Taxes For Print On-Demand Business
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- Опубліковано 10 чер 2024
- How To Pay Taxes For Print On-Demand Business
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• Taxes For Print On-Dem...
Taxes For Print On-Demand Business
I hope this video answers your questions about Print On-Demand Taxes! Let me know in the comments if you have any more questions!
Excellent Video Greg!! Thank You!!
Great video as always. Can you make a short video on redbubble and merch by Amazon just short video on how these 2 platform works. Thank you!
reed carefully please
i'm a new suscriber these is my second video from your channel but i have a question :
how i can register in merch by amazon without a bank account so i cherche in youtube and i look for how to creet an account in payoneer without bank and personal card because i don't have 18 years old , i love making money online thanks for reeding
On Printful?
Greg Gottfried is printful worth it in the United Kingdom?
Greg thanks for your videos. I am an accountant and just want to clarify that the income from your e-commerce business or PoD business should be reported on schedule C and not as other income. By reporting it on schedule C you get to deduct all related business expenses (memberships, sales tax, internet, office expenses, software, etc) I hope you are not missing out on the deductions available to you. You can always go back and amend your returns.
I was literally coming to the comments to ask why he recommends other income, instead of Schedule C where you can also deduct expenses (laptop, internet, etc...). Thanks for answering!
Thanks for looking out, Genesis :D
Thanks for this! I was googling everywhere to clarity if we should report as schedule c.
I heard that requesting an EIN from the IRS does not hurt anything, and helps to keep your social private, and you can use it on schedule C, that sound about right...???
Hi @genesis Toledo, schedule C is US related? I am from the Netherlands and will be a new seller as of next year. Where do put my earnings? At the Income tax or also every Q with my revenue tax?
Good info, Greg. Another thing I'd like to add is, the reason why you won't have to pay any other taxes (except for income tax), is because your position is not a "merchant", but more like a "subcontractor" - you make your designs and you get paid a commission for each products they (Teespring) sold. This means, they are the ones that must pay the sales tax, not you. This is different than owning your own Shopify store and selling POD products through there. Printify has a video somewhere on UA-cam explaining this topic. It's pretty complicated, especially for international sellers, because unlike most countries where you only have a single tax nexus, the US is a federation of states, so each state gets their own nexus. And you, as the seller, have to keep track of this, and pay sales tax to each separate state you have a nexus in. This is also the case with Etsy.
This is also why I decided to go with Teespring first. All those tax systems sound complicated, and frankly, daunting.
Thanks for the comment Mario! This is extremely well said.. I agree 100%. Thank you for sharing this for others to read!
but where do i pay income tax or does it do automatically?
@@GOATS10M No, you pay your income tax to your own government. What Teespring pays is the sales tax, not income tax.
@@marioprawirosudiro7301 and where do i pay that?
@@GOATS10M Well, your local tax office. As usual.
Or at least, where I'm from, people usually pay at their local tax offices, or through a designated bank. Is it different in your country?
Dude, you're my hero. Taxes and paperwork was the only thing keeping me from pursuing my art purpose. I'm 27 years old, and I've realized that I've been working in the wrong industries most of my 20's. I found myself happy in college studying art and design. Now with this knowledge on biz, I can be confident selling my artwork. Again, thank you for your content, you're changing lives!
This is so awesome to read.. Thank you for taking the time to write this Gabriel, I'm glad this helped, and good luck!
huh XD
And to think I was scared of this issue. You made it sound easy
I'm glad this video helped! Let me know if you have any questions at all as you're going along!
@@GregGottfried +im still scared. i am following ypur tips to open a pod store but i guess i will have to check how the taxes thing work in mexico. by the way, you always recommend etsy to look for inspiration, but not as a way to sell tshirts... why?
@@damiaguirre3139 yeah i am afraid of the taxes too it is not fair so you get about for example 4 dollars for a t shirt and then you still hav e to pay taxes i do not understand this
Thanks so much for clarifying all this. Really looking forward to more of your videos and getting my side hustle rolling.
You made it so much easier tl understand!!! First time filing tax with side hustle POD. Thank you so much!
Very well presented video, seriously useful and on-point information, thank you very much for helping out Greg!
