Pro tip: set up separate business and personal checking accounts to make things easier to keep track of. You can also get a business credit card (secured or unsecured) that you ONLY use for business expenses (gas, hotels, etc). This way you have a documented record of purchases and also can help build credit. Also, an EIN or LLC limits your liability and really helps to keep everything separate when filing.
it's good to have an LLC/separate bank accounts from an organization standpoint, but in terms of taxes single member LLCs are classified as sole proprietorships so your personal and business taxes are combined.
bruh i did that method where i kinda lowball and people have tried to fight me, they’ve told me they’ll do the deal and to meet there and when i go they be like oh you thought i was serious, and others be like bruh that offensive 😂😂and i really dc at the end of the day sometimes they even be coming back to me saying i’ll do it now cause it never sold 😂😂
Jeez that markdown prices topic hit me hard. I'm in the same situation rn, I'm finally pulling the trigger now and sell my current inventory for the lows. Been sitting for a month already. Thanks rare the 🐐!!!
Just so you know Rare you can write off lunch gas money for going to Events or going to meet up with people of course you right off the price that you pay for the that you sold within the year which will drop your taxes because you were only supposed to pay taxes on your profit not your overall amount may you do calculate the overall amount me but then you subtract all your expenses like I said gas the price of the actual shoes how much it cost you to ship everything you have to do with anything if you pay a car note you can take a portion of their and your insurance you can use your phone bill as expenses...
But Quickbooks fam, you’ll thank me later. Watch a couple videos on operating it and you’ll make your life so much easier. You’ll save time on your spread sheets.
If it’s not a business you don’t have to do taxes if you live with your mom under 18 it’s a side hustle basically so no taxes once it becomes a business taxes
Muhammad Smith the most popular first name in the world 🌎 & the most popular last name in the United States the odds are high someone would have those names but what are the odds they have the most common first name and the most common last name
Pro tip: set up separate business and personal checking accounts to make things easier to keep track of. You can also get a business credit card (secured or unsecured) that you ONLY use for business expenses (gas, hotels, etc). This way you have a documented record of purchases and also can help build credit. Also, an EIN or LLC limits your liability and really helps to keep everything separate when filing.
Yessir separate accounts is a MUST
@@rarekiqs7188 facts. That was the #1 action item i toom away from this video. Lol got my bank app open right now!
it's good to have an LLC/separate bank accounts from an organization standpoint, but in terms of taxes single member LLCs are classified as sole proprietorships so your personal and business taxes are combined.
“ain’t dat called write backs” 😂😂😂💀
BROOO I RLLY NEEDED THIS INFO, APPRECIATE U
You clutch for this video… I haven’t seen it yet but man. Thank you ✊🏼
bruh i did that method where i kinda lowball and people have tried to fight me, they’ve told me they’ll do the deal and to meet there and when i go they be like oh you thought i was serious, and others be like bruh that offensive 😂😂and i really dc at the end of the day sometimes they even be coming back to me saying i’ll do it now cause it never sold 😂😂
I was waiting for this one, right on my boah💪🏽🔥
Rare is hands down best reseller
Jeez that markdown prices topic hit me hard. I'm in the same situation rn, I'm finally pulling the trigger now and sell my current inventory for the lows. Been sitting for a month already. Thanks rare the 🐐!!!
yo really appreciate I'm trying to start and I'm under 18 so
Same bro keep going we gonna be eating good in the future 💪
@@stingray10 fashoo
Make sure y’all are making a certain amount like he addressed in the video however once y’all get to this level it’s a must good to understand now
Great video, well explained and very helpful! A true inspiration 💪🏾
aaaaaaand he's back... Thank you for sharing your knowledge/experience. Keep killing it rarekiqs...bless up
Here in florida we dont got state tax
Just so you know Rare you can write off lunch gas money for going to Events or going to meet up with people of course you right off the price that you pay for the that you sold within the year which will drop your taxes because you were only supposed to pay taxes on your profit not your overall amount may you do calculate the overall amount me but then you subtract all your expenses like I said gas the price of the actual shoes how much it cost you to ship everything you have to do with anything if you pay a car note you can take a portion of their and your insurance you can use your phone bill as expenses...
