First XD Edit: First off fam, grats on the 10k in sales! Secondly, don't worry about the Timmy's. Ppl be getting mad if they cant make massive amounts of profit quickly. I for one appreciate the transparency you are showing with the volume that you sold. Profit is profit, period. I do have a question as someone who is looking into getting into reselling as a side hustle. Perhaps this could be an advance video as its in regards to the wonderful thing known as the tax season. When you show your eBay seller dashboard, I see a section that says "Taxes and government fees". Is that amount that the government takes for their taxes or do you have to in addition separate taxes from your profits to owe when it comes to filing your taxes? Im currently in the gathering inventory phase of my reseller journey and am just starting to look into inventory tracking and actual tax filing. I appreciate any tips fam!
Thank you I appreciate the support! 🙏🏻 so unfortunately the taxes you saw was sales tax for the month. eBay collects sales taxes for you as a seller, which is nice to have. However, I will have to report my profits for the whole year, which is tax on profits. You’re also taxed on your inventory, even if you didn’t sell it yet, whatever is leftover in your inventory, is also taxed. I hope this helped! Thank you for the comment!
people got to see the bigger picture. this is repeatable which is the hardest thing to do!
100%!
Love the content and the merch!
Thank you! I appreciate your support! 🙏🏻
First XD
Edit: First off fam, grats on the 10k in sales! Secondly, don't worry about the Timmy's. Ppl be getting mad if they cant make massive amounts of profit quickly. I for one appreciate the transparency you are showing with the volume that you sold. Profit is profit, period.
I do have a question as someone who is looking into getting into reselling as a side hustle. Perhaps this could be an advance video as its in regards to the wonderful thing known as the tax season. When you show your eBay seller dashboard, I see a section that says "Taxes and government fees". Is that amount that the government takes for their taxes or do you have to in addition separate taxes from your profits to owe when it comes to filing your taxes? Im currently in the gathering inventory phase of my reseller journey and am just starting to look into inventory tracking and actual tax filing. I appreciate any tips fam!
Thank you I appreciate the support! 🙏🏻 so unfortunately the taxes you saw was sales tax for the month. eBay collects sales taxes for you as a seller, which is nice to have. However, I will have to report my profits for the whole year, which is tax on profits. You’re also taxed on your inventory, even if you didn’t sell it yet, whatever is leftover in your inventory, is also taxed. I hope this helped! Thank you for the comment!
@ dang Uncle Sam wants almost the entire pie huh XD thanks for the insight.
Hello can you do a video on how track your sales and profits for tax season and how do you do your taxes for the business. Thanks!
Yes tax season is coming up so I will provide a video on it in the beginning of the year!
Stupid question probably but do you have to pay taxes on that gain
Never a stupid question. ! & yes I will be subject to be paying tax for all of 2024.