My Basic Inventory, Sales & Expenses TRACKER for Excel/Numbers & Google Sheets: rb.gy/74e2vh My Inventory, Sales, and Expenses Tracker Tutorial: kzread.info/dash/bejne/ZIGAqtdph5u-n5M.html&t Track Sales With Me Video: kzread.info/dash/bejne/oJuC1ayee7OcmZc.html

How you can tax a used item that has already been taxed when it was originally purchased years ago boggles my mind. Haha

Thank you for the reminders! Love watching your videos.

@EssentialEndeavours

2 жыл бұрын

You’re so welcome! Thanks for watching 🥰

Thank you for the information. Always love learning from your videos. Have a Happy New Year!

@EssentialEndeavours

2 жыл бұрын

You’re so welcome! Always happy to help 🥰 hope you have lovely new year celebrations as well!

This video was super super helpful! Thank you for sharing with us!

@EssentialEndeavours

2 жыл бұрын

Aw yay I’m glad it helped you 🥰 thanks so much for watching!

Great video Britney! I purchased your spreadsheet about a year ago… love it!!!!!❤️

@EssentialEndeavours

2 жыл бұрын

Thank you so much! Aww yay I’m glad it’s been beneficial for you 🥰🎉 happy almost new year!

Thanks for sharing the info! Great video!😊

@EssentialEndeavours

2 жыл бұрын

You are so welcome! Thanks so much for watching and Happy (almost) New Year 🤗🥰🎉

Great video, Brittani! Very informative.

@EssentialEndeavours

2 жыл бұрын

Thanks guys!!! Happy almost New Year! 🥰❤️

Just in time, thanks for the info ❤️❤️

@EssentialEndeavours

2 жыл бұрын

No problem 🥰

Dishes, laundry, and taxes the crucibles of adulthood. Great explanation! Hope y'all had a good Christmas!

@gwendorphins7

2 жыл бұрын

No!!! I LOVE DISHES AND LAUNDRY 🤣 mine is waking up early, budgeting and taxes lol

@EssentialEndeavours

2 жыл бұрын

Hahaha the inevitable tasks of being an adult 😂 thanks for watching and you too! Happy almost New Year as well 🎉

@EssentialEndeavours

2 жыл бұрын

Hahaha that’s too funny! I got the waking up early down pat 🤓 dishes and laundry though, I do it…it’s just nonstop 😪 LOL

@TaylorExchange

2 жыл бұрын

Pro tip with the dishes is to listen to some Eminem to get you through. Works everytime.

Thank you for all your information.

@EssentialEndeavours

2 жыл бұрын

Thank you so much for watching 🥰

This is INSANE for people selling personal belongings, which are exempt. Now it's a federal case. You have to report to a government minder what's in your sock drawer.

@r0se_777

2 жыл бұрын

I'm selling my garage full of stuff since I'm downsizing, so if I am not making profit, how would that work?^.^

@EssentialEndeavours

2 жыл бұрын

Yeah it’s because online selling blew up over the pandemic 😪

@AnimalFarm341

2 жыл бұрын

Agreed

@EssentialEndeavours

2 жыл бұрын

@@r0se_777 Keep up with all of your gross sales, but you’ll be able to deduct your “cost of goods” and since it’s stuff you’ve already owned you more than likely will be in the negative, so you won’t get taxed on that income since none of it would be profit, you just have to keep up with all that info 😅

@LillyOfTheValley77

2 жыл бұрын

@@EssentialEndeavours would they ever ask you for receipts for all of your own stuff you sold? Omg no one would have them! It’s years of junk 🤣

Excellent video on the tax update to expect for us resellers ! Thank you darling ❤️

@EssentialEndeavours

2 жыл бұрын

You are so welcome Janyne! Happy almost New Year! 🤗🎉

@janyneagolia4650

2 жыл бұрын

@@EssentialEndeavours Happy New Year darling! 😘🍾🥂

We already paid taxes on it once when we bought the product should not have to fucking pay twice

@TJ-um8ce

2 жыл бұрын

Lol, welcome to the new way 👍

@ezrasmith4977

2 жыл бұрын

I totally agree

@EssentialEndeavours

2 жыл бұрын

Yeah unfortunately sales tax and income tax are two separate things. And small businesses and the lower/middle classes always seem to be the ones that have to carry this country 😪 wish we could get more tax breaks like the top dogs

Is it necessary to have sales tax permits etc when selling on marketplaces that collect and remits sales tax for you? The only reason I haven’t yet started selling online is because the tax stuff is so confusing to me. I live in Florida and want to start dropshipping.