Thank you so much Greg!!! I really appreciate all the information that you give... You just answered the number 1 big question that I've had in my head all week. Its a relief to know that a personal pay pal account is acceptable!
That was a great informative video! Thank You Greg! HAPPY NEW YEAR! Have an Awesome Year!!
Thanks Eric! I appreciate your time to write this comment :) Happy new year to you as well, a lot in store for us all in online business this year :)
Thanks so much! This was SUPER helpful!
You’re the man bro. Thank you. I have been looking for this info and finally found it. Thanks. Hope your doing well
Thanks for the support! 👍 You're welcome! I'm glad it was what you were looking for!
Greg! Thank you SO much! I have been fretting about this since I Started POD and could find almost no info anywhere about how to claim this on my taxes in the US. I had seen another UA-cam video from a lawyer that said you could definitely claim it on your personal taxes but there were no details about how to fill that out! You made it so clear what to do! I always do my own taxes with TurboTax and really didn’t want to have to have them prepared professionally. This eased my mind and now I know I can do my taxes with no worries. Thanks for talking about what nobody else seems to want to talk about!
Excellent! I'm glad this video has been helpful! Thank you for taking the time to comment and for the support Gail! I really appreciate it and as always if you have any questions at all, feel free to reach out anytime!
You always put out informative and helpful content. This video was really helpful. Thank you, Greg!!!
Thanks so much Aldean! I appreciate your comment and support on all these videos!! Let me know if you have any questions at all!
I appreciate the clarity that came with how this video was delivered! You were pretty easy to follow. Thanks!
Thank you!!
This video had all the answers to my questions. Very helpful 💯
This was the exact video I was looking for! Thanks soo much!
Thank you so much for the comment! As always, if you have any questions as you're going along just let me know!
definitly you are the one who inspires the most confidence by far . thank you Greg for your extremly helpful channel . best...
ayo
Your video was soooo helpful!!! You answer all my questions like magic :D
Fantastic! Thank you! Great minds think alike :)
I love it Greg I love your videos!
Great explanations! Thank you
Thankyou Greg this is very helpful. I was thinking about this. You are an angel 👼
Thank you for taking the time to comment and for the support! I really appreciate it and as always if you have any questions at all, feel free to reach out anytime!
Thank you so much for this video. Very helpful.
Very helpful!... THANK YOU 💯
You can also use Schedule C (on your 1040 personal tax return) that way you can include your expenses as well, and local court fees to open Sole Proprietorship is minimal.
That is how I went about doing it. I recommend for printful* to open a business bank account so you can use a business credit card because they pull the money for the shirts as soon as you get an order then you get the profits 2-3 business days later. Don’t want to get caught with no money to fulfill orders
Thank you for the information is a killer, and this 2020 is going to be lit..
Greg your the man
Thank you for taking the time to comment and for the support Vinnie! I really appreciate it and as always if you have any questions at all, feel free to reach out anytime! 2020 is going to be great for all of us in online business, the statistics and trends support it :)
Brilliant explanation of how to pay taxes in print on demand and setting bank accounts and companies! Now I am all set to go for the print on demand business!
Excellent! Thank you for taking the time to comment and for the support! I really appreciate it and as always if you have any questions at all, feel free to reach out anytime!
@@GregGottfried Yes will do bro
lol @@CIOZimbabwe
Bless you a MILLION times over for this! Thank you so much!!!!!!! :)
Awesome video thank you! Do you set aside a certain portion of your earnings for taxes, once they start becoming substantial? And when you price your items should we make them higher because of sales tax or VAT or anything like that? Do you have any videos regarding those things? Thank you again for wonderful and easy to understand vidoes!
A BIG Thank You Greg.
You're welcome Larry :) Thank you for taking the time to comment and for the support! I really appreciate it and as always if you have any questions at all, feel free to reach out anytime!
Simple! Thanks for the advice :)
Thank you! If you run into any questions just let me know 👍
Thank you just what I need it 👍🏽
Excellent! Thanks for taking to time to comment too :) As always, let me know if you need anything!
Solid info Greg! I bought a few of your courses on udemy and I'm looking to start branching my business into e-commerce this year! Looking forward to what 2020 has to offer for you as well!
