Ten minutes into the video you were discussing cpap heating units. Ebay will not allow those to be sold on their platform because it is an RX item only. The other parts can be sold. I'm speaking from personal experience. I had my listing removed but none of the other parts, face mask, hoses, filters, etc. were removed.
15:30. Thanks Beard you are spot on it is soooo difficult to continue at the same pace and keep motivation when sales take a drop. Mine fell off a cliff Dec 10 and have not recovered yet. I am making myself list and source during this down turn. Thanks for bringing this up and the encouragement.
Something happened to off-site ads in September. I went from getting around 30 to 50 clicks a day and fairly successful with sales. Down to maybe one to two clicks a day. I switched to priority ads & I'm seeing pretty good success with that however that budget gets burned very very fast.
1099's don't matter-the seller is still required to report any income $600 or more. Cash accounting is the way to go for resellers especially, but all businesses below 26 Million gross sales can do cash accounting. I'm a reseller and an accountant with a full service accounting firm. I do accounting calls for myself, Daily Refinement, Technsports, The Used Book Seller, Reseller Revenue and a few other groups and UA-cam channels.
I have heard many resellers name drop you Cheryl. I appreciate you watching us! Cash vs Accrual seems to confuse a lot of resellers, and it wasn’t until after my first audit that I got a good handle on my books (trial by fire).
@@TheJoshGaltthanks! Yes it is confusing and almost everyone starts out as accrual. My job is to help people transition to cash thereby increasing their time to list more or enjoy life more. (And keep more money in their pocket). #livethattaxdeductiblelife
Don’t want to be too critical of Jon, but I don’t think you can complain about lack of time in the busiest time in our business if you have time to take off for golf. I’m taking the entire Christmas week off but that’s our slowest time. Every day we work this month is worth 3 times any other day of the year.
Historically Q4 has been the slowest of the 4 quarters for us. With that said, I work 7 days a week and I don’t usually take days off. I take time off. So every so often I will take 4 hours off to play a round and will then work after I get back home. At the end of the day you need to take a moment and it’s healthy to have sobering to look forward to other than reselling. This works for us. My lack of time has everything to do with my workflow the rest of the time which is something I need to optimize.
Boy it sure is great here that I don't have much unlisted inventory so I don't feel OVERWHELMED! HAHAHAHA! Yeah, I probably have about 2,000 listings to make.
I have been reporting my ebay income since day 1. Only had 2 years where a 1099-K was issued. I believe with the decrease to the $5K threshold, more sellers will be reporting their ebay income. That is good for the government, no?
People think that they don’t have to pay their income taxes because of the first amendment? Those folks definitely need to take a look at the 16th amendment…
you dont got to pay read section 602 it is voluntary!!!!! In the CONSTITUTION that as a country we revolted from taxes and it is our amendment rights not to have to report it
@ Section 602 of 26 U.S.C. § 6020 ultimately says that the irs will file the return for you if you don’t. It does not say it’s voluntary. 26 U.S.C. § 6012 is very clear that it’s mandatory. The supreme court has made this clear as well, such as in US v Sullivan and Cheek v US. The only thing the formal constitution mentions about taxes is article I section 8, which literally empowers the federal government to collect taxes. In the Declaration of Independence, it mentions the grievance of being taxed *without consent*. Not that they were being taxed. You’d be hard pressed to find anyone who has won a case in court with the so called 602 argument. Just ask Irwin Schiff.
Scott’s right. (Cent believe I’m saying that.) $600 way too low. I’m not paying tax on friends paying me back for concert tickets, or because it’s my Venmo I use at our school ball concession stand. Get bent.
businesses do not have to report income to the government IT IS VOLUNTERY!!! I make over 70000 for over 10 years and i never say nothing to the irs. lotsa misformation on this podcast that i wish you didn’t try an scare everyone into paying money they dont got to.
None of us are CPA’s. With that said we aren’t interested in tax evasion or being harassed by the IRS for non payment of taxes. The U.S. tax code operates on a system of voluntary compliance. Some taxpayers have used the voluntary nature of the tax system to support their claims that they don't have to pay tax at all. However, it isn't the payment of the tax itself that is voluntary. Judges accept the Sixteenth Amendment as a fully legitimate part of the Constitution that grants the federal government the ability to -require- all citizens to pay taxes on their earnings. Nor have the courts allowed individuals to suspend their citizenship obligations by forsaking government services. Unless you can provide us with documentation that clearly states otherwise we are doing what we are required by law to do.
In part, the higher $20K was in place for so long because so many people sell their own used cars there. (Not to accommodate tax cheats) In fact, I know more people that buy cars and car parts on Ebay than anything else. It didn't make sense for people to have a tax reporting hassle for a depreciable asset they wouldn't owe tax on anyway. I think resellers get caught up in their own head at times and forget there is a whole world of commerce on Ebay that has nothing to do with reselling for profit. More people are reselling since Covid, so the mindset has only gotten worse. FYI, per Google, every 60 seconds a car is purchased on Ebay.