What if you don’t have the receipt of the item you bought, but in your bank account says how much was for item, does that count as a proof?

Thank you for the information! Do you happen to have a good way to log what gas milage can be written off? Im not a full time reseller so not all my mileage is associated with my business and I'm trying to distinguish what is business milage and what is personal.

@EssentialEndeavours

2 жыл бұрын

Anytime you drive for your business (going to and from sourcing, shipping, business meetings, etc.) would all be applicable miles to claim for your business. I would suggest just keeping a little journal in your car maybe when you start driving for business related stuff and when you end. I’m sure there’s an app that can track it for you! Now that I’ve been doing it for awhile I’ll just make note of my trips and I know the miles it takes each time and log it on a weekly basis. Hope that helps 🥰

@eel-izza-bef

2 жыл бұрын

i keep a little notepad lying where my speedometer gauges are and log date, time, and my current mileage at that given moment; then you can go back and easily subtract/add certain miles from specific trips/ time slots. i even keep a small stack of sticky notes there too, in case i have some profound thought lol

Do we know if what is taxed is your business's net profit, or if it is the money that goes into your bank account?

Awesome video! Do you have any information on doing taxes for this year? I do this pt, but this was my full year and wasn't sure what to tell me accountant.

@EssentialEndeavours

2 жыл бұрын

I also do it part time! Which platforms did you sell on? 🤗 Basically just find your gross sales number to report and then you can deduct all your business expenses (the cost of the goods, shipping expenses, shipping supply costs, monthly business subscriptions, miles driven, space in your home you dedicated to the biz, etc.) It did take me a few extra days to square away all my reselling info when doing our taxes but I just took my time 🤗 hope that helps!

@denisegruber7527

2 жыл бұрын

@@EssentialEndeavours thank you! I do have a space. How do you handle clothes that are my own and items family has giving me.

Hi nowhere is it explained (even googling didnt help) what the difference is between a poshmark personal Vs buisness account. What is the benefit or disadvantage with one or the other account, please advise.

mercari is the myspace of online reselling

@EssentialEndeavours

4 ай бұрын

😂😂😂

That's wonderful

@EssentialEndeavours

2 жыл бұрын

Yuppp small businesses carrying the country yet again 😪

My husband and I are senior citizens and don't do taxes anymore. If we sell over $600 on Ebay for example, and they send me a 1099k, will I have to do my taxes again, even if the income does not bring us up to the amount that we have to file? Also does each marketplace report separately? For example if I sell $300. on three different marketplaces (Ebay, Etsy,Poshmark for example) will I receive a 1099k from any of them? Is each a separate entity for giving 1099k?

Are we required to send documentation for all our purchases to show weren’t not profiting if I just resell on posh? I circulate through second hand clothing and just resell always for less than my purchase. What does the process look like?

@RJ-ki4ip

Жыл бұрын

I hope someone can answer this! I do this as well as reselling for profit

Okay so I want to start reselling as a SIDE thing, but I have no idea about taxes. Now I’m fresh out of high school any advice to start and also more info with the taxes and like deductibles? And like everything with selling, like I said I’m new to this I want to start it but idk how to start or what to do.

@EssentialEndeavours

2 жыл бұрын

Oh gosh my best suggestion is to spend some time learning about it (KZread videos, Google, etc.) I probably spent a good 2-3 months learning about reselling before starting. There’s TONS of fabulous resellers here in the community on KZread, figure out what kind of items you would be interested in and see how some people do it, keep in mind some people do this full time, while others are part time and others a hobbyists. I would suggest starting off with items you already have in your home to sell first while you acquire your knowledge! Now it seems that regardless of the platform you choose to sell on, they’ll collect your taxpayer info to report any of the gross sales you make for that year. Hope this helps!

Hi, from your experience how do you handle the COG of inventory once you roll into the new year? Does it get $0'd out?

@EssentialEndeavours

2 жыл бұрын

There’s two ways of doing it on your taxes, whatever you’ve done in the past, you gotta keep doing that. From my understanding, there’s a way to do it based on the year, like what you spent/sold inventory wise for the year or where it gets rolled over, like value of your inventory. I’m not a tax professional so definitely do your research on it and figure out what’s best for you and your business 🥰

Hi! How would you pay yourself up after you get your redeemable posh earnings for example? Would this go to bus/checkings or personal? I am kind of confused thanks

@EssentialEndeavours

2 жыл бұрын

I personally do direct deposit into a separate checking account. Technically it’s a personal account (because I’m a sole proprietor) but I reserve it for only my business related deposits to keep it separate from our other income 🤗 hope that helps!

