What if I sell both on my own site as well as ebay and tcgplayer? What should I search to find a CPA for my business? I dont even know where to start. Im selling around $400k a year but I just started my website
Honestly this is the kind of content I'm most interested in from you. It's hard to find information on how to run this specific business. Learning how to do expense and profit reports. How to do backend inventory management and how to prepare stuff for tax season is invaluable for people like me. Please do more stuff like this
Shopify collects sales tax for you if you tell them to. Any reasonable business owner should have known this before setting up their business. This is why a lot of businesses sell through Ebay, Etsy,... because they collect sales taxes for you.
Growing pains but really great about how transparent and real you’ve been through this. Just another example of how genuine you are. You’re a great human being who’s going to find success no matter what you do 👍
This is the clarity I wasn't able to compile researching all of the Nexus regulations. I reached out to 3 accountants who weren't able to make sense of this for me. Ain't no way this isn't something many people don't have questions about. Much appreciated 💯
@@TheMule1 True. That's why, out of an abundance of caution, a few months ago tried getting this information from accountants but man they were state focused and not national focused.
@@openedmango It's a lot of specialized knowledge to know how each state decides they want to collect tax from businesses. I always needed to reach out to my state tax team when nexus came up for sales exceeding a certain threshold in different states. I could tell you everything you ever needed to know about taxes in the state of Texas, but put me in PA and you're SOL lol. Doesn't help that the department of revenue websites for these states are terribly made and there's too much generalized information that never seems to fit your specific situation.
@@ryanaussi1776 that's about right. Accountants do specialize for their state. I am in Texas so I got that one on lock as well lol. It's all the others. I definitely don't sell enough out of state to require being in a Nexus. That's why I haven't opened my shop again on Shopify. Time to get things going.
It's kinda wild to me that business like yours doesn't hire an accountant from the start. Taxes take literally zero effort if you have one. I haven't used a minute of my attention to worry about anything tax related for the last few years, but I live in Europe so maybe it's different.
It's zero effort as long as the client (Brian in this case) produces 100% accurate books and records on the income tax basis of accounting. Otherwise there are lots of questions that need to be asked and answered to make sure you're using the US tax code to it's maximum benefit AND have a leg to stand on if you were to be audited, which is common for rapidly growing businesses. Business owners aren't focus on their books all the time because they're focused on running their business to be best of their ability. It's also an added cost to have a CPA be really involved weekly/monthly throughout the year that a lot of businesses pass up on because their margins are usually thin starting out. As much as I hate to say it because it goes against my industry, accounting/tax compliance is seen in a negative light because it isn't an expense that will generate you a massive ROI. It's just a cost of doing business and that's why it's seen as expendable. If you have a competent and responsive accountant, hold onto them and treat them well because they're getting harder and harder to come by.
Brian, great video! Love the content! Sales tax is one of the forgotten ones. Don’t forget about income tax thresholds too! Those tend to kick in at $250K of sales with the Wayfayer court case a few years back.
I talked to my sister yesterday about how she started selling pokémon cards last year and how she did not plan anything for taxes. I will definitely send her this video!
nah love these videos keep em coming, I don't own a business and never will but this is so interesting! I love hearing the nitty gritty from a real owner/real bussiness
Really appreciate this kind of video. I don't plan on doing a card store specifically but I was thinking of moving my art shop off of ebay/etsy to my own website and had no idea about any of this. 😅
I think you underestimate how important and interesting this video is. I watched this entire video all the way through, and I normally do not! Would love more business important videos like this!
interesting and useful for some people. Glad you figured out the paperwork loopholes. i would say the "or 200 transactions" might be more of a concern for small time sellers selling a few $1000 in singles and etb's possibly leading to the 200 transactions.
I do not have a business, and I don't think I will ever have a business, but I still enjoyed listening the video. It is nice hearing what you do on the back end even if it might not be the most interesting, It feels like you are keeping it real and transparent, instead of just glossing over why you couldn't sell in PA for a while.
