Thanks Taylor for this informative video! I will definitely have to start separating my personal and my business accounts especially now that my etsy shop is starting to take off. Great advice about the LLC. I currently have my revenue/expenses tracked on a spreadsheet and I just give it to my Accountant during tax season, all summarized. She says I'm so organized! LOL! So, I won't be needing a bookkeeper since I can do that myself, but great advice for those that can use one.😄
Thanks for the video, Taylor! There need to be more videos like this teaching us about the “business/tax” side of Etsy POD. Question: in Printify, is there an easy way to see a grand total of your monthly/quarterly/yearly production and shipping cost? I don’t have much sales yet but I had to manually add up the cost of EACH sale for Q4 of 2023 which is when I started my POD side hustle. The only number I found in Printify was the up-to-date cost total without the option to be broken down to certain time period. Thanks!
Thank you for the valuable info and saving me a ton of time in the future! I started Etsy a month ago and didn't think to do a separate checking account, till now :) 🙏🙏🙏
Hi Taylor. Quick question for you. When you talk about saving 30% is that of your revenue after Etsy fees or 30% of profit after you pay your print provider?
Thank you for the educative video! In your experience, at what point does it make sense financially to move from Sole Proprietorship to an LLC? Also, could you expand on deductions you can take as an LLC but not as a sole proprietor.
I think it personally matters what your long term business goals are! For me, I knew I wanted to grow my business beyond just Etsy and so an LLC seemed like a natural next step. I really recommend talking with a CPA for determining what you can deduct, everyone’s business can be slightly different and so there is really no one answer.
I use the chase business ink premiere! The link only lasts for a short period of time, if you’d like a referral you can email taylor@taylorpod.com for an updated link ☺️
Can you clarify if you can that Etsy remits the sales tax collected to the particular states, that you don’t have to take care of this part of the paperwork? Thanks
The income reported on your 1099 is what you received after those discounts already so there is nothing you would need to deduct. Your business expenses are what you would be able to write off or deduct. An accountant would be able to help with this or you can manually track all of your income/expenses.
Taylor, do you use the Profit First system for determining how much to pay yourself out of the business vs reinvesting? If not, how do make that determination? Of the 46k in profit you recognized for '23, setting aside the conservative 30% for taxes leaves you a little over 32k. Did you bring all of that home, or does some of that stay in the business? Thanks! My wife and I are researching this opportunity and this was exactly the video we needed at this point. Thanks!
For you and your wife, I think it truly depends what your long-term goal is. For example, if you wanted to branch out off of Etsy in a few years and open a Shopify store or consider selling wholesale down the line. There isn’t always one “path”, there are a ton of different avenues you could pursue and depending on that will determine what your pay structure looks like.
Could you help? I'm selling on 1000$ each day. 700$ take by print provider and post service, 100$ take by Facebook advertising. So my net income is 200$ from 1000$. How I will pay tax, just for 200$? Am I understand correctly? I'm individual (no LLC) / Missouri
Thanks Taylor for this informative video! I will definitely have to start separating my personal and my business accounts especially now that my etsy shop is starting to take off. Great advice about the LLC. I currently have my revenue/expenses tracked on a spreadsheet and I just give it to my Accountant during tax season, all summarized. She says I'm so organized! LOL! So, I won't be needing a bookkeeper since I can do that myself, but great advice for those that can use one.😄
Thanks for the video, Taylor! There need to be more videos like this teaching us about the “business/tax” side of Etsy POD. Question: in Printify, is there an easy way to see a grand total of your monthly/quarterly/yearly production and shipping cost? I don’t have much sales yet but I had to manually add up the cost of EACH sale for Q4 of 2023 which is when I started my POD side hustle. The only number I found in Printify was the up-to-date cost total without the option to be broken down to certain time period. Thanks!
Thank you for watching! For your costs, you can download your monthly statements from Printify under Wallet > Payments > Summary invoices ☺️
Thanks so much for the reply, Taylor!
Your content is always so informative! Thank you!