Hi there! I am a newbie almost 1 year as a reseller I'm trying to prepare to pay my taxes. I cannot seem to find an accountant/or tax advisor who actually specializes as a "reseller accountant". I've talk to a few CPA's and most have no idea what a reseller accountant is as they are not familiar with the business of reselling. I did find a gentleman who specializes but they are in a different state so not sure how the exchange would work out with receipts, paperwork etc. Just wondering, do resellers utilizes a regular accountant/tax advisor?

@EssentialEndeavours

2 жыл бұрын

Reselling is just a business 🤗 many may not know what it is, just explain that you sell things online (on platforms similar to Ebay) and of course made a business out of it so there are gains (profit) and losses (business expenses). It would be fairly straight forward for them I would think, but definitely explain it and ensure that they’re on the same page before hiring them. I’ve never personally have hired an accountant or CPA, I’ve always done my own taxes through TurboTax. Granted, now that I’ve started this entrepreneurial endeavour, things take muchhhhh longer to make sure I have all my ducks in a row between our personal info and work related info. It took me a solid 3 days last tax season, I’m sure it’ll be fairly similar this year as well. TurboTax does offer online tax advisors that might be able to assist you if you choose that route. Since it’s only been a year I would assume your numbers aren’t too crazy complicated yet so that’s good news!!! I hope this info helps in some way 🥰 wishing you the best of luck!

What if you didn’t sell 600 on eBay but sold some. Then you sold 700 on Mercari or poshmark. Do you still claim eBay sales?

Thank you!! Do you know if I start an Etsy shop in February 2022 and am able to sell, would I have to pay taxes now? Or would I wait for 2023? Also does the $600 apply to Facebook marketplace?!?!

@EssentialEndeavours

2 жыл бұрын

The $600 will apply to any and all platforms that you can sell items on or receive money on (PayPal, Venmo, Zelle included). This law has started as of 01/01/2022 so it’s valid right now. You can start your Etsy store but if you want to sell more than $600 in gross sales you’ll have to give them your tax payer info

Hi. Brittany Thank you so so much very much. I have colon cancer and I am not able to work. You always inspire me and I thought when I feel better i thought I could resell. I have never resold . I wanted to sell some Disney items but i bought them years ago. No receipt for these. Help?? What do I do then?? Have a wonderful New Year. Thank you for all you do. God bless you. Hugs, Ruthie

@EssentialEndeavours

2 жыл бұрын

Hi Ruthie! Thanks so much for watching. I’m so sorry to hear about your cancer 🥺 hopefully reselling can provide you a great way to work from home while battling that! Since you’ve already owned these items and it’s been so long, you can usually provide an estimate, fair market cost of the good based on what I’ve read, as long as it isn’t an absurdly high number then you would have to provide proof (I believe…definitely check with a tax pro or check your sources). If you end up selling them for less then what you purchased them for, then you wouldn’t have any gains, thus that income wouldn’t be applicable to be taxed. I hope that makes sense 😅

@professorruthie8367

2 жыл бұрын

Dear Brittany @@EssentialEndeavours Thank you so so very much for taking the time out of the holidays and your busy life to answer my question. I am so very truly touched . God bless you . I am really not feeling very well and I am a little afraid of starting. But, when I feel a little better I will start. I really need the money Have a wonderful rest of the week. Happy new year !! May the new year bring you and your family many blessings. Wishing you much success . God bless you . Hugs, Ruthie from California 🙏🏻

How do you tax a garage sale item? How do you submit a receipt for something bought second hand

@andrealiendo

Жыл бұрын

I wonder the same

How does this tax pair with the tax of Venmo and payment apps for 2022? Since a lot of business is done over those apps, how do we prevent getting double taxed?

@EssentialEndeavours

Жыл бұрын

Those apps should still keep track if you deposit into your bank account. Ultimately the IRS is concerned with money in vs. money out (basically what’s your profit, that’s what they tax you on). That’s why it’s a good idea to at least keep a simple tracking spreadsheet of your own 🥰 saves time come tax time, but everything can be matched up so you’re not double taxed. Make sure you’re taking advantage of all the deductions too ❤️ thanks for watching!

As a reseller do you have an LLC or it’s not required?

Do you know if this tax law will be in Canada as well? I can’t seem to find an answer to that.

