With having TH-cam income, a retail business with expenses, and a home office, you absolutely should be having an accountant do your taxes. I did a test last year where I did my own taxes on Turbo Tax to see the results then went to an accountant and I can tell you the numbers were way different and I saved quite a bit more than the few hundred dollars it cost me to have them done professionally. Plus all I had to do was pick up the paperwork and write some checks. As long as I am self-employed, I will never do my own taxes again.
That's interesting. I have a Bricklink store, no office, keeping the revenue beneath €20,000 but now I'm also thinking about hiring someone to do the taxes for me.
What you said is exactly why I won’t start a brick link store of my own, mostly though because I don’t want to make a business out of something I love. Great video, as always.
You put so much passion and time to the Lego-community. Thank you very very much for that. Without you we couldn’t run our hobby so well. The fans pf Lego are in somehow a cloud or bubble. But that is ok. I can live with that. Keep,up,the good work.
I think people only see the selling price of sets on bricklink. Like 5 times the amount of buying price. What people mostly forget is that you need to store it, pay feeś, pay taxes. And most of all. not all parts will sell eventualy. Also sorting all parts is a large amount of work. getting orders and shipping is also alot of work. Those are all things you need to think about before beginning a store imo
Very true. That’s why it’s good to actually like LEGO too. I was sorting, searching, cleaning, and doing other collecting related things long before I ever started selling. That’s the hobby side of it. Definitely if running like a business you have to make better choices than I do.
Bricklink is like that old commercial...I need to work harder, so I can make more money, so I can buy more brick, so I can work harder, so I can make more money...
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In the U.K. you can earn about £12,000 per year on Capital Gains (and that’s profit,not total sales) before worrying about tax.If you’re a small eBayer,it’s great,just ebay,PayPal fees and postage to worry about.
Brick Tsar, this may require a BAT or another PABLO, but initially how much did you invest into setting up your BrickLink store? What’s the start up cost?
I think if you aren't prepared to run a BL store for the long term you shouldn't do it. It can take a long time to sell certain LEGO pieces and the day to day operations of running the store can be tedious and off putting to most people because the returns might not be there. Secondly, newer stores will have a harder time competing with the larger more established stores. I love LEGO and I have thought about opening a BL store, but honestly I love flipping bulk LEGO parts on local sites and keeping the mini figure stiff for myself. The hobby of "LEGO" is absolutely a labor of love.
Sadler_bricks here For me i love lego have been collecting for 30 years as for my store i have plans to go big we just expanded another room for it but i do it because i do love lego the money is ok and there is decent profit if you manage it right but for me and my wife we do it because the love of lego space and lego source is not an issue we just love doing it and try and keep it simple with no limits or complicated issues ofcourse theres always bumps in the road anyways nice vid Sadler_bricks
Wait, you think you can be done collecting vintage LEGO? LOL. I am going to wait to open my store for when I retire. I don't want the store to take away from my collecting and building time. Currently I have prioritized building a new train layout for the shows, so far fewer YT videos. VIDEOS
I’m pretty sure I’ll never have a BL store that sells parts. There is a lot of competition out there and people / stores that do very well. As commented by others, this is a hobby for many of us. If you can cover the costs of your hobby then that’s a great way to build a collection sustainably and steadily to ensure space does not become a premium too quickly. Sales of sets close to retirement of the more popular Lego lines can be useful to get extra parts you need for MOCs and / or to sell the set later and earn a little profit. BL honestly can be even cheaper for many parts! Ultimately, Lego can be a hobby and a (small) business. But there are clear differences and it’s important for anyone collecting to ensure they know why they are collecting before they start.
As they said Jabbo there are certain things in Life like death and taxes...hopefully you're not dying from doing the taxes...get some help, and hand sanitizer🤣😂💕❤👍
With having TH-cam income, a retail business with expenses, and a home office, you absolutely should be having an accountant do your taxes. I did a test last year where I did my own taxes on Turbo Tax to see the results then went to an accountant and I can tell you the numbers were way different and I saved quite a bit more than the few hundred dollars it cost me to have them done professionally. Plus all I had to do was pick up the paperwork and write some checks. As long as I am self-employed, I will never do my own taxes again.
That's interesting. I have a Bricklink store, no office, keeping the revenue beneath €20,000 but now I'm also thinking about hiring someone to do the taxes for me.
