Tax Time Help: Simple Cost of Goods & Mileage Tracking For Your Ebay Business

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2 жыл бұрын

If this information helps you and you'd like to buy me a cup of coffee, that would be real nice of you: www.buymeacoffee.com/HerrickK...

Пікірлер: 7

@cynthiafisher9907 2 жыл бұрын

Thats really cool. We don’t seem to have the kind of sales you have there where you live. We have estate sales, but they are pretty expensive. Maybe yard sales will have to do.

@herrickkimball 2 жыл бұрын

Hi Cynthia, We do go to yard sales too, especially if there are a bunch of them together in a neighborhood, or if they appear to be a yard sale selling contents of an estate. And we sometimes still stop by a thrift store. Whatever the case, we take the photo of a day's haul and record it as explained in this video. If the seller gives receipts, we clip them to the photo copy. Thanks for this comment, and here's wishing you all the best with your yard sale treasure hunting this year. 👍

@kevineyelures6321 Жыл бұрын

Have enjoyed this series of videos. Do you plan on anymore? Looking for more details on the actual workings of ebay and how to set up a store and how to price items. I have bought plenty from ebay in the past but never sold anything. My wife retired May of 22 and after 35+ years in the gutter bizness my knees have decided to retire on me. I can relate to the story you told of how to get down from a 2 story building. In my case it was 3 story's and involved a very skinny tree and a approaching thunderstorm. Have followed your work for years. Have spent all weekend getting caught up on a lot of your other vids. Have started a small plant nursery and have been looking for something else to help supplement our income. This sounds very doable.

@herrickkimball Жыл бұрын

Hi Kevin, It's good of you to post here. I decided that the level of interest in my "Trading Dimes For Dollars" videos was not sufficient to keep making them. But I do have a couple more how-to packaging ides that i'd like to show. There are lots of other videos about how to set up an Ebay store. I think Ebay may have some. The learning curve is always a bummer, especially when you have to sort through a few videos to find the one that's as useful as you need. You can definitely make some good side-hustle money with Ebay. I've slacked off with my listings the last couple of months. Need to get to it. If you don't list, you don't make money. I think the plant nursery idea is a good one. Here's wishing you all the best with your pursuits.

@CountryGypsy1720 Жыл бұрын

Do you have a system for the COG sold? This is my first year getting a 1099k so I want to make sure I get this right.. what do we do with the stuff that we haven't listed yet? I'm only doing this as a hobby being that I work full time.. what happens to the inventory I haven't sold? Does that get deducted if it hasn't been listed, or what? Also, I have a similar way of keeping track of mileage by sending text to myself, but I don't keep track of my odometer, just the actual miles I drive.. does that make any difference? Thanks so much for this video, it really helps! 😊

@herrickkimball Жыл бұрын

We deduct the total cost of goods purchased for resale in the year they were purchased, even if all the things have not yet been sold (which is always the case). My understanding is that this is the standard way of accounting for the COG with Ebay sellers. As far as mileage, I think you should record your odometer readings. Best wishes.

@CountryGypsy1720 Жыл бұрын

@@herrickkimball Thanks so much for the advice and speedy reply!