Resellers Are Giving Too Much In Taxes To The IRS

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18 сен 2024

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Комментарии : 251

@rons113nj 4 месяца назад

It's crazy. The buyer pays tax and then sellers get taxed on income. Everything is over taxed and people are getting screwed all around

@commonwealthflipper 4 месяца назад

I don't disagree but this is the same for walmart and every other company that sells anything. Sales tax goes to the state and income tax goes to the Federal government.

@rhoward295 4 месяца назад

@@commonwealthflipper Yes, but Walmart’s lobbyists wouldn’t let it stand for long!

@TheThriftyVeteran 4 месяца назад

Income tax shouldn't exist. Screw the fed. 😂

@rons113nj 4 месяца назад

@@commonwealthflipper it's just crazy that they tax the same items over and over again. I buy from the store I pay tax. You buy from my yard sale to resell and both parties pay tax again. If that person sells, then more taxes. It has to end somewhere

@althymers2703 4 месяца назад

The tax to gdp ratio in the us is already pretty low compared to most other countries. Also most developed countries tax the same item multiple times through vat taxes. cities, states and the federal government are going deep into debt mostly because taxes are too low. We provide a lot of the same services most developed countries do but our tax rate isnt keeping up. We cant have our cake and eat it too. We need to pay more in taxes.

@gilnorton1 4 месяца назад

Thanks for the video. I’m just a part time reseller who has a good regular job and already paying out a lot in taxes. So before I got started I educated myself and also asked my accountant for tips on what I can claim. Glad to see for the most part I am doing what you are suggesting. Separate checking account was 1st thing, then tracking every expense and the cost of inventory. Mileage adds up quickly and I think folks might forget how much cost are involved. I elected to get paid weekly from my sales, and the 1st thing I do is set aside 20% into a separate “savings” account for next years tax bill. Is that enough? I don’t know yet, but I am hoping it is close. If it is a grey area on the taxes, we won’t claim that and can just feel confident that our records are complete and accurate. I don’t want to trigger some audit or worse get penalized. I started reselling hopefully to make a little profit and to do something fun with my wife. So far it’s going fairly well and just trying to build momentum. So thanks for sharing your time and adventures with us and freely passing along tips and advice. Peace

@885Blackjack 4 месяца назад

Thank you for fitting RU-vid into your day so I can learn. Idk how anyone is doing this with the amount of hours in one day.

@SquirrellyResell 4 месяца назад

Thanks for the shoutout. My girls are gonna flip when they see this!!!

@mikeyb1981 4 месяца назад

Exactly! In the TTC fb group there are a few ppl who jump on every tax post and say “AsK An aCCoUntanT!” That unhelpful answer probably leads to a ton of resellers showing up to Jackson Hewitt in their local Walmart at tax time with no documentation. I got roasted in that group once for informing people what I track and how. The general response was I shouldn’t do any of that, the accountant should. What? Accountant track my mileage? lol. That group seems to have about a 25/75 ratio of good resellers to people who have no clue what they’re doing

@JewelsNcrime 4 месяца назад

This is a good video for those who think you can make all this money reselling full-time, yes you can make money but you also have tons and tons of expenses that take away from your profit. We sometimes don't realize how much we spent during the year until tax time.

@wcollins4191 4 месяца назад

I have a 1990 Ford Ranger for 100% of my reselling business. I do all my resourcing in my local area I generally put 50-80 miles per week. I have a system for every purchase & I do a monthly P & L with expenses report my bookkeeper loves my system & tells me she wishes more people was a organized.

@Kelly-nd3cz 4 месяца назад

What’s a P and L with Expenses? Curious! Thank you for your help💜💪♥️🇺🇸🙏😇 Stay Safe and Wish you a Happy Healthy Prosperous 2024!