All of them want a slice! My business is so tiny...all I need to do is collect tax from my sales in CA and remit each June. It's not terrible. But it could be soooo much easier. But "easy" and "government" don't usually go together! I mean...the number of transactions thresholds are just dumb.
Gonna have to pay the smooth hair dew tax 😅 US has the most convoluted tax system. People avoid moving here from other countries due to it. On another note, Journey Together allocations trickling out. Looking about like Surging Spark, maybe a tiny but less. 🎉
I feel like they don't make it easy for anyone trying to start a small business to even find some of this info. Its hard enough in my state to know what business licenses are actually needed (state and city, state and county depending where you are and in person vs online sales) and then the bank tells you that you don't actually need one to open an account. There are three different websites for paying quarterly taxes, and zero info about owing taxes to other states. I understand the regulations are varied state to state, but I wish things were slightly more standardized.
Saying this stuff stresses you out so you ignore it is the most relatable thing I’ve heard about owning a business. That’s how I am with any kind of accounting or taxes. Watching this makes me start going nope, no, not going to start shipping stuff. I like my in person shop. But I will probably have to start doing online sometime in the next year. Just going to procrastinate and avoid a bit longer…
I learned about this awhile back and it's not good. But what bothers me are the people that charge sales tax to everyone even though you know they don't meat the requirements and arent registered to collect sales tax in that state.
Just wanted to take a quick minute and genuinely say thank you sir! I’ve been back in Pokemon collecting since the start of sun & moon as a collector and have done mostly sports cards in my life but my son and I share a love for POKEMON and yugioh. I’ve consumed your content constantly for about a year now and I recently just secured a partnership with a genuine gentleman from Japan as a distributor/supplier for Japanese. We have really hit it off and all because I watched you and had the stones just to send a message on Instagram. Thank you sir for no bs, emphasizing the basics and having a feast and not famine mentality! Looking forward to this new journey in a big part inspired by Brian at poke ne!
This doesn't just have to apply with pokemon cards though, so I appreciate you explaining this to people who have no idea how business or taxes work for that side. Trying to launch clothing this year, so this helps me understand what tax people are gonna say! 😂
Oh boy! Now get ready for the Avalara Sales tax audits. So fun, we get audited about once per quarter from random states. (At least once per year by California 😂) Great video!
Flexing the Lambo money calls for a garage tour instead of a basement tour soon! Besides that, lovely insight in the US tax system. I live in the Netherlands and have a small business here. What an insane difference on the tax situation though, with all the states and even counties that toss in a couple of percent here and there. Makes it quite messy in my opinion and you should be realy well aware of what you're doing in sales. Cool video
I didn't expect that getting back into Pokemon cards two months ago would lead to me enjoying tax law videos but here we are. IMO this is great content, more of this please! I'm a freak and find taxes interesting 😅
You need to keep an eye of threshold and apply for business license at least 30 days in advance, because some states might take a while to approve your license.
Thanks for all the info Brian. While on the subject, do you have any videos covering how you do your taxes for your business? I know you have a playlist on these type of videos but didn’t see one specific to that
this sounds like a proper nightmare. one would expect this in Europe with all the different countries involved, but within a single country (USA), it is absurd that this is a thing 🤨
Didn’t mention if this carries over every year or once you hit nexus you’re in it. Assuming once you’re in you’re in but some states may vary. There’s also different reporting intervals depending on how much you sell. Some states may require monthly while others quarterly.
Sales tax is the worst because every single state has their own rules and requirements. Best advice is pay a firm to take care of setting it all up for you. Most accountants could do it, but finding a firm that specializes in it is a good idea.
I just started my business last year and Im a bit worried since its my first time reporting my sales/profit. But since I use mainly tiktok Im wondering what I still need to pay since I think tiktok covers the sales tax. I would love a video about you can use for tax write offs, like paying for shipping, packaging supplies, gas for traveling for product?
Registar 6-7 business a year, invoice each set release with one of those different business. Doesn't matter if it sells through PokeNE, invoice through the others.
Is it a one-time registration per state? Or do you re-register each year after hitting the threshold? If it's one-time, do you pay sales tax on the 1st dollar the next year in that state, or only after the threshold mark the next year?
