Very information video. Didn't realize your people do the tax preparation remotely. A few questions: 1) there are so many data breaches, is the client information safe with workers from other countries? 2) do you review all the tax forms they prepare? 3) how many clients have they assisted with? 4) is there a secure hub you use for clients to upload their documents? 5) if client leaves the service what happens to their documents provided to your team?
thank you for this! just opened my UK LTD and decided to go solo without an accountant. while it was super intimidating, getting a good software like quickbooks and taking it step by step made all the difference. and listening to an expert say that "its not a big deal" on details we're all scared of, is really reassuring! as long as we are honest and match every single transaction to the right account (income, expense, what type etc) then we are good!
Good informational video. I have 2 LLCs and 1 DBA. I started all of them long before I started reselling. I didn't begin reselling until I retired from my "regular" job. I decided to name my eBay business the same as my DBA, so that is what I do all my reselling through. One of the reasons that I like LLCs is because (as the name implies) they "limit" my liability. So, one of my LLC's is where I conduct consulting business and write/publish books and the other was created to purchase real estate. Because the consulting and real estate business means that I am dealing with people and companies and delivering goods and services, etc., I wanted to "limit" any liability exposure to those LLCs and not to my personal property, belongings, etc. I mean, there is a chance that someone might file a suit against me in my reselling business, but I highly doubt it. So, it seemed to me that a DBA (sole proprietor) was good enough for reselling. Just my two cents.
I’ve watched several of his videos, which are very informative, but this by far feels the most comfortable… even his demeanor is down to earth as if, w/a friend. Super nice 😎 Thank u both❣️❣️ I’d love to do Flipwise when I begin to really make money as a reseller :)
interesting! My tax preparer said you can't write your phone off unless 100% used for business purposes. She said any use as personal then you can't write it off. I went out and got a new phone for only personal use. I find it works much better. As for Garage sales I write the address down where items are bought. Also, mileage wasn't even discussed. I don't track vehicle repairs, gas, and such because I use the mileage deduction by tracking all my miles traveled every year. I keep a spreadsheet for that.
Hey Justin, thanks for all your videos, this one especially timely. I started selling items from home 2/24, went over the 5k surprisingly! I’m grateful for sound advice! Take care💯👍
My first year having to file ebay sales. I figured I would get the 1099, figure how much I've sold, how much I payed for items, how much I payed in labels/refunds, and whats write offable. Pay the balance?
I appreciate all that you do and provide for the community. You’re a legend in the reselling world, and I watch all your videos - always excited to see when you upload! 🙏🏻 thanks again, Justin!
Around the 27:30 mark, when Mark was mentioning inheriting something, he said you would inherit the basis of the item that person bought it for. But if you inherit something, wouldn't you receive a step up basis to the FMV at the date of that person's death? If the item was gifted to you, that's where you would receive the carryover basis of the person's original cost basis.
Whenever I start to feel anxious or overwhelmed I think about all the people who in this big gig economy have to go through similar issues...they can't possibly all be getting it right either! Not that the IRS cares about what everyone else is doing when it comes to your own taxes, it just makes me feel a little bit of consolation that I'm not alone 😊
I originally started selling when my collection got out of control, and I was getting left with tons of junk. what about those who are technically taking a loss. Example I paid 50 for a jewelry lot which I pulled out all the Daisy flower brooches for myself, the rest sometimes is junk to me and I will sell it all for 30 bucks , sometimes I will recoup my whole cost so the items I took out were free to me. I asked my tax guy should I be paying taxes and the only thing he asked me was am I making a profit. I still don't understand.
Everything depreciates once it leaves the store. How much should we depreciate our personal clothes that we are selling? Is there a percentage or depends on the age of clothing?
Very information video. Didn't realize your people do the tax preparation remotely. A few questions: 1) there are so many data breaches, is the client information safe with workers from other countries? 2) do you review all the tax forms they prepare? 3) how many clients have they assisted with? 4) is there a secure hub you use for clients to upload their documents? 5) if client leaves the service what happens to their documents provided to your team?
thank you for this! just opened my UK LTD and decided to go solo without an accountant. while it was super intimidating, getting a good software like quickbooks and taking it step by step made all the difference. and listening to an expert say that "its not a big deal" on details we're all scared of, is really reassuring! as long as we are honest and match every single transaction to the right account (income, expense, what type etc) then we are good!