@EssentialEndeavours

2 жыл бұрын

Unfortunately I don’t know of the tax system in Canada. I’m sure it would be similar in terms of needing to be taxed on any income/gains. I’m sure if it isn’t in law now it will be soon so it may be a good idea to keep up with all your sales and info (better safe than sorry I suppose). Thanks for watching 😊

I used to use mercari to sell tech stuff that I bought and used for myself whenever I was ready to get the new updated version. I feel like it’s gonna be a headache. How do you prove how much you paid for it and resold it for a loss?

@EssentialEndeavours

2 жыл бұрын

You can claim fair market value for the cost of the item if you no longer have the receipt (based on my understanding) 🤗

Do I need a reseller’s certificate if I sell online?

Do you base the 20-30% for taxes on gross or net? It's really unfair that eBay add shipping and taxes into your income.

@EssentialEndeavours

2 жыл бұрын

Totally agree that it’s unfair that ebay does that 😰 but thankfully you could still split those and those are business expenses, just a pain! So you should set aside that percentage based on your profit, since that’s considered your income or “gains.” Hope that makes sense! 🥰

@jennifergarfield9613

2 жыл бұрын

@@EssentialEndeavours can you claim your shipping as a expense. Or is it a taxable as a total sale??

@JDubGirl

Жыл бұрын

Good question!!

What if you have kept your earnings in “credit” and then you buy items on the site with your credit and go below $600 in your credits from sales? Would they still require you to pay taxes on that? Thanks

@EssentialEndeavours

Жыл бұрын

Yeah they make you input your social if you want to receive your earnings after you sell over $600 😓

will you be filing for business or individual? really confused on which i should choose

@EssentialEndeavours

2 жыл бұрын

As an individual (sole proprietor) for me unless you’ve registered with your state to create an LLC or S-Corp or something. Basically everyone that sells online is automatically a sole proprietor 🤗 hope that helps!

I'm confused do we not get one this year? Is the 1099 form issued the one given in 2023?

@EssentialEndeavours

2 жыл бұрын

Do you mean from last year? 2021? This new tax law came into effect at the start of the year so each reselling platform should’ve or will soon ask for your tax info to provide forms for you for filing 2022 taxes next spring. Hope that makes sense 🥰

Can you go more in depth about keeping up with your numbers. How to create a data base etc

what about facebook marketplace with selling local buyers do you still need to do this?

@EssentialEndeavours

2 жыл бұрын

I don’t personally sell on FBMP, but I’ve heard that they have started asking for taxpayer info as well, although I don’t know for certain. But at the end of the day, whatever your gains are after deductions should be what’s taxed. Keep good records of your sales regardless! 🤗

I really hope I can get some clarity. So I decided to downsize my perfume collection and sold a little under $1,000. That’s probably all I will sell this year. I sold my perfumes for a significantly lower price than what I bought them for. I still have all my receipts from all the perfumes I bought. Can that be used as a deduction??? I’m scared to have to pay taxes on things that I’m already taken a loss on. Please someone respond to me. :(

@EssentialEndeavours

2 жыл бұрын

Last year (2021) this tax law was not in place so none of it will be reported (I guess depending on the platform you sold on) so that would be on the individual if they wanted to report it. If you ended up paying double the amount for your goods, say $2000, then yes that would be a deduction and none of that “income” would be taxable as you would technically be in the hole about a grand. However, I believe anything deduction about $300 (some say $100) you’ll need evidence just in case so it’s good that you have all your receipts. But since it was 2021 when you sold all of that, I would honestly say that you’re fine (when I was a hobby seller between years 2013-2018, I never claimed any taxes as it was never much money). Just keep all this info in mind for anything you start selling this year 🥰 hope this helps

@Blo039

2 жыл бұрын

@@EssentialEndeavours thank you so much for your response. I actually sold all that this year in the month of January. So I’m happy I have all my receipts, perks of shopping online is that the receipts always stays in your email. Thank you!

Does this apply to sales made in 2021? I grossed almost $1200 in sales on Mercari alone and I'm not sure how to go about the tax process with these new laws. Also, this is my first time doing self-employment taxes.

@EssentialEndeavours

2 жыл бұрын

It starts for the fiscal 2022 tax year, so 2021 it does not apply so you should be fine seeing as that was gross sales, your “gains” would be much lower. I would not worry about it as the previous tax law that included 2021 was for $20,000 or more in gross sales! Hope this helps :)

@gracekatharine

2 жыл бұрын

@@EssentialEndeavours thank you!!!!

Hi there quick question! So for example, if I make $300 on mercari and $300 on poshmark would I have to report that? Or is the $600 per each app? Thank you!