What you said is exactly why I won’t start a brick link store of my own, mostly though because I don’t want to make a business out of something I love. Great video, as always.
You put so much passion and time to the Lego-community. Thank you very very much for that. Without you we couldn’t run our hobby so well. The fans pf Lego are in somehow a cloud or bubble. But that is ok. I can live with that. Keep,up,the good work.
I think people only see the selling price of sets on bricklink.
Like 5 times the amount of buying price.
What people mostly forget is that you need to store it, pay feeś, pay taxes. And most of all. not all parts will sell eventualy.
Also sorting all parts is a large amount of work. getting orders and shipping is also alot of work.
Those are all things you need to think about before beginning a store imo
Very true. That’s why it’s good to actually like LEGO too. I was sorting, searching, cleaning, and doing other collecting related things long before I ever started selling. That’s the hobby side of it. Definitely if running like a business you have to make better choices than I do.
Bricklink is like that old commercial...I need to work harder, so I can make more money, so I can buy more brick, so I can work harder, so I can make more money...
In the U.K. you can earn about £12,000 per year on Capital Gains (and that’s profit,not total sales) before worrying about tax.If you’re a small eBayer,it’s great,just ebay,PayPal fees and postage to worry about.
You made sense even without the sleep
Thank you
So if you have the right mindset and aren’t lazy then BrickLink is a decent move is what you’re saying?
I nominate bricktsar collection a collection of collections
Hi Brickstar
Just wondering where do you get your Lego shirts I want to find one but not sure where to.
This one was from Target years ago I think
Darn would find that any more!
Brick Tsar, this may require a BAT or another PABLO, but initially how much did you invest into setting up your BrickLink store? What’s the start up cost?
Ah okay, “BAT” stands for “BrickTsar Answer Thingy”
I think if you aren't prepared to run a BL store for the long term you shouldn't do it. It can take a long time to sell certain LEGO pieces and the day to day operations of running the store can be tedious and off putting to most people because the returns might not be there. Secondly, newer stores will have a harder time competing with the larger more established stores. I love LEGO and I have thought about opening a BL store, but honestly I love flipping bulk LEGO parts on local sites and keeping the mini figure stiff for myself. The hobby of "LEGO" is absolutely a labor of love.
I've thought about it but better off working Saturday and buying Monday.
Sadler_bricks here
For me i love lego have been collecting for 30 years as for my store i have plans to go big we just expanded another room for it but i do it because i do love lego the money is ok and there is decent profit if you manage it right but for me and my wife we do it because the love of lego space and lego source is not an issue we just love doing it and try and keep it simple with no limits or complicated issues ofcourse theres always bumps in the road anyways nice vid
Sadler_bricks
Time is money and so is the amount of space it takes. It's not just the $1.50 profit that you make...
Maybe you need an assistant? Idk. Keep the Awzum! 😎🤘🤘
Great info, thanks for sharing
Wait, you think you can be done collecting vintage LEGO? LOL. I am going to wait to open my store for when I retire. I don't want the store to take away from my collecting and building time. Currently I have prioritized building a new train layout for the shows, so far fewer YT videos. VIDEOS
Do you have to pay taxes on eBay listings jaabo. The eBay fees would probably be more expensive than the tax
Thats a nice rounders reference.
I’m pretty sure I’ll never have a BL store that sells parts. There is a lot of competition out there and people / stores that do very well. As commented by others, this is a hobby for many of us. If you can cover the costs of your hobby then that’s a great way to build a collection sustainably and steadily to ensure space does not become a premium too quickly. Sales of sets close to retirement of the more popular Lego lines can be useful to get extra parts you need for MOCs and / or to sell the set later and earn a little profit. BL honestly can be even cheaper for many parts! Ultimately, Lego can be a hobby and a (small) business. But there are clear differences and it’s important for anyone collecting to ensure they know why they are collecting before they start.
Everyone RUN...it’s the IRS...they want your bricks...
Pro move, commit tax fraud 😎 jk, but this was a very informative video, thank you for addressing the issue of taxes involved with all this
Yes. You just sound tired. Eat and sleep and the world will seem a better place tomorrow. -Wendy
As they said Jabbo there are certain things in Life like death and taxes...hopefully you're not dying from doing the taxes...get some help, and hand sanitizer🤣😂💕❤👍
Just make a series or a live stream of u while ur building lego. Knock both those birds out with one stone
ha ha ha ha ha
(How old are you?)(for bricktsar)