Great info again, Mark! Cannot wait for your next video and excited about what the next topic will be!

Hey! Thanks for provide such awesome value and content, I appreciate it greatly. Using your spreadsheets right now and it's helped me so much

I appreciate your information regarding taxes..i learned a lot the interesting part about deductions..very informative..thank you..

Excellent video. Thanks so much! It was very understandable and you told me exactly what I was wanting to know. Look forward to checking out other videos here!😊

New subscriber alert. As a single member LLC. I am here to learn how to pay taxes, what deductibles are.. Etc Thank you Mark

Great advice and that’s is why I worked with you for my taxes in 2019 and plan to do so on 2020

😳 how did I just find your channel? I’ve needed you! 😂

Definitely learned something here! Never knew I could deduct 50% of meals when traveling, missed out on a few this year for sure haha. Thanks for the info!

Thank you for this helpful information.

My ex husband handled all my reseller tax stuff. And since I'm decide, I took a break reselling, and just getting back into it. Being someone that already struggles with anxiety, your videos have been very helpful. I still have a lot to earn, and still nervous about doing my own taxes. But I've learned a lot.

Thank you so much for your valuable and helpful video. I am a single member LLC, and import my resell products directly from overseas factory, and having to pay over $20k on ocean freight charges, customs duties and local trucking charges. Where and how do I report as expenses on tax returns? Thanks again for your great video!!!

Just started selling a large collection of inherited antique toy cars, and I have been uncertain on how to go about all these details. Your videos have been a huge help and I can’t thank you enough for presenting it in an easy to understand fashion!

Great Great Video! Thanks!

Wow EXCELLENT info thank you! I have a question about shipping charges on ebay: I always charge for shipping - so because "I buy the labels" do I deduct this as does and fees?

lEARNED A FEW NEW TRICKS I WILL SUBSCRIBE NOW.

Thanks 👍♥️

Thanks for the info. One question I have if you could help. I make custom fishing equipment for a business, if I take a fishing trip to test out new equipment would the cost of the trip be deductible? Thanks

Thank you so much for sharing your knowledge with the rest of us. Just started reselling earlier this year and have been getting stressed out thinking about tax time. Have saved all my receipts but no clue on the best method to go about this. By chance to you recommend refer CPA Services that are helpful to us resellers if we are not in your area? I’m in Phoenix, AZ.

This was very good ur great st this ... I live in Arizona do you help file taxes if we pay you. Last year I went to freetax usa and filed on there I had numbers of sales n donation and I left a lot of money on the table I only counted my inventory. Lol nothing else I ended up having pay 480 for tax and I was happy but mileage and all I left on table

Clarity, as usual. 👏🏼 Are you sure you’re a CPA and not a teacher too? 😉 Thanks for the help! 😀

Thanks for a great video! Are shipping charges from the post office deductible? Thanks for your help!

Do you have any vids where you discuss the differences -- advantages and disadvantages -- for incorporating or creating an LLC vs. reselling as a sole-proprietor?

I have dabbled in this for a bit- if we don’t live anywhere near you then do we use our regular tax preparer?

I have always used the standard deductions allowed by the IRS.

Hi, can I use dry cleaners as a deductions since I plan on using them for my resell business? Thanks!

Hi. How far away do you have to be from your home town to be considered travel? If i'm driving an hour away to source and spend all day in that area and have to stop for lunch at some point, then I end up driving home for the night. Would that be deductible? thanks

So in order to get all of these deductions, I would have to itemize instead of taking standard, correct? They increased the standard so much that it's almost impossible to make out better by itemizing.

Let’s say I sold 10k worth of stuff on eBay and transferred the funds to my PayPal everytime I withdrawl money does that mean I have to pay 10k tax worth for eBay and 10k worth of PayPal?! Or does it know I’m just withdrawling the funds thru PayPal, rather then making a sale on paypal? Im so confused.

Hello if you just started a business and you are yet to register it and but received some payments on any of the payment platforms will you recieve a from from irs.? Payment received was not by sell on the web. Thank you

Thank you for this informative video! Quick question: Several times a year we go on a sourcing trip to thrift stores and flea markets in other states. Instead of staying in hotel rooms, we pull a travel trailer and stay in it at night. Could the campground fees be considered tax deductible?

Wondering how to account for buyer pays shipping, while using the cash method costs of goods sold inventory deduction. Shipping charges are part of my gross sales, when Mercari sends total gross sales, can I both record/(represent) these charges as 'fees' per item, (which technically won't be valuing my inventory) since it will be recorded as 'shipping fees' as the item sells. Or can I not represent these charges as part of my items with cash method? Ultimately, I have to lower the price of my inventory to account for shipping costs whether I pay for them or not. Would this qualify as a deductible business expense? because my sales report data is the total amount of gross sales and with the cash method I am recording costs as paid, therefore I will be taxed against my total sales which gives the IRS my profit vs total costs of business. But then these shipping charges are not accounted for, which are very considerable, meaning I will be paying 15% profit on these charges as sole proprietor cause lumped together with gross sales. How do I take a deduction on this? Or am should I switch to free shipping?

I purchased a Laptop for $950 in November 2021, mainly for business uses throughout 2022. Can i still write it off for my 1099 K 2022 taxes when i get them in 2023??