Right on! Thank you for taking the time to comment and for the support! I really appreciate it and as always if you have any questions at all, feel free to reach out anytime!
good information to know that I was wondering about the other day. haha cool. Thanks for the good information.
Thank you for taking the time to comment and for the support Jason! I really appreciate it and as always if you have any questions at all, feel free to reach out anytime!
Thank you 🙏 this was very informative
Helpful! 🙏🏾
Thank you. Liked!!
Thanks!
🙌
Love how you have a tl;dr at the beginning
It made me want to stay till the end even more
Thank you! I try to make these videos how I would want to watch them, short and sweet with no fluff. I appreciate you taking the time to show support. Thanks again!
You are the best thank you thank you!🙏🏾
Well, I’ve had a LLC and in the state of California it was $850 a year to maintain. I wouldn’t recommend it unless you are making a full time, livable wage from your business..
thanks for the video 👋🤙🏻✌️
Great information as always
Thank you Pete!
You are awesome Greg.
Thank you for watching 👍🏼
Got it. Thank you so much.
Thanks for the comment Sunny!
Very helpful!
Thank you! I'm glad to hear this video was helpful! As always, if you need anything just let me know!
Fantastic.
Lots of love ❤️
Thank you trying too get into this
Awesome- happy to hear! Feel free to let me know if you have any questions! Best of luck to you! 👍🏼
This is the video I was searching for and you answered almost all of my questions. I can’t thank you enough. I just have a request if you can explain how to handle Etsy shop and it’s taxes. Thanks again.
Thank you!
You're welcome! I'm glad you enjoyed the video!
Hi Greg, thanks for all the great info. I was setting up my accounts and I read that RB does not distribute the sales taxes and that it's up to you to forward those to the appropriate agencies. How do you handle that?
yeah where i can find my local taxes cuz i live in BUlgaria for example
Thank for your great videos. Please can you confirm that the sites that you recommend pay over the sales taxes on your behalf. I am looking at going into this type of business but I am outside of the US.
THANK YOU! I only get to keep about $3-$11 per sale (even though the item costs $35-$60 so I didn't know how I was taxed). Now, I know it is just off the profits.
I'm using Printful on my own website and setting up taxes is BEYOND complex. I wish it was as easy as your explanation.
nice video
thank you
Hi Greg, your videos are great! For the tax issue, how about for non-US person?
Okay I don't want to run his video's at 2x speed like i do it for all others because all his content is so upto the point and valuable..
Can't thank you enough Greg
Please take out some time and give him a positive comment for his video's to encourage him & keep doing such valueable content for us....
Great great video Greg. I do have a question. At what point should we be looking for a W-2 from any of these businesses.
And as always thank you for your contribution to making our lives a little bit easy. Have a great New Year.
Thanks Markess! I can't recall with 100% certainty, but I believe if the site requires a form, they ask for it at sign up. I believe it's a W-9 that they request in the beginning (Merch by Amazon does this only I believe). Since we are not employees, we do not get W-2's. We are responsible to report the taxes on our own. I have a great Tax Prep person who handles all of this for me however I do not recall getting any forms in the mail besides something from Amazon. With so many income streams, it gets a bit hard to remember each one specifically.. Again, I wish I could recall with full certainty but I don't think we get anything in the mail besides possibly a 1099 from Amazon.
you are awesome thanks for information
Thank you so much! I appreciate the comment! You're welcome, Arnold!
You are truly a selfless angel on this earth.
my dream is to become as good as you.
Best wishes for your future and may you succeed in your life.
Thank you so much, it means a lot to hear that! If you have any questions as you're going along just let me know!
People on Quora are saying that you cannot begin selling without running ads is it true.
Not true, I've done it both ways :)
@@GregGottfried thank you😁 also there are some source which is saying that POD industry is getting saturated what are your views on this.
Bruh I’m 15 and I’m making a big profit every week and I was scared about this tax deal thanks for helping 😂😂😂
Soo, you dont pay taxes at all or ? Im 17 btw
congratulations man
Im 15 too...
@Daniel Aguilar 4 months ago i asked yeah, i run a SMMA business now buddy making 5-7 k a month dm me if you would like to hear my story!
@@DylanHGN whats ur story
Damn. Thanks for this video Greg. I was scared on how taxes was going to be!