These videos are not for most people in these comments with… I purchased this or that should I hold or sell lol. Pretty interesting video from like my least likewble poketuber 😂 still shocks me when people don’t understand how taxes work
Funny I was actually looking into tax and how it works and the Nexus laws blah blah in each state. But it's definitely worth going over 100% thank you for this
Question, im building a website based in CT to move my stuff off ebay and build it up eventually. Been looking into this as i mentioned, do i need to collect taxes for sales in my state or is it just once i reach that $100,000 nexus? Thats the part i cant figure out
Hey, I hate to be *that guy* but I think you made a slight mistake at around 2:08 in your vid. Texas looks like it belongs only in the 500k bracket, not in the 500k + 100 transactions. I really enjoy your vids! Watching it all from Sweden. Such a shame I can't order to Europe from your store.
That is why you should always do your research when you open a business. It's common sense. Everyone always do your research and/or look at account and a law for your business to make sure you have everything in order it's very important and common sense.
I should mention this will not apply to ebay sellers or any other marketplace that handles sales tax. This is for people on their own site
Thanks for the clarification. I was curious about that.
Curious how much Avalera costs in total per year for you? I do think it probably is worth skupping the headache though haha
😅😅 I was just looking into this. Thank you for making this video
@@nevercold808 part of the fees you pay to ebay et al...accounting.
What if I sell both on my own site as well as ebay and tcgplayer? What should I search to find a CPA for my business? I dont even know where to start. Im selling around $400k a year but I just started my website
Honestly this is the kind of content I'm most interested in from you. It's hard to find information on how to run this specific business. Learning how to do expense and profit reports. How to do backend inventory management and how to prepare stuff for tax season is invaluable for people like me. Please do more stuff like this
2nd it 👍🏼
Yes 👏
The only time the govt is fast is when taxes are involved 🙄
Sometimes...like when estimates are messed up and lots of interest is owed.
Nah content isnt bad man, its gold. Most shopify stores have no sales tax too. Very educational
Shopify collects sales tax for you if you tell them to. Any reasonable business owner should have known this before setting up their business. This is why a lot of businesses sell through Ebay, Etsy,... because they collect sales taxes for you.
Growing pains but really great about how transparent and real you’ve been through this. Just another example of how genuine you are. You’re a great human being who’s going to find success no matter what you do 👍
All I got from this was that you're buying a Lambo.
Economic nexus...sounds like a new Pokémon set name.
That Dark Karl Marx alt-art is lit!
600 dollars a pack. Constantly sold out. Rares 1 in 5 packs. Karl Marx 1 in every 10,000 packs.
Lol!
This nightmare makes me feel totally justified in paying Ebay fees to handle this. Probably still cheaper your route but man...the work. Good luck!
Agree...if you are selling a ton on eBay...then I would agree, the 13% is worth it.
This is the clarity I wasn't able to compile researching all of the Nexus regulations. I reached out to 3 accountants who weren't able to make sense of this for me. Ain't no way this isn't something many people don't have questions about. Much appreciated 💯
Well considering no one will bring it up until you are getting the tax Bill for the year.
@@TheMule1 True. That's why, out of an abundance of caution, a few months ago tried getting this information from accountants but man they were state focused and not national focused.
@@openedmango It's a lot of specialized knowledge to know how each state decides they want to collect tax from businesses.
I always needed to reach out to my state tax team when nexus came up for sales exceeding a certain threshold in different states. I could tell you everything you ever needed to know about taxes in the state of Texas, but put me in PA and you're SOL lol. Doesn't help that the department of revenue websites for these states are terribly made and there's too much generalized information that never seems to fit your specific situation.
@@ryanaussi1776 that's about right. Accountants do specialize for their state. I am in Texas so I got that one on lock as well lol. It's all the others. I definitely don't sell enough out of state to require being in a Nexus. That's why I haven't opened my shop again on Shopify. Time to get things going.