@EssentialEndeavours

2 жыл бұрын

I believe it’s $600 for each platform 🤗 and just remember that if none of it is gains anyway, then you wouldn’t have to pay taxable income on it! Thanks so much for watching 🥰

@emiikins6100

Жыл бұрын

I am stumped that I didn’t make $600 on poshmark or Mercari and I am forced to fill out this w9 form.

What's confusing to me is that I already pay taxes on the items that I'm reselling

@EssentialEndeavours

2 жыл бұрын

Yeah income taxes are different than sales taxes unfortunately

@noemigonzalez741

2 жыл бұрын

That’s what doesn’t sit well with me. I’m not a reseller, just wanted sell some things I own to buy new home decor. And offer up just sent me this. I already paid taxes on the stuff I’m selling and will have to pay more because I’m reselling and at a lot lower price. It seems like a loss for me and not fair.

@cowgirl_in_pink_pearls

2 жыл бұрын

@@noemigonzalez741 OMG! offer up is doing this too? whaaat?

@sucks2bthem

Жыл бұрын

@@noemigonzalez741 you paid sales tax on that stuff which is different from income tax.

Hey! I’m thinking reselling on Mercari I already have some items and I’m in high school do you think they will tax me if I made more than $600 I’m not 18? Also for government ID verification should I submit my ID? Or use my mom I know some of my friends use their mom ID but I’m not sure if I should do that help please!!

@EssentialEndeavours

2 жыл бұрын

When did you sell the items? Last year in 2021 or this year 2022?

@naom_i

2 жыл бұрын

2022

@theawsomegirlgirl123

2 жыл бұрын

lmk when someone replies to this!

@EssentialEndeavours

2 жыл бұрын

@@naom_i Yep so once 2022 started, if you want to sell anymore than $600 in gross sales they’ll ask for your taxpayer info which would be your SSN since you’re a “sole proprietor/individual.” Since you’re underage then you would need your parent/guardian to enter that information for you since it would need to be under their name until you reach the age of 18. Hope this helps!

@EssentialEndeavours

2 жыл бұрын

@@theawsomegirlgirl123 replied ^^

Thanks for the video I just started selling

@EssentialEndeavours

2 жыл бұрын

You’re so welcome! Yeah just make sure you’re keeping up with all your numbers 🤗🎉 congratulations and happy almost new year!

Hello! Thank you for this! Do you need a permit or license to be a reseller?

@EssentialEndeavours

2 жыл бұрын

Hi there! Thanks for watching. Nope! Anyone can sell online, you then are considered a “sole proprietor.” Now, you could file to become an official company like a LLC but the requirements for that will vary state to state and you would have to be fees/taxes for that as well. You would need a resale permit if you wanted to buy from wholesalers but you do not need one if you just buy from local shops and thrift stores 🤗 hope that helps!

@JDubGirl

Жыл бұрын

Do you know if this is true for California? Do I need a sellers permit to fill out a resale certificate? It asks questions suck as who my vendors are and I have none unless that are thrift store, estate sale, yard sale. I want to get deductions so what do I need if I resell used goods on say Ebay or Etsy?

How would you not own taxes?

Thanks for the video, am I able to deduct shipping costs if buyer paid? or only free shipping on Mercari??? The IRS considers shipping as income, and they tax all income, but its not profit I get so, that's why I'm asking.

@EssentialEndeavours

2 жыл бұрын

If the buyer pays for shipping then that’s not something you can deduct, only if it comes out of your pocket. So if you offer free shipping or a discount on shipping, you could claim that as a business expense to help reduce taxable income. Hope that helps 😊

@griffith4581

2 жыл бұрын

@@EssentialEndeavours Thank you so much, so therefore the only option to not get taxed on shipping the IRS considers 'part of your total income' (that I never profited on) is to switch to free shipping, therefore I can deduct as C.O.G.S? Even if you sell on let's say Ebay, where you pay for label then buyer pays you back?