You're welcome!! Absolutely, I know I was too!!
Hi Greg, I have a question related to sales taxes: Is it required to have a specific tool to 1. calculate and 2. collect the sales taxes, depending on where the sales are made ? or is it already taken care of by Teespring/Merch By Amazon/Redbubble ? Very informative video again. Much appreciated !
Hi Greg ~ love your videos (so professional and fill with valuable info!). Question regarding US taxes: Are we also paying the 12% payroll taxes on our individual tax returns when reporting the income, in addition to paying income taxes? I'm assuming yes since our relationship with POD selling entities is that of a subcontractor (and would basically have income reported on a 1099 form). But since you didn't mention it I'm curious if this is something to be aware of as well. Thank you in advance!
Hey Greg, great video. I was wondering where I can get the link to my store or to one of my listings. You're great thanks for everything.
Hi Santiago, great question! I just copy to website link when you are viewing your listing or storefront. If you go to your dashboard and click on the listing, or from your dashboard, then storefronts, then view storefront. I hope that helps!
Thanks. You're one of the few people with entrepreneur channels that I follow that actually respond to comments.I really admire that and thanks for the help!
Thank you
You're welcome! Thanks for watching!
Hi greg,
I watch a lot of your content and it really helps, but I got a question.
Do you think that Typorama is worth it and also is it legal if you don't pay the subscription and just crop the watermark ?
HI Greg, I like your videos. Well articulated and short enough to absorbed the info, so well done. Question: For POD, if you are selling nationally, their are different tax laws across different states?. Does we, the business owner have to worry about any business related activities relating to the POD business? or do we, just concern ourselves with paying tax on received income, regarless of where we sell in the States?
Great question. Just the received income because we are not the actual seller of the product, rather we are just the artist getting a royalty it commission on each sale.
Thank you!! Great video. Answered pretty much all of my beginner questions. Question: What are all the taxes we as sellers need to be aware of when doing on-demand print in the USA? I can only think of sales tax and income tax. Anything else?
Hey Greg ,
This is Roger here. I do appreciate you sharing your knowledge about POD, it´s definetely at a course level.
I´m starting my POD business now and I´m kind of concerned about taxes since I´m international and I´m not really sure if I´ll have to pay taxes twice, let´s say in the US and in my country as well. Do you know how people from other countries do in this case?
Thank you very much......you rock!!!
Thanks Greg for the great content, I recently discovered your channel, I live in England UK, do you know if I need to pay any tax in US as Teespring is based in USA. Or I just need to pay UK tax.
Welcome aboard! Great question! You just have to pay your local taxes (UK only). I hope that helps!
Great video. I have a question as you mentioned you dont have to establish a business entity as you can just add to your "other income". How about expenses? Ie computer, software or anything else you needed or was necessary in order for your print demand business to generate income. If you dont have a business entity then would you or should I say do you still deduct those expenses?
Liked the video unconsciously 💜
Thank you so much :) As always, let me know if there's anything I can help you with!
Thank you so much.I actually have a question.when applying for merch by Amazon I need to put link to treespring store to show them my design or any other way?
I would leave out the Teespring storefront because it doesn't help us in the application. You don't need to show them your designs, rather explain in the notes section that you are already selling designs online :)
Thanks
You're welcome, Tareq!
Love the video! Question, I'm looking to get started into this, does my paypal email have to be the same as my account for these 3 websites? I'm planning to created a "POD" email separate from my personal accounts & my paypal account email.
Thanks for this information. This is the most confusing part of starting a business. My question is have you ever done any kind of trade shows where you take some products to sale in person. Would you need a sales and tax permit for that or no?
i like content as well editing
Hey Greg,
Another great video thank you!
I am currently building my new shopify store and need to check if I need to charge tax? (I am in the UK and would like to ship worldwide).
TIA :O)
For Shopify do you subtract the product cost from the sale and only document your profits as taxable income?
Hi Greg, please can you teach us how to create and take advantage of Instagram store
Hello, I am in Canada and would like to know if there is any major difference i should be aware of?