@wcollins4191 4 месяца назад

@@Kelly-nd3cz P & L is a profit & loss report

@mr-vet 4 месяца назад

The deductions I get to take on my reselling business helps to lower the tax liability of my wife’s W-2 income. Now, if SALT cap expires next year (hope Congress does not renew it), that’ll help even more-when the SALT cap was established in 2017, it was a tax increase of around $10k/yr for me and my wife. Resellers who have their company set up as a single member LLC can file on their personal income taxes…if you wrk it of your home, you can claim the space used for reselling (office/storage, etc…), a portion of your utilities (commensurate with the % of space in your home that is used for reselling), cell phone, internet, streaming/cable, gas/mileage, a “work” vehicle, equipment used in reselling (cameras, computers/tablets, monitors, TVs; and of course shipping/packing and office supplies. When we still owned 2 rental properties, we had almost no tax liability due to the deductions and credits we could take for reselling and the rentals.

@Kelly-nd3cz 4 месяца назад

I copied your info thank you, what is the SALT TAX? Though? Very curious. I thought you could do everything that you stated and others say no you can’t?💁‍♀️🙋‍♀️💪♥️🇺🇸🇺🇸😇Thanks for your help, if you kindly don’t mind. SALT cap not Tax oops sorry

@YouArePreciousInHISsight 4 месяца назад

Thanks for ALWAYS sharing this important reselling information! We really appreciate EVERYTHING! Be BIG Blessed 🙌

@scottishracer 4 месяца назад

Agree with you on finding all the legal ways to reduce your taxes. I could never remember to log my miles so I subscribed to an app that automatically logs all my trips (personal & business) All I have to do is login to the site and choose the purpose for the trip. Couldn't believe how many miles I drove last year in my reselling business. Certainly contributed to lowering my taxes burden for 2023! My Reseller Genie

@valeriesantos8178 4 месяца назад

It’s great that he is doing this whereas most shy away from it for obvious reasons. I’m a new-again reseller… I now save my gasoline sourcing receipts.

@gramajulietreasureadventur1104 4 месяца назад

I Appreciate you so much! God bless you and your family in 2024 & beyond...My reseller Genie! I dream of Genie.

@bettymunguia2136 4 месяца назад

When I did reselling at the flea market it was on the weekends as I was working 40 hours a week and there was no media back then 😊😊

@prisonwifeprepper 4 месяца назад

Ugh, among my crushed and flooded ebay was a tub full of 40's and 50's children's books...this video reminded me.

@Rhonda56 4 месяца назад

My husband and I just found your channel. So much great information for us to take away from your video. We did hit the subscribe link! I DREAM OF GENIE

@theretiredbartender88 4 месяца назад

I forget my yard sale log often. I send myself text messages when I leave a yard sale/ private estate sale. Then I log it when I get home.

@vinyl1Earthlink 4 месяца назад

If you have a family, and you own the business, you can employ your children and pay them a salary. If the children are minors, and are working in their parent's business, they don't have to pay FICA, and they get the full standard deduction on their earned income, so they won't pay any tax unless they really make money. They can put their earnings in a Roth IRA, and in 50 or 60 years they'll have $100 for every $1 they put in. Of course, the salaries are a tax deduction to the business. The children must do legitimate work, but sorting items, packing, and shipping are definitely legit. The bad thing about depreciating buildings, or part of your house, is that depreciation reduces the cost basis and subjects you to depreciation recapture tax. Renters don't need to worry, you can write off a portion of your rent with no future tax consequences.

@vincecooper7613 4 месяца назад

I would love to owe a little tax after deductions because that would mean I’m making good money lol

@FunFindsOutpost 4 месяца назад

I dream of Genie! Would love to help get myself more organized and have been nervous. This will definitely help, thanks for all you share.

@ryankennedy6778 4 месяца назад

I dream of (Jeannie) Genie. Not sure what version you wanted. Also love your insights and thoughts of reselling. Thanks for what you are doing.

@GlamGam1964 4 месяца назад

You don’t have to pay tax on items you sell at a loss, which is stuff like turners old bat and old shoes. In fact, it’s considered a loss and goes against items you sell at profit. That’s why squeezing all these tax dollars out of us is so ridiculous, down to $600 gross. In the old days, they didn’t even start until 20K because it’s basically all loss or considers a “hobby” up until that time.

@Kelly-nd3cz 4 месяца назад

Thought it was $5,000 for this year?