@@TheJoshGalt NO Josh you don't... If you sell your car for less than you paid for it, you don't even have to report it. Only "income" (aka profit) needs reported to the IRS. In fact, you still don't need to report it unless you sell it online and it triggers a 1099K. Can't post a link apparently but easily googled. From TurboTax 2024... Quote: "How do I report income from a car I traded in?" Answer: "If you sold your personal property, the vehicle, for less than what you paid for it originally, the loss on the sale of personal property is not reported on a tax return." Feb 22, 2024 TurboTax Support
@@DebsZenLifeI think there is a misunderstanding because we are saying the same thing. Only if there is earned income or taxable gains. I still want the measure implemented. I am happy to run out the tax cheats at the expense of the people who want to sell one-off $20K+ items on eBay. It is not fair to businesses that operate above board.
Insane @theJoshgalt still wants to blame others for everything. First it is Ebay throttling his sales and his lighthouse analogy. He sees the same thing happen with his website he blames google. if he opens a mall location he would see the same patterns and would probably blame the mall for diverting foot traffic from his side of the mall.
Sales are going very well for me. On the Google Merchant Dashboard, you are able to see that your items are restricted and the reasons why. In my case, my antiques are considered 'used' and are restricted from Google Shopping. This isn't blame, it is simply reality. I think your comments are misguided at best.
@@TheJoshGalt I think you are getting my post mixed up. I was referring to sales not being steady. Which is one of the things you always complain about with Ebay. And what you were saying in this video. Which is normal. Nothing to do with Ebay or google restricting you. It is also the same if you had a physical store. Aside from that you seem very sad the past few months. not the guy I have seen in the past. I hope that if it isn't just my imagination that things get better for you. If it is just my imagination please ignore.
Ten minutes into the video you were discussing cpap heating units. Ebay will not allow those to be sold on their platform because it is an RX item only. The other parts can be sold. I'm speaking from personal experience. I had my listing removed but none of the other parts, face mask, hoses, filters, etc. were removed.
Josh, your results sound similar to mine. More lower dollar purchases this month. Weekday sales are much better than my weekends.
I miss your show Beard. Hope you keep it going. I like listening to people talk common sense or try anyway lol
15:30. Thanks Beard you are spot on it is soooo difficult to continue at the same pace and keep motivation when sales take a drop. Mine fell off a cliff Dec 10 and have not recovered yet. I am making myself list and source during this down turn. Thanks for bringing this up and the encouragement.
Something happened to off-site ads in September. I went from getting around 30 to 50 clicks a day and fairly successful with sales. Down to maybe one to two clicks a day. I switched to priority ads & I'm seeing pretty good success with that however that budget gets burned very very fast.
Awesome! Economist Scott is back!!!
1099's don't matter-the seller is still required to report any income $600 or more. Cash accounting is the way to go for resellers especially, but all businesses below 26 Million gross sales can do cash accounting. I'm a reseller and an accountant with a full service accounting firm. I do accounting calls for myself, Daily Refinement, Technsports, The Used Book Seller, Reseller Revenue and a few other groups and UA-cam channels.
I have heard many resellers name drop you Cheryl. I appreciate you watching us! Cash vs Accrual seems to confuse a lot of resellers, and it wasn’t until after my first audit that I got a good handle on my books (trial by fire).
@@TheJoshGaltthanks! Yes it is confusing and almost everyone starts out as accrual. My job is to help people transition to cash thereby increasing their time to list more or enjoy life more. (And keep more money in their pocket). #livethattaxdeductiblelife
Woooow my sound is bad in this one :P
Not just you Josh, everyone’s audio sounded more ‘tinny’ than the last episode. Play them back to back in separate tabs, it’s night and day
Don’t want to be too critical of Jon, but I don’t think you can complain about lack of time in the busiest time in our business if you have time to take off for golf. I’m taking the entire Christmas week off but that’s our slowest time. Every day we work this month is worth 3 times any other day of the year.
Historically Q4 has been the slowest of the 4 quarters for us. With that said, I work 7 days a week and I don’t usually take days off. I take time off. So every so often I will take 4 hours off to play a round and will then work after I get back home.
At the end of the day you need to take a moment and it’s healthy to have sobering to look forward to other than reselling. This works for us. My lack of time has everything to do with my workflow the rest of the time which is something I need to optimize.
Boy it sure is great here that I don't have much unlisted inventory so I don't feel OVERWHELMED! HAHAHAHA! Yeah, I probably have about 2,000 listings to make.