It's kinda wild to me that business like yours doesn't hire an accountant from the start. Taxes take literally zero effort if you have one. I haven't used a minute of my attention to worry about anything tax related for the last few years, but I live in Europe so maybe it's different.
It's zero effort as long as the client (Brian in this case) produces 100% accurate books and records on the income tax basis of accounting. Otherwise there are lots of questions that need to be asked and answered to make sure you're using the US tax code to it's maximum benefit AND have a leg to stand on if you were to be audited, which is common for rapidly growing businesses.
Business owners aren't focus on their books all the time because they're focused on running their business to be best of their ability. It's also an added cost to have a CPA be really involved weekly/monthly throughout the year that a lot of businesses pass up on because their margins are usually thin starting out.
As much as I hate to say it because it goes against my industry, accounting/tax compliance is seen in a negative light because it isn't an expense that will generate you a massive ROI. It's just a cost of doing business and that's why it's seen as expendable. If you have a competent and responsive accountant, hold onto them and treat them well because they're getting harder and harder to come by.
More money, more problems is undefeated
Vegeta: I’m not a big fan of the government.
Piccolo: 30 on 30
30 ON 30 🗣‼
Brian, great video! Love the content! Sales tax is one of the forgotten ones. Don’t forget about income tax thresholds too! Those tend to kick in at $250K of sales with the Wayfayer court case a few years back.
I talked to my sister yesterday about how she started selling pokémon cards last year and how she did not plan anything for taxes. I will definitely send her this video!
Seriously a great video into the reality of business taxes that no one teaches or tells you, great video!
nah love these videos keep em coming, I don't own a business and never will but this is so interesting! I love hearing the nitty gritty from a real owner/real bussiness
Really appreciate this kind of video. I don't plan on doing a card store specifically but I was thinking of moving my art shop off of ebay/etsy to my own website and had no idea about any of this. 😅
Thanks for sharing your experiences with business taxes, it helps inform me so I'll avoid making those mistakes.
I actually like videos like these. Hearing some of the behind-the-scenes business stuff that no one really talks about all that much.
I AM SO GLAD YOU MADE THIS! As someone who wants to grow, this is VERY VALUABLE INFO!
I think you underestimate how important and interesting this video is. I watched this entire video all the way through, and I normally do not! Would love more business important videos like this!
interesting and useful for some people. Glad you figured out the paperwork loopholes. i would say the "or 200 transactions" might be more of a concern for small time sellers selling a few $1000 in singles and etb's possibly leading to the 200 transactions.
I loved every second of this actually ❤️🔥
I don’t know why you think this would be ur least viewed video 😮 THIS VIDEO WAS super Scary and SUPER HELPFUL 🙏🙏
Apparently! Thanks man
I found this very interesting. It actually answered why I didn't see sales tax on some websites I purchased from.
Great video as always!! I actually just called Avalara and my accountant about this 2 days ago to get information about if I should charge taxes.
Taxes are a nightmare indeed. So are fake accounts trying to buy product with fake credit cards too.
I do not have a business, and I don't think I will ever have a business, but I still enjoyed listening the video. It is nice hearing what you do on the back end even if it might not be the most interesting, It feels like you are keeping it real and transparent, instead of just glossing over why you couldn't sell in PA for a while.
All of them want a slice! My business is so tiny...all I need to do is collect tax from my sales in CA and remit each June. It's not terrible. But it could be soooo much easier. But "easy" and "government" don't usually go together! I mean...the number of transactions thresholds are just dumb.
Gonna have to pay the smooth hair dew tax 😅
US has the most convoluted tax system. People avoid moving here from other countries due to it.
On another note, Journey Together allocations trickling out. Looking about like Surging Spark, maybe a tiny but less. 🎉
Thank you Big Baller!!!
The delivery on 4:55 is 👌😂
I feel like they don't make it easy for anyone trying to start a small business to even find some of this info. Its hard enough in my state to know what business licenses are actually needed (state and city, state and county depending where you are and in person vs online sales) and then the bank tells you that you don't actually need one to open an account. There are three different websites for paying quarterly taxes, and zero info about owing taxes to other states. I understand the regulations are varied state to state, but I wish things were slightly more standardized.
