Sellers, AVOID THIS MISTAKE When Filing Your Taxes in 2023 

Businesses are taxed on their profits, not revenue. But how exactly do you figure out what your profits are?
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We’re explaining Amazon FBA taxes, including sales tax & income tax. We’re showing you how to use Amazon’s 1099-K form, as well as a year-end sales report & year-end expense report. Using these three reports when doing your Amazon FBA taxes this year will ensure you’re narrowing down your revenue to profits. This is key, so you don’t overpay! Two of these reports can be found in Seller Central, and one of them you’ll have to find elsewhere. We’re showing you how to use Jungle Scout’s Sales Analytics to locate that last report.
First, your 1099-K form will show you your gross revenue. There are some new regulations this year regarding this form, so watch this video for all the most up-to-date info.
The next Amazon taxes report is the year-end sales report. This will give you a breakdown of all your Amazon sales, Amazon expenses, sales tax, and bank transfers.
Finally, using Jungle Scout’s Sales Analytics, you can account for your cost of goods sold, operating expenses, and any other expenses associated with your Amazon account. Downloading your profit & loss statement for the year will show you your profits, which is what you’re on the hook for paying taxes.
… Remember to bookmark this video so you can always come back and jump right into any section by selecting a timestamp below ⬇️
0:00 Avoid this mistake when filing your taxes
0:35 The 3 forms you need to do your taxes
1:02 Using the 1099-K Form
2:38 What you need to know about sales tax
4:47 Using the Year-End Sales Report
5:47 Using the Year-End Expense Report
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How to Use Sales Analytics: • Amazon FBA Profits | H...
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