@EssentialEndeavours

2 жыл бұрын

@@griffith4581 so ebay is a little more tricky since even if you make the buyer “pay” for shipping, you’re still given the money to purchase the label. Thus, you would still deduct those shipping label expenses since they would be “out of pocket” but really it makes that gross income non-taxable from the shipping label portion. But of course taxes see the big picture “in vs. out” so it’s up to the seller to keep up with the nitty gritty details 🤗 hope that helps. Posh and Mercari are easier because the buyer straight up pays for shipping unless you offer free shipping or a shipping discount 🥰

@griffith4581

2 жыл бұрын

@@EssentialEndeavours Thanks again, I ended up just switching to free ship. Now my receipts on Mercari will show, shipping: -$5.99 cost to me deducting from sale, instead of: shipping $0.00, I don't like the idea of deducting an expense buyer paid then IRS taxing it at 20% cause I can't deduct it. I feel more confident when I deduct my shipping expenses now because my receipts actually represent that expense to me; like it does for selling and processing fees. Thanks for the time you devoted to helping me, I was pretty stressed out. Atleast I only sold buyer paid for only a month :P

@SayItKey

2 жыл бұрын

Great Idea, so you decide to do free shipping.

OK stupid question if anyone can answer which app do you guys use hopefully somebody does to scan receipts and it kind of automatically categorize it for you

@EssentialEndeavours

2 жыл бұрын

Ahh that’s a great question! I hope someone can give us a good recommendation 🙏 I should definitely use one too!

@JDubGirl

Жыл бұрын

What about buying from yard and estate sales? Receipts are not given...

Hi is your business registered? I have been reselling some stuff old clothes old baby stuff etc but I did not register it as a business. How about you?

Do we need to register as a DBA? TIA!

So I’m unemployed right now and selling on eBay and mercari to make an income, is there a income threshold like say 20k-30k a year before paying? Or do you pay the 15% regardless even if you made $1? When you think about eBay and mercari fees, shipping supplies, shipping cost, time and energy? Is it worth it anymore? Obviously I’m not going to buy something and sell it for less, I’m not going to do something to lose money

@EssentialEndeavours

2 жыл бұрын

There used to be a threshold before having to report to IRS. It used to be $20k in sales and/or 200 transactions. Now it’s only $600. So basically any gains (aka: any actual income) should be reported to the IRS. All platform fees, shipping fees, cost of goods, shipping supplies, anything and everything related to your business can be deducted to reduce your taxable income 🤗 and it depends on your business model honestly, it’s always a lot of work having to work for yourself but there’s tons of resellers that can make full time incomes on part time hours, keeping theirs costs lower and profits high, I’m sure they fully reap all the benefits of deductions and need to pay taxes on a certain amount of income, but all profit isn’t necessarily taxed because of that you have to put into your business…hope that answers your question/makes sense 🤗

@NaeroK87

2 жыл бұрын

@@EssentialEndeavours yeah that makes a lot of sense, thank you. So basically you have to go all in on the reseller career if not, it’s not worth it.

@dontchangeyourvortex5126

Жыл бұрын

@@NaeroK87 if you don't mind, what do you sell to make that much a year?

@NaeroK87

Жыл бұрын

@@dontchangeyourvortex5126 a little bit of everything but mostly trading cards and old video games. Sales have been very slow lately.

@dontchangeyourvortex5126

Жыл бұрын

@@NaeroK87 oh, cool. thanks

I am selling old clothes on Mercari and taking a loss on all of them. I don’t have any receipts from the original purchase though. How am I supposed to prove the cost??

@EssentialEndeavours

2 жыл бұрын

You can claim fair market value of the items, so you won’t have to pay taxes on any of that income 😊

@hq3829

Жыл бұрын

@@EssentialEndeavours how can I do that

ive been selling on mercari and only have a revenue of $350 but i can no longer sell anything till i put in the w9 which i dont understand. i dont plan on making over $600 will i still get taxed if i put in my w9

@EssentialEndeavours

2 жыл бұрын

It should only cut you off if you're about to hit the $600 in gross sales. But yes, from my understanding, as soon as you give your info it'll be sent to the IRS. So at that point I would try to make what you can, but know that you can still claim your business expenses

@menuxeevue4899

Жыл бұрын

@@EssentialEndeavours hi so I submitted my tax info on mercari recently because I’m pretty close to the $600 mark. I’m at $575 for gross sales just this year. I have no other listings I plan on selling so will I still be affected by this new rule even though I didn’t reach the $600 mark?

But how do I prove o bought the boots for 300 two years ago and resold them for 150 I don’t have any receipts left

@EssentialEndeavours

Жыл бұрын

You’re still at a loss so it’s not that big of a deal for the occasional item 😊 from my understanding at least

Great video! What about all the money Mercari makes? The fees are large. Is that considered in an expense? It almost feels like we are selling and paying taxes already. That’s how the fees at Mercari feel like. Don’t get me wrong is a fantastic place to sale and buy. And on top they also charge the buyer fees as well so they are making money from both parties which is crazy! Is that legal? Lol 😅 anyways what are you guys thoughts on my comment?

hmm.. as a sole proprietor can I deduct my rent and call it a home office 👀 or write it off as a business expense? or could I do so if I had an llc?