I have been reporting my ebay income since day 1. Only had 2 years where a 1099-K was issued. I believe with the decrease to the $5K threshold, more sellers will be reporting their ebay income. That is good for the government, no?
Ty❤
People think that they don’t have to pay their income taxes because of the first amendment? Those folks definitely need to take a look at the 16th amendment…
you dont got to pay read section 602 it is voluntary!!!!! In the CONSTITUTION that as a country we revolted from taxes and it is our amendment rights not to have to report it
@ Section 602 of 26 U.S.C. § 6020 ultimately says that the irs will file the return for you if you don’t. It does not say it’s voluntary.
26 U.S.C. § 6012 is very clear that it’s mandatory. The supreme court has made this clear as well, such as in US v Sullivan and Cheek v US.
The only thing the formal constitution mentions about taxes is article I section 8, which literally empowers the federal government to collect taxes.
In the Declaration of Independence, it mentions the grievance of being taxed *without consent*. Not that they were being taxed.
You’d be hard pressed to find anyone who has won a case in court with the so called 602 argument. Just ask Irwin Schiff.
Next year will be 2500 and in 2026 will be 600
Scott’s right. (Cent believe I’m saying that.) $600 way too low. I’m not paying tax on friends paying me back for concert tickets, or because it’s my Venmo I use at our school ball concession stand. Get bent.
I agree. Scott was right making that point ... $600 is too low.
businesses do not have to report income to the government IT IS VOLUNTERY!!! I make over 70000 for over 10 years and i never say nothing to the irs. lotsa misformation on this podcast that i wish you didn’t try an scare everyone into paying money they dont got to.
None of us are CPA’s. With that said we aren’t interested in tax evasion or being harassed by the IRS for non payment of taxes.
The U.S. tax code operates on a system of voluntary compliance. Some taxpayers have used the voluntary nature of the tax system to support their claims that they don't have to pay tax at all. However, it isn't the payment of the tax itself that is voluntary.
Judges accept the Sixteenth Amendment as a fully legitimate part of the Constitution that grants the federal government the ability to -require- all citizens to pay taxes on their earnings. Nor have the courts allowed individuals to suspend their citizenship obligations by forsaking government services.
Unless you can provide us with documentation that clearly states otherwise we are doing what we are required by law to do.
✌🏻💚✌🏻💚🙏🏻
In part, the higher $20K was in place for so long because so many people sell their own used cars there. (Not to accommodate tax cheats) In fact, I know more people that buy cars and car parts on Ebay than anything else. It didn't make sense for people to have a tax reporting hassle for a depreciable asset they wouldn't owe tax on anyway. I think resellers get caught up in their own head at times and forget there is a whole world of commerce on Ebay that has nothing to do with reselling for profit. More people are reselling since Covid, so the mindset has only gotten worse. FYI, per Google, every 60 seconds a car is purchased on Ebay.
Right, but that income has to be reported regardless.
@@TheJoshGalt NO Josh you don't... If you sell your car for less than you paid for it, you don't even have to report it. Only "income" (aka profit) needs reported to the IRS. In fact, you still don't need to report it unless you sell it online and it triggers a 1099K. Can't post a link apparently but easily googled. From TurboTax 2024... Quote: "How do I report income from a car I traded in?" Answer: "If you sold your personal property, the vehicle, for less than what you paid for it originally, the loss on the sale of personal property is not reported on a tax return." Feb 22, 2024
TurboTax Support
@@DebsZenLifeI think there is a misunderstanding because we are saying the same thing. Only if there is earned income or taxable gains. I still want the measure implemented. I am happy to run out the tax cheats at the expense of the people who want to sell one-off $20K+ items on eBay. It is not fair to businesses that operate above board.
Insane @theJoshgalt still wants to blame others for everything. First it is Ebay throttling his sales and his lighthouse analogy. He sees the same thing happen with his website he blames google. if he opens a mall location he would see the same patterns and would probably blame the mall for diverting foot traffic from his side of the mall.
Sales are going very well for me. On the Google Merchant Dashboard, you are able to see that your items are restricted and the reasons why. In my case, my antiques are considered 'used' and are restricted from Google Shopping. This isn't blame, it is simply reality. I think your comments are misguided at best.
@@TheJoshGalt I think you are getting my post mixed up. I was referring to sales not being steady. Which is one of the things you always complain about with Ebay. And what you were saying in this video. Which is normal. Nothing to do with Ebay or google restricting you. It is also the same if you had a physical store.
Aside from that you seem very sad the past few months. not the guy I have seen in the past. I hope that if it isn't just my imagination that things get better for you.
If it is just my imagination please ignore.
@@domatnyc It is your imagination.
@@TheJoshGalt Good to hear. You blaming others with your nonsense conspiracy theories isn't though.
@@domatnyc Grow up.