Good informational video. I have 2 LLCs and 1 DBA. I started all of them long before I started reselling. I didn't begin reselling until I retired from my "regular" job. I decided to name my eBay business the same as my DBA, so that is what I do all my reselling through. One of the reasons that I like LLCs is because (as the name implies) they "limit" my liability. So, one of my LLC's is where I conduct consulting business and write/publish books and the other was created to purchase real estate. Because the consulting and real estate business means that I am dealing with people and companies and delivering goods and services, etc., I wanted to "limit" any liability exposure to those LLCs and not to my personal property, belongings, etc. I mean, there is a chance that someone might file a suit against me in my reselling business, but I highly doubt it. So, it seemed to me that a DBA (sole proprietor) was good enough for reselling. Just my two cents.
I’ve watched several of his videos, which are very informative, but this by far feels the most comfortable… even his demeanor is down to earth as if, w/a friend. Super nice 😎 Thank u both❣️❣️
I’d love to do Flipwise when I begin to really make money as a reseller :)
Thank you so much for the collaboration!!! I've been hustling getting my tax information all squared away.
interesting! My tax preparer said you can't write your phone off unless 100% used for business purposes. She said any use as personal then you can't write it off. I went out and got a new phone for only personal use. I find it works much better. As for Garage sales I write the address down where items are bought. Also, mileage wasn't even discussed. I don't track vehicle repairs, gas, and such because I use the mileage deduction by tracking all my miles traveled every year. I keep a spreadsheet for that.
A ‘market value’ is calculated from historical sold comps based on market conditions at that time.
Hey Justin, thanks for all your videos, this one especially timely. I started selling items from home 2/24, went over the 5k surprisingly! I’m grateful for sound advice! Take care💯👍
My first year having to file ebay sales. I figured I would get the 1099, figure how much I've sold, how much I payed for items, how much I payed in labels/refunds, and whats write offable. Pay the balance?
We needed this!!!!! Thank you!!!
I appreciate all that you do and provide for the community. You’re a legend in the reselling world, and I watch all your videos - always excited to see when you upload! 🙏🏻 thanks again, Justin!
Around the 27:30 mark, when Mark was mentioning inheriting something, he said you would inherit the basis of the item that person bought it for. But if you inherit something, wouldn't you receive a step up basis to the FMV at the date of that person's death? If the item was gifted to you, that's where you would receive the carryover basis of the person's original cost basis.
Doing god’s work here. Really appreciate you putting this video together.
Good info. My anxiety is reduced...a little bit. Thanks!
Whenever I start to feel anxious or overwhelmed I think about all the people who in this big gig economy have to go through similar issues...they can't possibly all be getting it right either! Not that the IRS cares about what everyone else is doing when it comes to your own taxes, it just makes me feel a little bit of consolation that I'm not alone 😊
Awesome!! Thanks!!! Flipwise is absolutely the best!!
Super helpful video, TY! 🤗❤
I originally started selling when my collection got out of control, and I was getting left with tons of junk. what about those who are technically taking a loss. Example I paid 50 for a jewelry lot which I pulled out all the Daisy flower brooches for myself, the rest sometimes is junk to me and I will sell it all for 30 bucks , sometimes I will recoup my whole cost so the items I took out were free to me. I asked my tax guy should I be paying taxes and the only thing he asked me was am I making a profit. I still don't understand.
Everything depreciates once it leaves the store. How much should we depreciate our personal clothes that we are selling? Is there a percentage or depends on the age of clothing?
Thanks for the input. My laptop is 10 years old, if I buy a new one for eBay use, can I right it off.
Flipwise looks great but I have around 6000 long tail items in my store so $60/mth is kind of high for my store.
Thank you for such an informative video!
Some things do Appreciate in Value , would it be aggressive to zero it out in that situation ?
I wonder how the IRS will feel when I put down that I watched Justin resells videos and that was educational towards my business ha ha
Time is money !
Thank you. Amazing info
Yay! Great crossover!
California is $800/ year, not a month. Still too much! I’m for repealing all taxes 😉
No wonder businesses are moving to other states like Arizona.
Massachusetts is $600/year, has been for quite a while now
Thank you 😊
Doesn't ebay automatically tax transactions?
That’s sales tax; this is income tax.
@jeffputerbaugh9616 how would that work in Texas?