Video was actually super helpful! Nice!
Saying this stuff stresses you out so you ignore it is the most relatable thing I’ve heard about owning a business. That’s how I am with any kind of accounting or taxes. Watching this makes me start going nope, no, not going to start shipping stuff. I like my in person shop. But I will probably have to start doing online sometime in the next year. Just going to procrastinate and avoid a bit longer…
My online Pokemon business is located in Colorado and we have sales tax Home Rules, so I had to registered with my city as well from the get go
Oh wow! I didnt realize you live in Nebraska😊
I learned about this awhile back and it's not good. But what bothers me are the people that charge sales tax to everyone even though you know they don't meat the requirements and arent registered to collect sales tax in that state.
Even though I’m located in Europe and haven’t even started yet this video was still enjoyable and informative
Make a video of the Venice Sports Cards & Collectibles scalping incident and the danger of this action to the community.
Just wanted to take a quick minute and genuinely say thank you sir! I’ve been back in Pokemon collecting since the start of sun & moon as a collector and have done mostly sports cards in my life but my son and I share a love for POKEMON and yugioh. I’ve consumed your content constantly for about a year now and I recently just secured a partnership with a genuine gentleman from Japan as a distributor/supplier for Japanese. We have really hit it off and all because I watched you and had the stones just to send a message on Instagram. Thank you sir for no bs, emphasizing the basics and having a feast and not famine mentality! Looking forward to this new journey in a big part inspired by Brian at poke ne!
This doesn't just have to apply with pokemon cards though, so I appreciate you explaining this to people who have no idea how business or taxes work for that side. Trying to launch clothing this year, so this helps me understand what tax people are gonna say! 😂
Oh boy! Now get ready for the Avalara Sales tax audits. So fun, we get audited about once per quarter from random states. (At least once per year by California 😂)
Great video!
This is a great and useful video. Thank you Brian!
For TN its monthly and it's a pain in the butt. I file for myself and I forget sometimes. The late penalty is 15 bucks thankfully.
Tho video autoplayed after watching a few others on your channel. This was the one that I liked the most.
This is really interesting stuff! I'm not ever planning on having a business, but I think these concepts are really interesting. lol
Flexing the Lambo money calls for a garage tour instead of a basement tour soon!
Besides that, lovely insight in the US tax system. I live in the Netherlands and have a small business here. What an insane difference on the tax situation though, with all the states and even counties that toss in a couple of percent here and there. Makes it quite messy in my opinion and you should be realy well aware of what you're doing in sales. Cool video
5:05 into video and "Yep this one's gettin a thumbs up."
Arizona here. TY Brian. My go to store is Pokene. Will you be able to get your license reinstated in Pennsylvania?
tell me you didn't watch the video without telling me you didn't watch the video.
Pennsylvania mentioned 🔥📣
I didn't expect that getting back into Pokemon cards two months ago would lead to me enjoying tax law videos but here we are.
IMO this is great content, more of this please! I'm a freak and find taxes interesting 😅
I’m sorry this happened to you. Thank you for sharing.
Keep these videos going for big and little businesses
You're one of the good sellers that doesn't charge tax unless they have to. Good on ya.
You need to keep an eye of threshold and apply for business license at least 30 days in advance, because some states might take a while to approve your license.
This has successfully reinforced my decision (again) to stay on platforms that handle all this for me.
More counties in NY than in CA when you add that one. Used to do it myself manually a year or two on eBay before they did it
Yea luckily avalara does all that shit- doing it alone would be damn near impossible. I’m very much pro-eBay at this point lol
Damn bro I just got my order off you in PA a week ago 😪, and I agree this state sucks
Probably one of the most important videos you’ve ever made. Good on you. People don’t get it 😅
this is literally exactly what i needed to see thanks brian youre a legend
Holy shit this video just saved me. Its crazy how many hoops you gotta jump through. Thank you so much
Thanks for all the info Brian. While on the subject, do you have any videos covering how you do your taxes for your business? I know you have a playlist on these type of videos but didn’t see one specific to that
Don’t wanna get sued for tax advice as specific as that - thx for ye support tho my dude 🙏🏻
Thank you for making this
Great live, nexus often overlooked at. Guess cause most marketplaces cover sales taxes nowadays with market facilitator
this sounds like a proper nightmare.
one would expect this in Europe with all the different countries involved, but within a single country (USA), it is absurd that this is a thing 🤨
Do you sell/deliver to Ontario, Canada
Videos don’t miss… best poke TH-camr hands down
How did PA find out how much sales you did being a private business in another state?
