Alissa, so you started as a sole proprietor. and then switched to an LLC; did you work with printify as a sole proprietor? I'm on the fence, 'should I start as a sole proprietor on Etsy?' and can I work with a provider like Printify as a sole proprietor? Or should I just register an LLC just to avoid any unforeseeable issues? Would really like your help on this. Already been to a CPA, but I need to hear from a business owner.
@@freddysarmiento8287 I don't know much about printify. But yes, I started as a sole proprietor and then once I started making thousands I got an LLC (mostly because I was selling glassware and wanted to separate my personal assets from my business assets if someone were to break a glass, cut themselves, and sue... but it was also nice to separate the two because having a separate business bank account made bookkeeping much easier).
@@AlissaRose Hey! Alissa! Thank you so much for replying. I appreciate you taking the time to reply back. This really helps. In that case, I think it is worth just to register an LLC. I just felt like I shouldn't do it only because I'm a newbie at this - and wanted to wait to see if this venture fares well for me or not. But I guess business is business: whether you win small or win big.
Thanks! Great info. One thing I know to be true is if you make 12,200 a year or less regardless of whether you are self employed or work for someone you don't have to pay taxes. I am a mom with child support and starting an Etsy store. My child support is not taxed so that income doesn't count, and if my Etsy store makes less than 12,200 a year in profit I can file as a non-filer meaning no taxes are owed. Just a note I wanted to add for anyone out there in my same position.
Hi, im 18 and want to start an Etsy shop to get rid of stuff and make a little money. Do i still have to file for taxes? (I dont think I'll make 12,000 Haha)
I love how she tells everyone that she isn't a tax expert and to speak to one. Yet so many comments are asking specific tax and legal questions to the RU-vidr. She is basically just telling you her experience cuase yours might be similar.
This is the most super helpful information out of everyone. It explains everything you need to know to get your business started. Thank you thank you thank you 😘🙏
well, never ever ever mingle you personal expenses with business. Business bank account should not include your personal expenses especially you have LLC.
In NY you pay yearly taxes after the first year of business. Keep track of all your expenses and just learn about it near the end of this year/get an accountant to help you. To be safe, just stash away 30% of whatever you make. Don't let the fear of taxes stop you from doing something that is potentially life changing.
Thanks for this video! When you were a sole proprietorship, did you have to register or anything with the state or county? I want to start my etsy soon, only digital for now.
No, I did not, but that same year I applied for my LLC and then filed all my income from my small business my first year selling on Etsy. You're already a business if you intend to make money online if you register for an LLC or if you don't.
i love this! But something my wife Is pulling her hair out for is - does she need a business license and does she need a business permit? Also... does anyone know this? - Does she need a TIN? Is that the same thing as a business license?
Actually I’m a sole proprietor and I still have a EIN. I don’t believed using a social security for business. But you can file for an One person LLC if you think your busy is sue-able. Hope that helps :) . If you have a digital download business than a Sole Proprietor with an EIN is just fine.
Due to start up cost and research expenses, my business income is lower than my expenses can I still file taxes and get the write offs? I do have a full time job as well so I will have a w2
How would this work if there are two people involved? How would the pay be distributed if it is not all being disbursed to one person? I actually don't know how the pay would be distributed with one person either.
what if my etsy shop is only carrying digital products? what will be different, do i still need quickbook or what other advice i need to know, for taxes for digital products, your advice will be greatly appreciated.
Thanks for this video. I’m creating an LLC for my business. I’ll have 2 Etsy shops because the brands will be totally different, a RU-vid channel under my name, and the LLC will probably have two DBA’s. For your Etsy shop how did you do with your LLC versus your Etsy shop name versus your RU-vid channel? Is everything the same name as your LLC? Is your banking account name the same as your LLC? If your Etsy shop name is different than your LLC does the LLC or banking name appear anywhere on the shop?
So, I guess I won't have much to write off. I do digital prints of my photography and haven't purchased a new camera or anything. Will it still be worth my time to sell on etsy?
I currently live in Nevada and I'm opening cottage business as LLC through the state. Do you know if I'm allowed to sell on Etsy as well because I have a cottage business and not commercial?
Idk if you'll see this but I am planning on starting my business on Etsy, just selling stickers and art prints. I have some tech and printers to buy but should I get a Chase business account first so I can make those purchases with that account? Or can I do it with my personal card for now and then get a business account, or will that be too much of a hassle for tax time? I'm not sure what to do.
@@NostalgiaBoiLofi did you apply for a business license? I want to do this for fun, but this video stressed me out 😭😭 i didn't think I'd have to do taxes or bookkeeping
I just created a LLC and EIN, but once switching on Etsy and updated the tax legal info. Etsy says it can’t be verified? Did this happen to you? If yes, what steps did you have to take for Etsy to verify new legal entity?
I would suggest to reach out for a reputable, good Tax advisor/CPA to answer your tax questions. Also, look up your state website and see what their requirements are in regards to taxes. Buena Suerte!
Hello, I'm mexican but I have a account in USA and I start to sale in Etsy and use my USA account, I want to know how I paid taxes, if I living in Mexico but my deposits are in USA? I hope u can help me with this
I'm not a tax professional, so I can only really share what I shared in this video! I would seek out a different video where a tax professional can help you with your questions!
Can Minors Buy or Sell on Etsy? All Etsy account owners must be at least 18 years of age, as stated in Etsy’s Terms of Use. Individuals under the age of 18 are considered minors on Etsy. A minor may not create their own Etsy account, regardless of whether they intend to buy or sell on Etsy. Read our Minors policy. If we believe a minor has accessed an account in violation of our policies, the account may be permanently closed. Minors aged 13-17 Minors between the ages of 13 and 17 are permitted to use Etsy’s services only if they have the appropriate permission and direct supervision of their parent or legal guardian. The account must be registered with the parent or legal guardian’s information. Their parent or legal guardian is responsible for any and all account activity conducted by a minor on the account. If your child is between the ages of 13 and 17 and wishes to use Etsy, the account must meet the following criteria: All financial information on the account must be under the parent or legal guardian’s name. The full name on the account must be the parent or legal guardian’s name. If a minor has a shop, the parent or legal guardian must be listed as the owner on the shop’s About page. Minors may not be listed as a shop owner. The email address on the account must be registered to the parent or legal guardian. Minors under 13 Minors under 13 may not use Etsy under any circumstances. However, a parent or legal guardian may open an account and run it on behalf of the minor.
hi! I personally think business account is just more manageable in the end because you have a credit card and debit card thats separate from your personal stuff. It makes expensing things and categorizing things SO MUCH easier. this is my first year doing expenses and filing for my business and i have to go through 6 personal cards to find ALL my expenses. i wish i just opened up a business account!!
