Thanks Craig for this type of information. This type of content is not something that you see Magic crossover creators talking about. Not only is it evergreen, but I do think that people would value from a type of video like this every year or two that way, newer people who don’t go backwards through your catalog can see it
The "lot of steps" and "takes time" is what always scares me away. I am also unsure about the ongoing time commitment needed beyond just the initial set-up of a formal business. That part is what has also scared me away. I just don't have a lot of time between work and kids. I do get the benefit of the tax exemption. That benefit certainly makes sense. Do the other benefits outweigh all the initial and ongoing time commitment required? That part is what I have to figure out. For now, I report my occasional sales together with my personal taxes.
If you present your reseller certificate to a small business owner like an LGS, they'll probably tell you to kick rocks and deduct it yourself as "sales tax paid on resold items". You can also present your reseller cert to big box companies like Costco and Best Buy. You'll be surprised how many employees wont know what it is. And when you finally find someone who does, they may not be so friendly when completing the additional paperwork. Lastly TCG Player (temporarily )stopped accepting reseller certificates when I last tried in November 2024 for black Friday.
Costco employees are more likely to know about resale licenses. Other stores are definitely going to tell you to kick rocks. If you're on friendly terms with your LGS owner I don't see why they would deny you, but that is a case by case basis.
Thanks Craig for this type of information. This type of content is not something that you see Magic crossover creators talking about.
Not only is it evergreen, but I do think that people would value from a type of video like this every year or two that way, newer people who don’t go backwards through your catalog can see it
The "lot of steps" and "takes time" is what always scares me away. I am also unsure about the ongoing time commitment needed beyond just the initial set-up of a formal business. That part is what has also scared me away. I just don't have a lot of time between work and kids. I do get the benefit of the tax exemption. That benefit certainly makes sense. Do the other benefits outweigh all the initial and ongoing time commitment required? That part is what I have to figure out. For now, I report my occasional sales together with my personal taxes.
If you present your reseller certificate to a small business owner like an LGS, they'll probably tell you to kick rocks and deduct it yourself as "sales tax paid on resold items".
You can also present your reseller cert to big box companies like Costco and Best Buy. You'll be surprised how many employees wont know what it is. And when you finally find someone who does, they may not be so friendly when completing the additional paperwork.
Lastly TCG Player (temporarily )stopped accepting reseller certificates when I last tried in November 2024 for black Friday.
Costco employees are more likely to know about resale licenses. Other stores are definitely going to tell you to kick rocks.
If you're on friendly terms with your LGS owner I don't see why they would deny you, but that is a case by case basis.
@@Zetatiel_Trading I second this, Costco has a business level membership and will accept the reseller cert at their customer service area
Couldn't you just pay the sales tax upfront and later get a reimbursement from your state when you file the Quartey sales tax return?
@@Crocodonk that's what you have to do in the end. But that's a free loan to the Government.
At what annual monetary amount of reselling do you recommend to start this process? $1k? $5k? $10k?
Pretty sure you dont need to register your business for all those deductions. However the sales tax exemption for inventory to resell is a big one.
I've taken all those deductions for years without having a registered business.