If I'm a minor do I need to do taxes
I’m an accountant and bro lemme be your accountant/bookkeeper???
But Quickbooks fam, you’ll thank me later. Watch a couple videos on operating it and you’ll make your life so much easier. You’ll save time on your spread sheets.
Can you do another vid on taxes
8:47 lol bars 🔥
Bro you dont use quickbooks for your stuff? its automatically logged.
🔥🔥🔥 Good Vid
Have you considered turning your business into an llc for the tax write offs
This gonna be a great video and I haven’t even started it🤙🏼
Go to your local accountant and ask questions.
Thank you!!! I’ve been needing this information! I was gonna DM you and ask you to make this video, but you were ahead. I appreciate you
Wish he would’ve showed him selling the shoes
What if you're under 18
Always like to know these things
is that jordan singing in the intro?
i thought so too buts nah its "she" by pierre bourne
The beginning 😂
Damn Rare, the tax man got u down. Got you selling personals and what not. Smh
been waiting for this
Intro song name?
I sell drugs i dont pay taxes boooooiiii
FINALLY!!! preshade the vid Rare💯
good video bro
2020 if your under 65 you must pay taxes on your income if its more than $12,400
Anything over 10 grand has to filed I believe.
what do you do when you have a lot of people wanting sneakers from you but don't have enough stock and don't have much capital?
credit cards prollu
If it’s not a business you don’t have to do taxes if you live with your mom under 18 it’s a side hustle basically so no taxes once it becomes a business taxes
That’s false sir, please check the new tax codes
Save EVERY RECEIPT! That will save your ass
Here before 1k
Yo Rare, do you have a LLC?
Been waiting
300k ?! In sales or profit ?
Sales
@PlugFlame shoot I'll take that
Bro just use quick books
Letsss go!!
Just pay cash with everything so u can avoid taxes
Big Facts u right..
Bro, hit me up, no way u should be paying taxes lol.... no way! You have an LLC? Lmk bro my fam fries taxes for a living and no way u should be paying
The company is BryLaw
@@jonnathaniseiah6351 why shouldn’t he be paying taxes? He is self employed
Lol of course the stuff on sale was stuff they couldn’t sell. 🤷🏽♀️😂
Finally
kiqs do be thiccc
U first mistake was calling ur self a business and u probably got resell permit so u messed up I sell of word of mouth 👄
Muhammad Smith the most popular first name in the world 🌎 & the most popular last name in the United States the odds are high someone would have those names but what are the odds they have the most common first name and the most common last name
🐐 🐐 🐐
cant wait till the next one
Yesssirr 🇳🇿🇳🇿
Do I have to pay taxes if I sell only on eBay?
If you make more than 5k I’d be worried that’s around the sales the irs sent me a letter
@@slumpedmoises4483 😭😭
Pretty sure they don’t send u a tax form unless u got over 200 transactions and 20k in sales.
@@abesong9697 oh ok thanks
@@abesong9697 is that 200 transactions in a year or overall in the extent of many yrs?
why tf u even using american currency in the first place, letting the government tax u😂😂💯use crypto, BTC, ETH, etc
Shut is a scam
“You know im sayin” you make good videos but say that phrase 1000+ times EVERY GOT DAMN VIDEO. Kills the vibe You Know Im Sayin....
24:43
This sum real shit Lmaoo .... you even got Jordan sayin “question” I’m dead but fr this sum real ass information you giving us
The scarce underclothes implicitly flower because fighter emphatically drown atop a unknown gore-tex. watery, economic dress
i frr wanna fight the dude behind camera
First?
Correct sir 🙌🏽
3rd