@heatherfitzgerald8316

Жыл бұрын

You can deduct the percentage of sqft dedicated solely to the business with either status.

Hello. Thank you for share this important video. I'm seller on Mercari, so my account under submission in review because taxes information. How many days will be ready? I started four months ago... Thank yo so much!!

@EssentialEndeavours

2 жыл бұрын

Hmm hopefully Mercari will reach out via email once it’s confirmed. My W2 info was approved the next business day, if you don’t hear back by the end of the week, I would suggest reaching out to customer service 😊

@daianacardosodossantos7288

2 жыл бұрын

@@EssentialEndeavours Thank you so much.

I did Mercari until they increased fees. I did 20k in 6m on Funko pops alone

@EssentialEndeavours

2 жыл бұрын

Wow!!!

Help I cant get Mercari to scan my ID Help...And I do not know how to get ahold of anyone at Mercari to help...

@EssentialEndeavours

2 жыл бұрын

Sorry, how do you mean scan your ID?

So what exactly is the rule if you're gonna do under $600

@EssentialEndeavours

2 жыл бұрын

Lol not sure, I guess it’s a freebie? 🤷‍♀️

So if your selling collectibles to exclusively buy more collectibles for yourself, it’s still the same as someone running a business?

@EssentialEndeavours

2 жыл бұрын

It’s just considered income 🤷‍♀️ basically the government wants to know how much money you make. But in your situation, I would claim the stuff you’re buying to then be your business expenses so that “income” isn’t taxed. Hope that makes sense

@goodwaterpickers

2 жыл бұрын

The IRS can’t distinguish what’s for you vs. others. Every $4 Pokémon booster pack is now my business expense.

@KrynBear

2 жыл бұрын

That's our great government for you. Group of guys got together with a basic piece of paper and somehow magically gave themselves the right to tax and rule the rest of us. Total make believe, people need to wake up. It's robbery, If any of us were to do the exact same thing to someone else you would call us criminals, but somehow it's ok when they do it, It's forcefully robbing the people of their hard earned money. Just Imagine if we all got to keep what we actually earned. 🙃

I need a spreedsheet, you got one ?

@EssentialEndeavours

2 жыл бұрын

I sure do! Here are some links for ya: My Basic Inventory, Sales & Expenses TRACKER for Excel & Google Sheets: rb.gy/74e2vh My Inventory, Sales, and Expenses Tracker Tutorial: kzread.info/dash/bejne/ZIGAqtdph5u-n5M.html&t Track Sales With Me Video: kzread.info/dash/bejne/oJuC1ayee7OcmZc.html

Where and how can I see what I have made for the year?

@EssentialEndeavours

Жыл бұрын

On the Mercari app, click the middle bottom that says “sell” and at the top it’ll show you your “total earnings” and then you can click into “view all stats” 🥰

Partially related/unrelated: when filing as a sole proprietorship do you NEED to have a separate bank account than your personal one? Especially when claiming deductions? I’ve just heard a lot of back and forth from people who haven’t filed at all.

@EssentialEndeavours

2 жыл бұрын

From my understanding and my research, no you don’t “need” one but it would be helpful if you struggle with knowing where your money is coming in and out from. As you get bigger, it makes more sense to have it all separate. I personally opened up another personal checking account for all my direct deposits from all the platforms (basically all my income related to reselling/this channel). And then I have a specific card I use when buying for the business, this makes it 10x easier to know it’s all business related when going back through your statements. I’ve always kept a spreadsheet detailing everything just so I can keep it all in once place to make life easier come tax time 🤗 hope that helps!

I buy and resell figures; it would show I made a profit BUT; I buy figures *for myself* /potential sells so I consider it as a inventory/ loss? it's really confusing since I spend the money on the same platform *mercari* on basically the same thing />,

I generated less than $600 dollars should I report it?

Keep your tax information up to 7 years as you can be audited in that time period

@EssentialEndeavours

2 жыл бұрын

Thank you! Will do 😊

Does this mean if I make under 600 in profit I don't have to pay tax

@dominich677

Жыл бұрын

Yea

I don’t believe this is a “new tax law”. Individuals have always been expected to pay taxes on earnings above $600. What changed is that the platforms are now required to report earnings above that amount.

@EssentialEndeavours

2 жыл бұрын

Yes exactly!!! 🤗

Only taxes on profits so make sure you deduct expenses.