What If you started reselling last year and you don't have a business license. Are you still able to deduct when coming to tax time this year?

How do I find how much I would be taxed for reselling? Is it 30% for everyone? What is this tax called or how would I search it on google? What key words and I looking for?

90% of the time I am sourcing out of town, so all these meals can be deducted by 50%?

Can you deduct a start up cost of an automation Ecommerce store ?

Thanks Mark! You explain things so well:) Can anyone help me here??? I just started reselling for profit this year (not much profit yet LOL). I don't have receipts for everything but I've printed and highlighted business expenses on my bank statement(have failed to use account exclusively for business). Should this be enough for tax time? I will do better next year:(

Help. Still doing 2022 taxes. (Don’t judge) I’m filling out schedule C. Where do I record the ‘Taxes and Government Fees’ from my eBay report? Or do I. It’s included in gross sales, so, don’t I record it? I know I never collected those taxes, but…if Im required to claim my Gross Sales according to eBay, don’t I need to show those sales taxes were paid?

What if you model the clothing that you’re reselling and sometimes you need to purchase some basics that you utilize to properly style the items you’re trying to sell? Can those clothes or shoes be an expense that you can deduct even if you’re not planning on reselling them?

How would they know how much you spent on inventory at yard sales? Could you use ATM withdrawals as deductions spent at yard sales?

even a small discount on shipping can make a huuuuge difference. 30% is alot .

Are you performing CPA business? I need help to get my taxes straightened out. Or do you have a HOUSTON TX CPA to refer? Thanks in advance.

I resell my clutter at depop I made one sale every 3 months or so . They are requiring me to get a tax is and I am pretty ignorant about the subject and I don’t want get a tax id if that means I will be force to fill my taxes as a reseller for a $20 sandals . I would highly appreciate you guide me and let me know if that tax id is something that could hurt me and it’s better quit depop

Question: how does one determine the percentage of costs to write off? For example, I have a storage unit with inventory as well as personal items. Do I write 50% of my bill? Other examples are my cell phone service, internet, electricity and rent at my apartment. How do resellers do it? Thanks

Great Video! Question: I run my resell business out of a home I rent. My rent is $2200 a month. How much of that is deductible?

Hey Mark, are "Staff Meals" still deductible? During tax season I imagine you are working extended hours. Say you provide lunch/dinner to your entire staff so they can work > 8 hours without taking time off to prepare a personal meal, wouldn't that be 100% deductible as a staff meal? Say a reseller operating a single-member LLC puts in a 12 hour day travelling around their state on a sourcing trip, might they also be able to justify providing themselves staff meals on those extended days?

Do you have to purchase something in the name of your business (such as your LLC) in order to deduct it, or can you deduct any item you purchased, whether it was under the business name, or something you purchased under your name? Same question in regard to which funds are used to make the purchase, personal account or business bank account?

May i deduct PPE? Masks and gloves?

HELP HELP HELP……………………someone said if your not registered as a business that there is a 2% floor is that true, does that mean you can only write off up to 2% of expenses? Even if your just side hustling should you register as business?

Im in Nevada l fly to Florida 2-3 x a year for the huge community sales and the outdoor swap meets anything l f find l ship back.lm going there to make money can l write this off.

Thank you for such great information! But I couldn't help myself the entire Video thinking if those are Packed Kilos of Columbian Cocaine behind you? lol :)

Does all this apply in Canada or???

I'm renting a shed for ebay stuff can I deduct my monthly rent as a expense

What if your just selling your own property so you can retire?

I resell as a side hustle. Do i have to have business license in order to deduct on reselling expenses? Thanks

If I understood correctly, you can deduct for contractors? So, does that include hiring someone to clean my room where my inventory is kept? What about a whole house cleaner?

what happened to mark one?

How do you account for reselling supplies if you pay for them out of your personal bank account instead of your business account especially when getting started part time?

Hi, a product bought with a gift card that I earned from doing online surveys or other online rewards program and then selling them, how would I count COGS? Would they be 0 because the item I bought cost me basically nothing? Thanks

Question about COGS. I am selling items on Poshmark that I no longer wear. Many items still have the tags. I have the order confirmation from my original purchase. If I sell and item that I originally bought for $250 a year ago for $50. Could I report my COGS is $250? It seems like normally, COGS is less than what the item sells for but when selling old clothes that decrease in value, the COGS is higher.

So be qualified for a tax reduction u need to be a business? I’m just selling on Mercari never got a llc or business license so will I be able to use deductions?

I have a question, since the new law that pay pal will send us a 1099K with credits of $600 or more. I play a virtual game online and create different sims for the game. I will purchase textures, objects, etc that will go into creating these sims. I will then be reimbursed through the same game when a project is completed. I never actually make any money, my debits are way more then my credits. So how will this work? Thank you in advance.

Can you deduct your cpa tax filing fee from yr prior?

Hello, do you recommend having a llc.

Do I need a reseller license if I’m selling on Poshmark? I want to sell clothes and shoes I don’t use

Can't you deduct your cost of items as well

How do I become a " business " ?

download not working

But what if you sell on eBay, but are not a business? in the usual sense, but just reselling your own stuff. I paid taxes on items already, when I purchased them. Why am I required to pay tax again? I know its now the law, but how does this help anyone? or our country. Lets just make sure no one can eat huh Joe.....

Such a real nigga