Taxes for Amazon FBA Sellers

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  • Опубліковано 12 січ 2025

КОМЕНТАРІ • 53

  • @AcuityEcommerce
    @AcuityEcommerce  6 років тому

    Thanks for watching! What questions do you have about taxes for your Amazon store?

    • @michovaltrades8444
      @michovaltrades8444 4 роки тому

      Do I need to start with an ein or can I use a sole proprietor or just my regular bank account to write off startup expenses? Then down the line get set up with an llc or sole proprietor?

  • @samanthasimoneau7722
    @samanthasimoneau7722 5 років тому +7

    God bless you for existing and making these videos. I feel less like I'm in totally over my head now and maybe my FBA efforts might work out!

    • @AcuityEcommerce
      @AcuityEcommerce  5 років тому +1

      I'm so happy you are finding these helpful!

  • @nkoxio2164
    @nkoxio2164 5 років тому +1

    Thanks for making this easy to understand for dummies. Out of the last 5 videos I just watched, this has been the easiest and shortest video. Thanks!! I have subscribed.

  • @R3DpandaBear
    @R3DpandaBear 3 роки тому +1

    Hey, thank you for making this video. You helped me a great deal!

  • @lesliefba4096
    @lesliefba4096 6 років тому +1

    Thanks Patti!! I love your videos - they're so helpful to us Amazon sellers - and I love your Accounting course, too and have been referring my Amazon peers to you guys. We can't stick our heads in the sand on this stuff.

    • @AcuityEcommerce
      @AcuityEcommerce  6 років тому

      Leslie - I'm so glad you're finding our videos (and the course) helpful. Thanks so much for your support!

  • @cindywen5236
    @cindywen5236 5 років тому

    Thanks for making these videos. They're straight forward and easy to understand. I've watched 4 so far and plan on watching them all. I'm new in the business world and looking for help with accounting and bookkeeping. Your videos help clarify some of my confusions. Keep up the good work!

  • @BrianMason3636
    @BrianMason3636 5 років тому

    Just gained a new sub! Thank you for your honesty and trying to truly help those in search for good info that may help them in their journey for success!

    • @AcuityEcommerce
      @AcuityEcommerce  5 років тому

      Thanks for joining me on this journey! (P.S. I'm on a slight hiatus this quarter but will be creating new content again before you know it!)

  • @RoscoSuperfly
    @RoscoSuperfly 4 роки тому

    Thank you for sharing your knowledge. Every last bit of this was informative.

  • @kylecookson9224
    @kylecookson9224 4 роки тому +1

    Can I write off car leases without LLC? Differences with LLC vs without?

    • @AcuityEcommerce
      @AcuityEcommerce  4 роки тому

      Great questions for your personal tax advisor. :)

  • @patriciastoltenburg836
    @patriciastoltenburg836 4 роки тому +1

    Actual info starts at 1:17

  • @jungheejung74
    @jungheejung74 4 роки тому +1

    Hi, About the receipt..if that is not credit card what kind of receipt do I need for evidence? Commercial invoice? Is there any specific form of receipt I should keep?

    • @AcuityEcommerce
      @AcuityEcommerce  4 роки тому +1

      Yes, a commercial invoice. Or the actual receipt you received from the business (i.e., restaurant bill).

  • @robinrandall4133
    @robinrandall4133 5 років тому +1

    Great video. Thanks for the info!

  • @ichiulucero4396
    @ichiulucero4396 4 роки тому

    Love your video. I am a new Amazon seller and very confuse about the setup. Is the AX2 has the ability to store my recipes?

    • @AcuityEcommerce
      @AcuityEcommerce  4 роки тому +1

      Recipes? I'm guessing you meant receipts? It does neither. ;)
      You could attach receipts in Xero or QuickBooks Online which integrates with A2X.

  • @nyamka1982
    @nyamka1982 5 років тому

    Great Videos, i got couple of questions on deductions:
    what about expenses on the product advertisements (FB ads, google ads, etc) ?
    For some people if they go to paid training sessions or classes in order to improve their business performance?
    are these two things considered as business expense that can be deductible on their taxes?

    • @AcuityEcommerce
      @AcuityEcommerce  5 років тому +1

      Official answer: you should discuss that with your own tax professional.
      (Unofficial answer: yeah, totally. Both are ordinary and necessary expenses for an online business.)

  • @DarshanSingh-mb2nk
    @DarshanSingh-mb2nk 4 роки тому +1

    I am Indian and want to sell on us market and i know few things like you need to obtain sales tax permit to collect sales tax from customers and after introducing market place facilitator law in us. Then do i need to obtain sales tax permit by myself or do they will get it for myself and collect and file sales tax on my behalf

    • @AcuityEcommerce
      @AcuityEcommerce  4 роки тому +1

      Marketplace facilitators collect the sales tax, but they don't set up your registration for you, and they don't file the sales tax returns. Each seller needs to do that themselves.