@BrownHawk84 4 месяца назад

Content comment for the algorithm gods. My Reseller Genie... Here's to hopin'.

@Orangepower222 4 месяца назад

3 cheers for the play button on picker! I finished all the videos up to date (it happened fast cause apparently the last 2 years I've kept up with them, so once I hit that, I had already seen them all). I have started watching ADHDave picks stuff now, but I'm not going anywhere, I'll work on this channel too, and trash to cash and your new picker videos. Keep it up!

@ThriftyNiftyMom 4 месяца назад

My Reseller Genie! Oddly enough I was just thinking about how I want to track my expenses for next tax season when I saw this video this morning. Good timing!

@jstreasures 4 месяца назад

I dream of genie! Thanks so all your videos and sharing your knowledge.

@kimchoi0613 4 месяца назад

I dream of genie - thanks for all the tips and advice you share every video

@don951 4 месяца назад

Great discussion. Things get easy when you are prepared. It should also be mentioned that if you are only selling personal items and not operating/filing as a business, you do not have the ability to deduct expenses. You would pay taxes on profit over and above what you paid for the item. Personal items sold for less would not have a profit and no taxes would be due. The IRS has a great explanation with examples on their website. Cheers! * My Reseller Genie * I dream of Genie *

@savvystealsanddeals 4 месяца назад

I dream of genie! Thank you for all that you do!

@PdiddytTube 4 месяца назад

so many more deductions than people show for sure ... deductions for home office, internet, so so many things

@westernkythrifters 4 месяца назад

My reseller genie, great video, I always enjoy watching you!!

@christicrenshaw2772 4 месяца назад

Anyone who wants to pay more taxes needs their head examined. Why so the government can help everyone else but us. I don't think so

@Perfidious_Hollow 4 месяца назад

Tim Hawkins song The Government Can

@TigersLSU 4 месяца назад

I dream of genie. Thanks Kevin great video and information.

@lexannajordan6744 4 месяца назад

My reseller genie is great that’s for sharing all your knowledge

@TheOldMansPicks 4 месяца назад

Thanks Kevin - My Reseller Genie I Dream of Genie

@oriondx72 4 месяца назад

Yea taxes is killing ebay for both buyers and sellers! which is sad! I buy less as i know i have to pay a WA tax which isnt cheap and most times say why bother. Then as a seller it hurts me too seeing less profit. 10% ebay fee 9.5% wa sales tax for my area plus shipping which i offer free.

@AnthonyDifillippo 4 месяца назад

Im not a reseller or anything like that, i just enjoy the hunt. One curious question, how do you justify your yard sale purchases without receipts? Thank you

@OldDominionPickers 4 месяца назад

I Dream of Genie! Your Awesome!

@HomesteadingNorthernMichigan 4 месяца назад

Congrats on the play button brother, very well deserved

@milsurpmagazine9515 4 месяца назад

I would like to look into the my reseller genie but I don’t think I am a big enough reseller to warrant the expense so I dream of my reseller genie instead😊

@spinecollector9931 3 месяца назад

Love it when people make the argument “rich people do anything to avoid taxes” and im always like “who even wants to pay taxes?!” lol 😂 if you want to burn a percentage of your income and give it to a government that doesn’t take care of you like they say they will then that’s on you 🤣🤣

@garyi8608 4 месяца назад

Sometimes it takes hard work and are no short cuts to making a side hustle or business work.

@UnicornFlipper 4 месяца назад

Internet should be a write off and cell phone

@Kelly-nd3cz 4 месяца назад

I thought it was plus part of your space like say your room your working out of????

@Joyflipper 4 месяца назад

My accountant does count a percentage of mine

@pauladavis2692 4 месяца назад

I dream of genie!!!! Love all of your videos!!!

@UnicornFlipper 4 месяца назад

I dream of genie. Appreciate your videos!

@JEB.. 4 месяца назад

I dream of genie! And a vote toward looking into paying yourself (and the kids)... both would be smart.

@commonwealthflipper 4 месяца назад

I do pay myself

@JEB.. 4 месяца назад

@@commonwealthflipper as a salary I meant. Maybe I misunderstood ya. Have a great day!

