My sales have been fine, not as strong as last year, but this is my hobby job and I love doing it. The extra money i bring in gives us money to do vacations or bless someone in need. I don't "have to" do reselling, I get to because it is a hobby that makes me money and is fun!!!!
Oh Yes. I recommend this order CPA, DBA(registered with county or state), EIN(Sole starting out), Separate business account(you need the DBA/EIN), Getting inventory organized including a inventory/accounting system in place, Getting the shipping systems and carriers in place, Listing double your estimated daily live number to build that draft bank up over a few weeks, then making things live while maintaining that draft bank/live number while shipping things out and dealing with customer service. It sounds complicated. But once you break it down and do the work it is not that scary. If your starting out on your own out of your house/Garage kind of deal with no employees or "storefront" property where someone can get hurt then a sole is all you need. If you have an employee(1) or something/some place you are at someone besides yourself can get hurt(2) or your doing a service (like landscaping etc) where your actions do 1 OR 2 then that is when a LLC should be used. There are exceptions but generally if it is just you selling exclusively online a sole is recommended. Your a sole by default. But you still need a DBA, EIN, and separate account to save several headaches(and lots of backtracking/lost deductions). A LLC is the next step once you get to that scaled position and a S-corp that cherry to aim for. I am not a tax pro this is just my opinion that if your on your own selling just online you should go Sole starting out. Once you get employees/do a service where you can get sued you need a LLC. Once you have enough employees your doing meetings then you can get into that magic S-corp.
@@swbottles The DBA, EIN, and Sole are needed if they make a profit. The accounting and inventory they can do on their own starting out. But eventually a CPA will save headaches.
I am in Texas, do I need a reseller permit to resale on line? May be a dumb question, but I wasn’t sure if how much you sell makes a difference or if you just need to have it. TIA
Up to now I only sold my own stuff and have not reached the 20000 or 200 transactions yet. Now want to start buying stuff from thrift stores and reselling, but in small numbers so I can learn. Do I need a certificate or lincense in MD or anything else at this point to make things in accordance with the law?
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Reselling is a great way to make extra money you don't need. Trying to do it full time will usually lead to burning out or going broke.
My sales have been fine, not as strong as last year, but this is my hobby job and I love doing it. The extra money i bring in gives us money to do vacations or bless someone in need. I don't "have to" do reselling, I get to because it is a hobby that makes me money and is fun!!!!
I am glad I found you! Thank you for your inventory spreadsheet. We have been using it and it’s so helpful.
Oh Yes. I recommend this order CPA, DBA(registered with county or state), EIN(Sole starting out), Separate business account(you need the DBA/EIN), Getting inventory organized including a inventory/accounting system in place, Getting the shipping systems and carriers in place, Listing double your estimated daily live number to build that draft bank up over a few weeks, then making things live while maintaining that draft bank/live number while shipping things out and dealing with customer service.
It sounds complicated. But once you break it down and do the work it is not that scary. If your starting out on your own out of your house/Garage kind of deal with no employees or "storefront" property where someone can get hurt then a sole is all you need.
If you have an employee(1) or something/some place you are at someone besides yourself can get hurt(2) or your doing a service (like landscaping etc) where your actions do 1 OR 2 then that is when a LLC should be used. There are exceptions but generally if it is just you selling exclusively online a sole is recommended. Your a sole by default. But you still need a DBA, EIN, and separate account to save several headaches(and lots of backtracking/lost deductions). A LLC is the next step once you get to that scaled position and a S-corp that cherry to aim for.
I am not a tax pro this is just my opinion that if your on your own selling just online you should go Sole starting out.
Once you get employees/do a service where you can get sued you need a LLC.
Once you have enough employees your doing meetings then you can get into that magic S-corp.
I don't think it would be worth it for resellers if they have to do all those things.
@@swbottles
The DBA, EIN, and Sole are needed if they make a profit. The accounting and inventory they can do on their own starting out. But eventually a CPA will save headaches.
How often do you reccomend consulting with a CPA? And can the cost of the CPA consultation be a write off?
tHanks for the video....very well presented.
Great info as always thank you!
My wife is reselling on ebay and the key she says in sourcing. Like make sure you don't overspend and look at sell threw rates before you buy
My sales are dead. This isn’t sustainable any longer for me.
I'm sorry to here that!
Thank you.
good stuff Mark! Can you post a link to the report?
Definitely: www.thredup.com/resale/
I am in Texas, do I need a reseller permit to resale on line? May be a dumb question, but I wasn’t sure if how much you sell makes a difference or if you just need to have it. TIA
You do not. If you were collecting the sales tax you would, but most of the platforms collect and remit sales tax for you.
Up to now I only sold my own stuff and have not reached the 20000 or 200 transactions yet. Now want to start buying stuff from thrift stores and reselling, but in small numbers so I can learn. Do I need a certificate or lincense in MD or anything else at this point to make things in accordance with the law?
Typically you do not. You just start! And the IRS considers you to be a sole proprietorship by default.
@@notyourdadscpa Thank you so much for your reply. I appreciate that.
I’m stressed about the tax stuff, do you take clients or have someone to recommend?
Happy to help, you can get on my signup list here: notyourdadscpa.com/tax-season/
Where can I find that report?
www.thredup.com/resale
It’s not worth it in 2024 to start reselling.
Eliminating the competition before someone even starts… interesting 😅
If you know what you doing then yu can make so much then others doing a 9-5 🤣🤣🤣🔥
reselling is dead. RIP eBay.