  • @bertieamsing9830
    @bertieamsing9830 5 років тому +1

    I have an LLC since I am a non-resident of the States (Canadian) about to do Amazon FBA buying and selling used books. What are my tax obligations for the USA and Canada? Can you help?

    • @AcuityEcommerce
      @AcuityEcommerce  5 років тому

      Sorry, no. I'll refer you to the giant flaming "Not legal or tax advice. Go see a professional. Please." at about 1:14 into the video. :)

  • @alissab03
    @alissab03 5 років тому

    Thanks for this video! I'm wondering if I do some RA at a discount store that doesn't list specifics on the receipt, do I need to handwrite onto the receipt what each item was, for tax purposes?

    • @AcuityEcommerce
      @AcuityEcommerce  5 років тому

      I don't think you do for tax purposes, but you might want to for management accounting purposes.

  • @MyDreamFBA
    @MyDreamFBA 5 років тому

    Really well explained. Thank you!!!

  • @rappcom
    @rappcom 4 роки тому

    Please help.....
    Nobody seems to be able to answer this one direct question for me. Do I need to get a Sales Tax Permit to be an Individual Seller on Amazon? I'm only using Printful as my supplier. They collect taxes off each order and pay it to the government. Is it the same with Amazon? Do I need a Sales Tax Certificate or not?
    Thanks for any accurate info that you can give me

    • @AcuityEcommerce
      @AcuityEcommerce  4 роки тому

      This one direct question, unfortunately, doesn't provide enough information to be able to answer the question.
      Start here, and hopefully you'll find your answer in the middle somewhere:
      Internet Sales Tax | What Online Sellers Need to Know - ua-cam.com/video/NX-7PjIs2Ao/v-deo.html
      SCOTUS Ruling on Internet Sales Tax | Q&A for Ecommerce SEllers - ua-cam.com/video/N-57-QDzH_k/v-deo.html

  • @sandcruisers8467
    @sandcruisers8467 4 роки тому +1

    Thank you. Clean and easy tax advice from an honest person. My business is growing. How can I keep track of all these receipts? You mentioned an app taxhub? And AX2? Where’s your course? Thanks!

    • @AcuityEcommerce
      @AcuityEcommerce  4 роки тому

      Hubdoc - it's been getting mixed reviews lately (although I still love it)... BUT it's free if you use Xero (because they bought them out a year or so ago). hubdoc.com
      A2X - is amazing and works with both Shopify and Amazon now. a2xaccounting.com
      I'm updating both of my courses in July (anyone who has bought or will buy my course will have access to updates at no charge) and am considering adding a few new ones. academy.catchingclouds.net/

    • @sandcruisers8467
      @sandcruisers8467 4 роки тому +1

      @@AcuityEcommerce Thanks, will check these out. Trying to learn shopify today.....

  • @joyceg7859
    @joyceg7859 4 роки тому

    Cost of goods vs cost of goods sold ?? Is it like if I buy a shirt for 6 dollars ( that’s the cost of goods ) but then sell it for 14 ( which I would report 14 for cost of the good sold ?)

    • @AcuityEcommerce
      @AcuityEcommerce  4 роки тому

      Nope. The $14 would be the selling price. If you bought it for $6, the cost of that good is ALWAYS $6. If it's not sold, it's the cost of inventory, and if it is sold, it's *literally* the cost of good(s) sold. Selling it for $14 means you have $14 sales, $6 COGS, and $8 gross profit.

    • @joyceg7859
      @joyceg7859 4 роки тому +1

      Catching Clouds Academy ohhh k thank you so very much for this breakdown and taking the time out to respond

  • @mrmusichog
    @mrmusichog 5 років тому

    Is inventorylabs a good software to use as well?

    • @AcuityEcommerce
      @AcuityEcommerce  5 років тому

      We've found InventoryLabs to be really for small Amazon sellers. It doesn't replace a good cloud inventory tool, but it's not bad.

    • @mrmusichog
      @mrmusichog 5 років тому

      Catching Clouds Academy a what?

  • @nitivatthitisavetpan4310
    @nitivatthitisavetpan4310 5 років тому

    Hi what about non-US residents and live outside USA.

    • @AcuityEcommerce
      @AcuityEcommerce  5 років тому

      Sorry, you'll need to talk to a tax specialist, but I suspect you pay tax in your own country. If you're selling in the US, you do need to follow rules for sales tax, though.

  • @ChrisGarduno
    @ChrisGarduno 4 роки тому

    You could go without the transitions they are quite annoying