@irenegraves4093 4 месяца назад

Pay the pets a walk -on fee!!

@shawnmariemann 4 месяца назад

I commented on another channel that was starting a series with a new eBay store to show how to build it from nothing and asked that they PLEASE mention that when you are looking at profits you have to think about taxes. The response was "Oh, there are too many variables with taxes, I'm not a professional so I'm not going to mention it at all" The target audience is new resellers - what a way to set them up for a shock later. 😞

@colinblnknshp 4 месяца назад

My reseller genie! Appreciate the info you give on the channel!

@jasteimel79 4 месяца назад

Another great video I dream of Genie!

@duelj0161 4 месяца назад

As a longtime tax preparer, always looking to try to organize better. My reseller Genie! I dream of Genie.

@lorieamerman3729 4 месяца назад

Thanks for another great video!!

@spongestechtips-xu1xg 4 месяца назад

I took your advice on getting a separate account. But it wasn't just because of you. It was in conjunction with the Hairy Tornado $20 house flip series. I decided I wanted to just work out of one account to see how much I can turn $100 bucks into. Either way, it should work in my favor. My reseller genie. I dream of genie. - Sponge

@buckyohare5595 4 месяца назад

I feel like we left and made a whole new ass country to avoid this type of taxation, eh what do i know!

@ivermectin3191 4 месяца назад

In my opinion, resellers should receive tax bereavements across the board for being sustainable recyclers

@siouxzq7700 4 месяца назад

Im wondering who would say we the government should take more of our money? That would be a big fat NO they should not be taking more of our money!

@stephaniewilson222 4 месяца назад

My Reseller Genie . I dream of Jeanie Only thing I have not been good at is doing the mileage but I keep all my receipts for anything we buy to resell or all my packing materials. I think my CPA does right off a little portion of the house cause I have one room that is completely resell we don’t use it for anything else . It does help those write offs. While I was watching this video I downloaded a couple different apps for mileage and will check them out and see which one we want to use. Yard sale season is about to start here in Texas it’s been slowly trickling but we haven’t really been out much but I’ll make sure the next trip we take I’m gonna start keeping the mileage. Thanks for the reminder ! Love your channel been watching both your channels for years!

@sailfly2869 4 месяца назад

If you are a reseller either online or locally be careful how you declare your year end inventory, it could be considered as capital gain for the following year.

@jeannamay7007 4 месяца назад

I dream of Jeannie! Thanks for the tax tips!!

@teresahunnewell138 4 месяца назад

I paid all my taxes, but I would love to”I Dream of Genie.”

@kenns_dealz 4 месяца назад

Another great video! Got this message in an email from eBay last week and thought it would make a good topic for one of your flipper videos. "We’re reaching out to let you know that, starting May 15, your listings that display calculated shipping will default to showing eBay Labels discounted shipping rates." I'm not sure if this is targeted to just some sellers or if it went out to all sellers that use calculated shipping. THANKS!

@DebbieKmentt 4 месяца назад

Love your channels. I have kearned soi much from watching you.

@oliverw.douglas285 4 месяца назад

Good advice. Documenting & logging expenses, will go a long way, to making tax paperwork more straight forward. For those folk, who only occasionally resale, the paperwork can be very off-putting. Sadly, that is the price of doing business.

@aileneproutyt.v4766 4 месяца назад

Hi,, My reseller genie. Here it is! Thank you! 🙏. I dream of genie.

@9TNS-28 4 месяца назад

Good records are where it’s at. I broke even. It’s pretty easy to find what can be deducted and even easier to file online if we have good records.

@9TNS-28 4 месяца назад

That probably requires context. I was super sick last year without a diagnosis(ended up being Aplha Gal so no more cheeseburgers), but after being in the hospital multiple times, I became almost three months behind on my car. They backed me into a payment corner and took it as I’d already paid a majority of it off and it was more lucrative for them to take it. Didn’t have a diagnosis until this year so I was still sick, car-less as a picker, and at the beginning of fourth quarter my mom was diagnosed with leukemia. So I liquidated 95% of my eBay inventory, right at the peak of the year, and life possessions to move and help. Despite all of that, having still sold a gross of 32k, because of the records I kept, I was able to prove I broke even when I could have been screwed. If I can do it under those circumstances, anyone can do it with the right info and records. So, don’t get overwhelmed by the taxes. It’ll be ok.

