This past year was my first as a reseller and we still got a refund but it was just less. I hope my question makes sense!
You are correct!
@@notyourdadscpa Thank you Mark!
what about state taxes?
If working FT job can you just have job take out more taxes per check instead of paying quarterly? 2021 1st year trying reselling. Spent more then i made which was just $500 gross. Worring How to do taxes kept me frozen from listing to sell.
Yes absolutely, you can just have your day job with hold more tax, and that can cover the additional taxes due from the reselling.
Hey Mark! Ben here I'm a full time reseller that started around August of this year. Quick question if my write offs currently add up to more than I owe do I still need to make an estimated payment? any info on this would be super helpful! Thanks
No. Since you won't owe any tax on a loss, there's nothing to pay 🙂
@@notyourdadscpa that's great news! thanks for the valuable info!
This my first year, and I missed my q3 filing. Should I wait for Q4 to pay both quarters, or should I send a late q3 payment 😬😬😬
Also, it's my first year. Should I use quarter;y sales or expected annual sales to estimate tax payment?
You don't necessarily have to wait, you can make payments at any time. You can use either method for the estimate.
Do I need to get a tax ID number for a small reseller business? If so, is there a threshold of profit when this is necessary?
You are a sole proprietor by default, which does not require an employer identification number 👍🏼
@@notyourdadscpa Thank you!
I work full time and sell part time on eBay. It looks as though you can file a 1040 with all information in one return. Is this the case or should I separate the two from eachother and file a 1040 and 1099?
Good question! Just like information from your W-2 goes on the 1040, so does the information from the 1099. Only the 1099 info goes on a Schedule C, which is part of the 1040.
Not Your Dad's CPA ok that what I thought, I’m gonna try and do my own taxes with my business the first year. That helps a ton! Thanks, found your channel via Harry Tornado and I’m very glad to be a new subscriber!
@@kyleringeisen4750 great question! I'm new reseller this year too with a FT job. I normally do my taxes and thought I might not be able. Since first year should be easy and doable.
Do you make a one time payment or do you pay each month?
Ideally it's four payments over the course of the year.