Hey, I love the video but I have a few question. Firstly can you collect sales tax under the age of 18. Then let’s say I’m using printful but I do not store products in a warehouse, do I have to collect sales tax? I’m in Illinois but printful is in North Carolina, do I have to collect sales tax? I’m using Shopify to make my online business and putting my logo on clothing with printful, is my nexus in Illinois or Norht Carolina and do I collect sales tax? Thank you, I really appreciate it!
Hi Greg, thanks for the info. I have a question. I’m not from the US. But the paypal account I use on teespring is my cousin’s. She lives in the US and has a green card. Do you think she’s the one to be charged for taxes because she has the paypal? I don’t wanna put her in trouble😅
What about applying the right sals tax when nessasary to your merch?
Hey Greg, great, informative video. Would you please also address sales tax?
Sure! Since we are only getting commissions on the sales and not selling, printing, collecting funds, shipping, etc, the products ourselves, we do not have to worry about sales tax. The print on-demand companies themselves are responsible for the sales tax. I hope that helps!
@@GregGottfried Thanks, I appreciate the response.
@@GregGottfried I red point 5 of Redbubble's User Agreement (Appendix A Services Agreement) and it says Redbubble does not collect or pays taxes on your behalf so you have to pay sales taxes, VAT on your own (in fact in every product page the write 'designed and sold by (your username)'). How can we deal with sales taxes around the world !?! (+ custom duties where due)? 😬😬😬 I'm getting a bit discouraged 🥺
Thanks for the awesome content. Regarding POD in Europe, the companies such as Printful now charge us VAT taxes. So not having a business entity we'll have now 21% less profit cause we are forced to decrease our prices. For example an €18 ( €12.50 Printful's price + €5.50 my profit ) t-shirt becomes €26,06 ( €18 the retail price + €3,72 shipping + €4,34 VAT ). That's way more than anyone would pay for a regular POD t-shirt. So in order to have a €5.50 profit, I have to charge my customers €26,06 ..that's worthless!
Hello Greg, does this apply if you own a Shopify store?
Question. I'm doing etsy and printify. Would i take Esty's yearly amount sent to bank and Minus Printify? like if I made 200k on etsy but spent 100k on printify i would say i made 100k?
What about people outside of the us?? How can we do if the pod Pages just asks us for business entity or social ID number and we don't have one? Like printify o cafepress does?
I would apreciate any help or advice.
Thanks for sharing your knowledge! Keep it up
This...made my life so much easier 😳
Perfect! Glad to hear it helped, and thank you for the comment!
What about if you are on Shopify?
Found you today. I'm lucky now. ❤
Happy you found me today too! Thank you for watching- hope these videos help you in some way! 🙂
What is the ideal laptop to buy I want to get started in POD
Hey Greg, love your work. My question is: What about RB collecting taxes on our behalf? Part of our "profit" is collected by RB as sales tax, then paid to us. Could you clarify a bit? You'd be my hero, lol.
pourrs-tu re-expliquer et le montrer avec une video sur les taxes. et surtout une video de evnte sur Canva+Printify+Etsy svp?
I have two questions... The first being: since technically you'd be considered a sole proprietor (or if you were to set up an LLC) wouldn't you have to pay quarterly estimated taxes? And second: you mentioned just reporting how much income you made, but how do you actually pay the tax on that income? Does the IRS and state bill you after you send in your 1040 or schedule C and you pay the bill or what?
Hey Greg... I have a question not directly related to this vid: when setting up a teespring store, does it matter if I have my own domain name and url in my campaign that redirects to the teespring site/store? I want to use my own url for branding and to make it seamless to jump platforms if a design hits big, but I don't know if that hurts me toward teespring's marketing or other things that I'm not thinking of. TIA.
Yes you absolutely can forward your own domain to your storefront (for easy changes of link destination down the road). I hope that helps!
Hey Greg! Redbubble said they're not in need of print on demand! Is that true? I came to know about last week!
Hi Greg, so with teespring is there a specific time frame you have to cash out your earnings within? Does it have to be done by the end of the year for example, or could you technically just let your earnings build up and cash out in say 18 months? Can you choose how much you cash out each time or does it all have to be done at once? Do any other print on demand sites operate like this? Thanks
Great question! Nope, your earning build up for perpetuity and you can payout anytime, you will just pay taxes on the amount you paid out during that tax year. Teespring is the only site that operates like this. I hope that helps!