@stefaniebrauer128 4 месяца назад

Here’s hoping for a better 2024 for you. ❤

@9TNS-28 4 месяца назад

@@stefaniebrauer128 Thank you! My mom is heading in for a Bone Marrow Transplant next week. They figured out what was going on with me and I now have relief and am healing. And I’m well on my way to rebuilding my eBay and RU-vid. So far it’s been an excellent year!

@stevebissen4378 4 месяца назад

I dream of Genie!! Keep up the great content. I seem to learn something every time.

@pattyclemons7499 4 месяца назад

my reseller genie sound good...i dream of genie

@teresasmith8153 4 месяца назад

Love your Videos. "I dream of Genie"

@juliesweeney8655 4 месяца назад

My reseller Genie, I dream of Genie❤❤❤

@benhughes4493 4 месяца назад

why should the government get tax on our private sales .. they got tax money the first time the irem sold....

@commonwealthflipper 4 месяца назад

sales tax vs income tax. Sales tax goes to the state and income tax goes to the federal government.

@don951 4 месяца назад

They only get tax on the profit. So, there is no double tax at all.

@nancyathearn8298 4 месяца назад

I dream of Genie. I sell sewing patterns on ebay & doll clothes patterns sell very well. Good score on the Cabbage Patch doll clothes patterns! Lots of grandma's still sew doll clothes for their little darlings!

@susanarrington1685 4 месяца назад

i dont seem to sell patterns that well on ebay or other patterns...

@ginahohensee4522 4 месяца назад

I've had my tax person tell me I am not reporting enough. I have tried difference ways to keep track of everything and it is hard for me to be so detailed.

@bettymunguia2136 4 месяца назад

Good morning Kevin 😊😊

@susanarrington1685 4 месяца назад

was wondering about my reseller genie as i was doing my taxes! got to be easier...we do our own taxes...

@karentingler4937 4 месяца назад

Yes!

@whodidit99 4 месяца назад

Keep it simple. Be aggressive with deductions, but not with income. If you buy a bag of dog and cat treats and only give it to the pets during videos, it is deductible.

@annamarieocchuizzi4673 4 месяца назад

My Reseller Genie I Dream of Genie I love all your videos Than You! I learn a lot.

@vdubb516 3 месяца назад

Get an ozone machine and tent up the stinky stuff for a few hours at a time!

@bobbisanchez2299 4 месяца назад

I dream of genie with the light blue skin🤣

@thegardenstatepicker 4 месяца назад

Interesting point of view… taxation on reselling is technically, “double taxation”. Even a yard sale permit and the requirement to report your earnings is the same. These products have already been taxed when new. My high school teacher used cars as an example. You buy a new car and pay tax on it. You trade it in on a new one and the tax is deductible on the new one. You sell it privately and you’re supposed to claim the entire sale’s tax to the IRS? Isn’t that technically the same as reselling and double taxation? Maybe the question is in the profit and being able to prove it? I pay my honest share either way. Just a thought.

@commonwealthflipper 4 месяца назад

Sales tax is a state issue shouldn’t have anything to do with the irs unless I’m misunderstanding your comment.

@thegardenstatepicker 4 месяца назад

@@commonwealthflipper true. I should have said State and not IRS. Same applies depending on the state which of course we file as well.

@JMidwestern 4 месяца назад

@@thegardenstatepicker My county also taxes my inventory! So lets say I buy an item at an estate sale (in my county estate sales are required to charge sales tax.) Owner 1 bought item brand new and paid sales tax at the time they originally bought it. Owner 1 has an estate sale and the item is sold and sale tax is again charged on it. Now I, owner 2 (aka reseller) has it in my inventory so my county taxes it as inventory. Then I sell it on Ebay. Owner 3 pays sales tax on it and I pay income tax on the profit. That one item has now been taxed at least 5 times! If it sits in my inventory more than one year, I pay the county inventory tax on it every single year it sits unsold. Its insane.