@EssentialEndeavours

2 жыл бұрын

Exactly! Thank you 😊

🙏🌸🛍💖

@EssentialEndeavours

2 жыл бұрын

Thanks for watching! 🤗

Aren’t all your buyers giving you 🎁 💰😉😂

@EssentialEndeavours

2 жыл бұрын

Lol that’s the price you pay for being your own boss 😂

Time to rise up & demand a flat tax. No more deductions… no more loop holes bc that’s becoming far too complex. Just flat tax every one & be done.

woah.. all the way down to $600?

@EssentialEndeavours

2 жыл бұрын

I know 😒

how do you prove if you don't have a receipt you got an item for $5 and sold for $10 and not get taxed on $10? Seems painful

@EssentialEndeavours

2 жыл бұрын

Well as resellers we don’t have the exact COG per item, it’s usually just the sourcing trip divided by the number of items gives us our average per. When it comes to taxes, they’re really just looking at income and deductions, not itemized sales like we like to do. It’s good to keep up with that to refer back to when doing taxes and to have just in case you get audited (like trying to claim that you never made any income like saying your COGs were always more than the sale). If it was something you previously owned, do your best to estimate the fair market value of the cost and you could claim that. Overall for the year it’s really just an average COGs of all sales. I hope that makes sense 😅 definitely chat with your tax professional and see what you should do exactly, but based on my research that seems to be what is allowed.

@joesmith9483

2 жыл бұрын

@@EssentialEndeavours i'm gonna hold off reselling this year until I hear more. I just don't have time for an IRS audit to be honest.

@ezrasmith4977

2 жыл бұрын

@@joesmith9483 Same here

It's double taxation, elections have consequences.

you voted for it ,,, Keep voting democrat that's what you get...think about it next time you're about to vote for a election

@EssentialEndeavours

2 жыл бұрын

Oh boy, taxes have been a thing for hundreds of years, I don’t think they’ll be going away regardless of who’s in office. None of them actually care either (in my opinion) since they know how to minimize their own taxable income, if they ever have any 🙃

@Lotusflo90

2 жыл бұрын

Truth!

@LillyOfTheValley77

2 жыл бұрын

@@EssentialEndeavours it made me think about the bill they passed if anyone puts 600 or more in their bank the irs has the right to look into your bank account, this is the bill the dems wanted to pass which it has I believe! Good to see you Britt!

@TJ-um8ce

2 жыл бұрын

@@LillyOfTheValley77 yes. They will be able to monitor your deposits for $600 and over.

@freezingmoon75

2 жыл бұрын

@@EssentialEndeavours while taxes won't go away it shouldn't be lost this was entirely on Democrats in the hilariously titled "Rescue America Act". What i usually hear from people and the general consensus is Republicans are for the Rich and Democrats are for the regular guy. Don't know about you but $600 in sales doesn't seem very rich to me. This hurts people like me. I am not a "reseller" looking to flip I sell my old stuff to make a fee extra $$$. So now I have to prove the cost of what I bought 10-15 years ago? Almost everything I sell is at an actual loss but on paper will be 100% profit. Ridiculous.

I’m surprised so many resellers have avoided reporting. The new laws are for the platforms, not us. We should already be reporting any income.

@EssentialEndeavours

2 жыл бұрын

Agreed! It took a few extra days to do it personally but that’s what I signed up for ya know (and because I keep such detailed info I saved us more money doing it myself!) yay!

Taxes are a "GOOD THING" it shows that you are a productive citizen and your paying for your FAIR share. Our military and government services do NOT operate on "0".

@sucks2bthem

2 жыл бұрын

It shows that we're all slaves. Right, war doesn't operate on "0".

@KrynBear

2 жыл бұрын

🤣

@KrynBear

2 жыл бұрын

It's robbery is what it is, would be different if it was voluntary and you chose where your money went to. We all work two or more days out of the work week to pay them from every check. Doesn't seem all that good if you ask me.

#VoteBidenOut

Thanks brandon

@EssentialEndeavours

2 жыл бұрын

Lol yeah and Uncle Sam 😂 don’t hate me, I’m just the messenger! 🤣🤣🤣

@LillyOfTheValley77

2 жыл бұрын

Hahahahaa true

Could you slow down ur taking ur taking so fast l can’t listen to u any more

@EssentialEndeavours

2 жыл бұрын

Lol so sorry! If you click on the setting of any video you can slow the speed down to 0.75x or even 0.5x if you’d like 👍