Just make sure people understand that if you live in a state like I do that charges sales tax, Ebay collects that and pays it directly. You don't have to do anything yourself. When you're talking about filing a sales tax return viewers might think they have to file quareterly sales tax.
Best to talk to a tax pro but the way I do it is I count cost of goods when it sells so no not the way your talking. I believe you can do it that way but I'm not sure how it works the following years...
@@TaylorExchange I'm not sure of the difference,...but for SEP IRA you need to have either an LLC or a DBA,...and you can contribute about 20% of your yearly "profit" into the SEP IRA....so if you profit $100,000 per year,...and you put $20,000 into the SEP IRA, you would only get taxed on $80,000 that year,....however,...when you eventually take out money from the SEP IRA when you are in retirement you will THEN get taxed on it, -but at a much lower rate, so it is still a good deal. That's what my CPA told me.
@@NashTV8Definitly has higher contribution limits but personally I'd only add to that after maxing out a Roth for the year; there's no better deal in terms of taxes than the Roth IRA
I’m staying this as a preparer myself, I lot of my clients filed themselves bc they owe money and don’t want to pay for a preparer. A lot of CPA and tax offices are getting cancelled appointments.
Just got that email for Quickbooks for Ebay today. Wonder if that's worth it. I don't use Quickbooks, personally, but anyone have experience with the Ebay integration?
I did a bit of poking around with Found, trying to figure out what exactly it is they do and if it's a good fit for eBay sellers, and I stumbled upon a few things that raised some red flags for me. No one can read any comments on their Facebook page-they're there but hidden. They've also disabled the reviews tab, which seems a bit fishy. And their TH-cam channel? Well, let's just say it's not exactly packed with helpful tutorials like you'd expect. Their website claims they've got 25K users, which sounds impressive, but I couldn't find any real reviews from actual eBay sellers using their product. I'm also curious about how they handle expenses when eBay takes them straight out of your payout. And what happens when your payout doesn't cover all your eBay fees, and eBay has to dip into your bank account? How do they handle owner investment and draws? Would love it if you could share with us step by step how you make Found work for you on a day-to-day, month-to-month basis. Is our data end to end encrypted? What measures are they taking to prevent a data breach of all my information? Also, if you could let us know what your accountant thinks of it too. 😊
Pretty much. And on top of that, a lot of people are getting audits.
Just make sure people understand that if you live in a state like I do that charges sales tax, Ebay collects that and pays it directly. You don't have to do anything yourself. When you're talking about filing a sales tax return viewers might think they have to file quareterly sales tax.
Ah good point. I was trying to hit on sales outside eBay like a pop up sale or person deal.
If i buy 1000 usd worth of goods this year and i can only sell a few items , my cost of good for this year is 1000 usd?
Best to talk to a tax pro but the way I do it is I count cost of goods when it sells so no not the way your talking.
I believe you can do it that way but I'm not sure how it works the following years...
@ thank you Taylor.
I keep my listing to err 82 and sold or not and loss cost of goods at OG cost too
What do you mean err 82?
Very good job. Thank you
Appreciate it. 👍
When you buy stuff for yourself a thrift store along with sourcing inventory, do you make the clerk do two separate transactions?
That would be the best practice if you know for sure you’re keeping it for yourself.
@@TaylorExchangeyeah i mean that's what i do, i was asking you what you do lol
@@helpfulcommenter I do the legal thing 💀
Yes 🤣 still going back and forth but almost finished
Come on man haha
@@TaylorExchange he just messaged me this morning
im using my brothers ebay. do you think it would affect his taxes and tax returns? i sold over $500 in a week so im selling quite a bit
Yes 😂
@@TaylorExchange dam, im under 18 so i have no real way to do this. so stupid, hate america
I haven't even started doing my taxes yet its my first year
It's not too difficult but does take some time to complete.
Can you deduct your shipping discounts or eBay fees?
You can deduct the cost of the shipping labels.
Do you have a SEP IRA? I have one,...it's a good way to be taxed less each year.
I have a Roth but no SEP 🤔
@@TaylorExchange I'm not sure of the difference,...but for SEP IRA you need to have either an LLC or a DBA,...and you can contribute about 20% of your yearly "profit" into the SEP IRA....so if you profit $100,000 per year,...and you put $20,000 into the SEP IRA, you would only get taxed on $80,000 that year,....however,...when you eventually take out money from the SEP IRA when you are in retirement you will THEN get taxed on it, -but at a much lower rate, so it is still a good deal. That's what my CPA told me.
@@NashTV8 Ah ok, good to know. Thanks
@@NashTV8Definitly has higher contribution limits but personally I'd only add to that after maxing out a Roth for the year; there's no better deal in terms of taxes than the Roth IRA
@@helpfulcommenter Probably, I certainly wouldn't know. I should watch more videos on them.
Waiting for the 'I thought you didn't have to file if you didn't receive a 1099?' comment 😂
Hahaha give it time.
I'm sure their will be a plethora of strongly opinionated comments on this one.
A lot of taxpayers have opt out and aren’t filing this year.
Really? How come?
lol what in the world are you talking about
A lot of people owe and don’t want to pay. So they aren’t just not doing their return.
I’m staying this as a preparer myself, I lot of my clients filed themselves bc they owe money and don’t want to pay for a preparer. A lot of CPA and tax offices are getting cancelled appointments.
@@virginiavictorio1369 Ah yes the classic "Owe the IRS and don't want to pay" excuse. Works every time, major life hack.
sells and being on YT money too it is profit huh I will never do that just me
YT money, sponsors, affiliates, all adds up and the creative aspect of it is great.
Plus I get to help others out!
Just got that email for Quickbooks for Ebay today. Wonder if that's worth it. I don't use Quickbooks, personally, but anyone have experience with the Ebay integration?
I’m going to check out Found.
They have a lot of the same processes as Quickbooks.
@@TaylorExchangeOh sweet are you actually gonna go for it? Will look forward to your review for a video? But it's a sponsor right? Hmmmmm lol
@@helpfulcommenter I’ve been tied up with the office move but the ya Found is the real deal.
I did a bit of poking around with Found, trying to figure out what exactly it is they do and if it's a good fit for eBay sellers, and I stumbled upon a few things that raised some red flags for me.
No one can read any comments on their Facebook page-they're there but hidden. They've also disabled the reviews tab, which seems a bit fishy. And their TH-cam channel? Well, let's just say it's not exactly packed with helpful tutorials like you'd expect.
Their website claims they've got 25K users, which sounds impressive, but I couldn't find any real reviews from actual eBay sellers using their product.
I'm also curious about how they handle expenses when eBay takes them straight out of your payout. And what happens when your payout doesn't cover all your eBay fees, and eBay has to dip into your bank account? How do they handle owner investment and draws?
Would love it if you could share with us step by step how you make Found work for you on a day-to-day, month-to-month basis. Is our data end to end encrypted? What measures are they taking to prevent a data breach of all my information? Also, if you could let us know what your accountant thinks of it too. 😊
I’ll send this along to my Found contact.
Thanks for looking into it.
@@TaylorExchange looking forward to seeing it utilized in your use case!
FIRST LETS GO
Woot woot! Thanks Bryan.
Please tell you gave our CPA a call to get your taxes filed 😂