@taxandbusinesszone 4 месяца назад

Sales taxes are deductible as an expense when you buy items. Sales taxes are expensed out to state taxes when you sell. Thus, Sales taxes are not part of taxable income. As for food expense. The percentage that is deductible changes often. Keep receipts and write who,what,where,why on it. I would copy or scan the receipts for they tend to fade. Bank statements are not proof of business expenses. In an audit the auditors want an itemization of what was purchased and identified as person or business. I know for I help people amd entities with tax audits and debt resolution. Former IRS Collection Officer for 25 yrs.

@thegardenstatepicker 4 месяца назад

@@taxandbusinesszone what I’m saying is, the item already had sales tax paid on it when it was bought new. Technically that’s double taxation. As kevin corrected me, per state not irs.

@mookstreasuretrove 4 месяца назад

I dream of Genie

@rootovcbs 4 месяца назад

I dream of Jennie, My Reseller Genie :) - Would be perfect - I'm 66 and I'm starting an eBay / other reselling store!

@MichelleFissel-yn5dl 4 месяца назад

Love your videos. I dream of genie!!

@janetghiotto8817 4 месяца назад

My Reseller Genie!

@otnipdrofflips6893 4 месяца назад

I Dream of Genie!

@bennystratton7734 4 месяца назад

bottom line is Self Employment tax or 1099k that is reported to the iRS from every platform that you make $20,000 and 200 transactions is only 15.3% so say your lucky to Gross $100k and you don't use any business deductions your Tax Burden (or what you owe the IRS) is $15,300 SIMPLE math everyone now even if you took $50k Of business expenses off your $100k gross your left with $50k net so on $50k Net at 15.3% Self Employment tax you owe the IRS $7650 or (half of that $15,300) so that $50k you spent on your business expenses ONLY helped you save $7650 off your self employment tax burden ALL HAVE to remember SELF employment taxes is Totally Separate from your Personal Income Tax 2 totally different things you cant Use any business Expense and DEDUCT that from your Personal Taxes (or Earned Income) btw in this example if you end up with $50k Besides owing $7650 for Self Employment tax (which is really Social Security tax and Medicare tax) you also have to report that $50k on your Personal Income Tax and Pay Earned Income taxes on that $50k so you are all making a mountain out of a mole hill

@don951 4 месяца назад

When you file you would pay even less because of deductions.

@kwwooley 4 месяца назад

Myreseller genie I dream of genie!

@guyneace 4 месяца назад

Hey Oh!!

@albertdiaz7906 4 месяца назад

I wish I could be a fraction of this structured in my business.

@ernietodd7792 4 месяца назад

MY RESELLER GENIE 😊

@Cmb1986 4 месяца назад

I dream of Genie 🧞‍♀️

@bryandavis3219 4 месяца назад

42000 gross sales eBay around 16000 in fees and shipping spent about 3500 on goods did subtract mileage supplies and office net like 20000 had to pay 5065 in taxes I’m still sick over it

@darthrooster1 4 месяца назад

That is terrible. You work hard and should be able to keep more of your money.

@cindyannwilson 4 месяца назад

I dream of Genie.

@carastike 4 месяца назад

I dream of Genie ❤

@bettymunguia2136 4 месяца назад

I love Jocelyn ❤😊😊

@iamvampyrnow 4 месяца назад

If only there was some way to redeem lawful money per USC 411 and avoid the taxable event of using federal reserve notes.

@joedoughty4171 4 месяца назад

The Gov thinking they got us over a log, swamp creatures dont deserve a penny on resell. Lucky they get it on new commerce. Great Vid

@thedailygrind-m70 4 месяца назад

I'm wondering what the average % of their income most ebay people pay in taxes. I don't deduct everything I should because I am a disorganized mess and I am afraid of being audited. We were audited several years ago and it scared the daylights out of me, so now I feel I underclaim. Is having thousands due each year normal? I only have about 70K gross, then after shipping and COG, it's about half of that which I am taxed on. Anyone not have to pay much, please chime in! I dream of Genie!