Didn’t mention if this carries over every year or once you hit nexus you’re in it. Assuming once you’re in you’re in but some states may vary. There’s also different reporting intervals depending on how much you sell. Some states may require monthly while others quarterly.
What they don't know is if you don't charge sales tax they owe their state Use Tax
Is there any way you could get some Japanese diseny lorcan bosster packs would love to buy some
I hated that I had to claim my sales on tcg player and I am just a casual seller. It affected my return.
Sales tax is the worst because every single state has their own rules and requirements. Best advice is pay a firm to take care of setting it all up for you. Most accountants could do it, but finding a firm that specializes in it is a good idea.
Nice video, NE
This is why some youtubers sell through Patrion.
Is there a purgatory time frame after you settle the taxes, fees, and fine for a particular state?
I just started my business last year and Im a bit worried since its my first time reporting my sales/profit. But since I use mainly tiktok Im wondering what I still need to pay since I think tiktok covers the sales tax.
I would love a video about you can use for tax write offs, like paying for shipping, packaging supplies, gas for traveling for product?
I come here for the sarcasm
How does this apply to selling on whatnot?
They do it all for you
Don't own a business, never plan on starting a business, but still watched this whole video cuz I'm a big nerd
When did Ben Stein get such poofy hair...? 😆 🤣 Thanks for the quality content as always. ❤
Registar 6-7 business a year, invoice each set release with one of those different business. Doesn't matter if it sells through PokeNE, invoice through the others.
Thanks for the video! Is there a Discord or another type of community that I can join?
Is it a one-time registration per state? Or do you re-register each year after hitting the threshold? If it's one-time, do you pay sales tax on the 1st dollar the next year in that state, or only after the threshold mark the next year?
One time and then ur in it forever
How does this work with international sales tax? Just starting up and don't want to run into this issue i live in New Zealand.
Talk to a an accountant or tax lawyer, bro.
I have zero clue sadly
Thanks for the video. I watched the whole thing (in 1.5x speed)😂
These videos are not for most people in these comments with… I purchased this or that should I hold or sell lol. Pretty interesting video from like my least likewble poketuber 😂 still shocks me when people don’t understand how taxes work
Funny I was actually looking into tax and how it works and the Nexus laws blah blah in each state. But it's definitely worth going over 100% thank you for this
Question, im building a website based in CT to move my stuff off ebay and build it up eventually. Been looking into this as i mentioned, do i need to collect taxes for sales in my state or is it just once i reach that $100,000 nexus? Thats the part i cant figure out
Thanks
"This will be my shittiest performing video" gave me a good laugh. Keep being a goat Brian 🤣👏
Just out of curiosity, who tracks where your sales go? How did California find out the numbers you shipped there?
I dont think any amount of money will get my bald head to grow hair like Brian 😂
Me shitting bricks when my hobby generated $7500 in revenue last year lol. Glad I don’t have to worry about this stuff yet.
Hey, I hate to be *that guy* but I think you made a slight mistake at around 2:08 in your vid. Texas looks like it belongs only in the 500k bracket, not in the 500k + 100 transactions. I really enjoy your vids! Watching it all from Sweden. Such a shame I can't order to Europe from your store.
Can never skip a pokeNE vid
Catch you next video
That is why you should always do your research when you open a business. It's common sense. Everyone always do your research and/or look at account and a law for your business to make sure you have everything in order it's very important and common sense.
Maybe they have a masterball registration that covers all states
thank you
This video had ZERO relevance to me but I found it super interesting.