My Bricklink Store - Ep 56 Tax Time

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  • เผยแพร่เมื่อ 29 ต.ค. 2024

ความคิดเห็น • 14

  • @aliciaserrano9698
    @aliciaserrano9698 ปีที่แล้ว +1

    Super helpful video! I plan on starting a bricklink store in the future (mostly just sealed sets and minifigs), but the realization of taxes complicating things has made me hesitant. Your vid helped clarify some questions I had, to where it now seems less daunting.
    Much love, I hope your store continues to grow 💛

  • @StevesRealWorld
    @StevesRealWorld ปีที่แล้ว +1

    My Best advice is to have a tax accountant. They know the rules and think of deductions I never would. Yes, you can deduction, anything you buy for the business like, akro mils, a chair, a table, a laptop, pens, garbage bags, mileage to the postage. Mileage to buy legos, cameras, all fees, paper, labels, baggies, plus the home office, etc,etc,etc... It maybe confusing, but not to a tax accountant. Plus you deduct their fees also.

    • @montanausedbricks
      @montanausedbricks  ปีที่แล้ว +1

      I agree! I am more than willing to pay someone to do our taxes because she knows all the ins and outs and is very meticulous, especially when it comes to the business. So worth it!

  • @BrickTsar
    @BrickTsar ปีที่แล้ว +1

    The most important time to think about taxes is when you are starting a business. Since there a lot of upfront cost with most businesses and often a loss is shown in the first year or two. A paper loss is a tax refund. However, if you show loss year over year then it’s a hobby not a business and you can’t continue count the loss. PayPal and eBay send a w9 if you receive over $20000 in the year which the IRS was trying to change to the $600 limit you mentioned. I think it got pushed back but it doesn’t really matter to me since I’ll report it either way.

  • @christopherweir8693
    @christopherweir8693 ปีที่แล้ว

    I despise Tax season. I have 3 businesses have to track. A dry cleaning business, a online fabric business that I'm a partner in, and online resale business (including Lego). I pay estimated taxes quarterly. I use Quickbooks Pro for the DC and resale business and Quickbooks online for the fabric business. Quickbooks is super easy to use but can be pricey.

  • @sk84life0
    @sk84life0 ปีที่แล้ว

    oh god tax guhhh,,,, lol got my papers Friday for my tax and I dread doing it hahaha

  • @rebekahbrown3353
    @rebekahbrown3353 ปีที่แล้ว

    When you built your inventory room and paid for shelving/labor did you use that as a business tax write off? Thanks!

    • @montanausedbricks
      @montanausedbricks  ปีที่แล้ว

      Yes, our accountant took all of that into consideration when doing our taxes. The shop was built primarily for the business so we have been able to put that on taxes.

    • @charlessilver9419
      @charlessilver9419 3 หลายเดือนก่อน

      Do you need receipts for the bulk you buy from individuals, or just keep track of that in your inventory expense report?

  • @petervanwinden3953
    @petervanwinden3953 ปีที่แล้ว

    Do you pay yourself and your husband wages / salary from your business? Also wondering why, if you do or don't? Thanks, love the channel :)

    • @montanausedbricks
      @montanausedbricks  ปีที่แล้ว +1

      No, we don't make enough to do that. We use our profits for personal use, so that is our wage. :-)