Thank you so much. 😊
Thanks for the reminders to treat your business as a “business”
Of course! It’s something I wish I did sooner! ☺️
Wonderful and helpful information! Thank you, Taylor!
You are so welcome!
Thanks so much for this video! It was very helpful!
Thank you so much for watching! 😀
Thank you for the valuable info and saving me a ton of time in the future! I started Etsy a month ago and didn't think to do a separate checking account, till now :) 🙏🙏🙏
Glad it was helpful! ☺️
thanks a lot for the information it would have been ideal to recommend a tax person to further advise on the legal topic
I recommend finding someone local to you because individual state laws can vary depending on where you live ☺️
If you do print on demand are you subject to collect sales taxes?
Hi Taylor. Your business CC link is expired. Could up update it or let me know what the card is? Looking to update mine with more benefits.
Thanks for the great content! Quick question about Quickbooks. Can you add prior months in and then it would integrate with Etsy going forward?
Yes! You can add in all previous transactions ☺️
Hi Taylor. Quick question for you. When you talk about saving 30% is that of your revenue after Etsy fees or 30% of profit after you pay your print provider?
Taylor your chase card referral says the link doesn’t exist anymore! Can you let me know which chase card it is, I’m interested in seeing the benefits
It’s the chase business ink card! If you’re still looking for a referral link email taylor@taylorpod.com and I can send you one ☺️
Thank you for the educative video! In your experience, at what point does it make sense financially to move from Sole Proprietorship to an LLC? Also, could you expand on deductions you can take as an LLC but not as a sole proprietor.
I think it personally matters what your long term business goals are! For me, I knew I wanted to grow my business beyond just Etsy and so an LLC seemed like a natural next step. I really recommend talking with a CPA for determining what you can deduct, everyone’s business can be slightly different and so there is really no one answer.
What would you say a healthy profit margin is for digital vs POD on Etsy? And what about for a blended shop that sells both? (like me 🙋🏻♀️)
Taylor, can you recommend some business credit cards or banks you considered? Or a video on it? Thanks!
I have the card I use in the description! I use Chase for everything
Thank you Taylor!
The referral link for chase isn’t working. Do you use the chase ink unlimited?
I use the chase business ink premiere! The link only lasts for a short period of time, if you’d like a referral you can email taylor@taylorpod.com for an updated link ☺️
Can you clarify if you can that Etsy remits the sales tax collected to the particular states, that you don’t have to take care of this part of the paperwork? Thanks
They do :)
@@TaylorPOD Thanks!
can you have more than one shop under one LLC?
Yup! ☺️
How does it work if you set discounts every day in your shop? How would I figure out how much to deduct from the 1099
The income reported on your 1099 is what you received after those discounts already so there is nothing you would need to deduct. Your business expenses are what you would be able to write off or deduct. An accountant would be able to help with this or you can manually track all of your income/expenses.
Taylor, do you use the Profit First system for determining how much to pay yourself out of the business vs reinvesting? If not, how do make that determination? Of the 46k in profit you recognized for '23, setting aside the conservative 30% for taxes leaves you a little over 32k. Did you bring all of that home, or does some of that stay in the business? Thanks! My wife and I are researching this opportunity and this was exactly the video we needed at this point. Thanks!
For you and your wife, I think it truly depends what your long-term goal is. For example, if you wanted to branch out off of Etsy in a few years and open a Shopify store or consider selling wholesale down the line. There isn’t always one “path”, there are a ton of different avenues you could pursue and depending on that will determine what your pay structure looks like.
Janet Leblanc is the e-commerce CPA I go to for all these questions!
Could you help? I'm selling on 1000$ each day.
700$ take by print provider and post service, 100$ take by Facebook advertising.
So my net income is 200$ from 1000$. How I will pay tax, just for 200$? Am I understand correctly?
I'm individual (no LLC) / Missouri
It’s best to consult with an accountant. In my experience, you pay taxes typically on your net profit.
So thankful to be married to a CPA!
Even better! 👏 hahaha I love that.
Hmm... a CPA doing the taxes for their spouse's business... Who gets to write off the resulting marriage counseling? 😂