reed carefully please i'm a new suscriber these is my second video from your channel but i have a question : how i can register in merch by amazon without a bank account so i cherche in youtube and i look for how to creet an account in payoneer without bank and personal card because i don't have 18 years old , i love making money online thanks for reeding
Greg thanks for your videos. I am an accountant and just want to clarify that the income from your e-commerce business or PoD business should be reported on schedule C and not as other income. By reporting it on schedule C you get to deduct all related business expenses (memberships, sales tax, internet, office expenses, software, etc) I hope you are not missing out on the deductions available to you. You can always go back and amend your returns.
I was literally coming to the comments to ask why he recommends other income, instead of Schedule C where you can also deduct expenses (laptop, internet, etc...). Thanks for answering!
I heard that requesting an EIN from the IRS does not hurt anything, and helps to keep your social private, and you can use it on schedule C, that sound about right...???
Hi @genesis Toledo, schedule C is US related? I am from the Netherlands and will be a new seller as of next year. Where do put my earnings? At the Income tax or also every Q with my revenue tax?
Good info, Greg. Another thing I'd like to add is, the reason why you won't have to pay any other taxes (except for income tax), is because your position is not a "merchant", but more like a "subcontractor" - you make your designs and you get paid a commission for each products they (Teespring) sold. This means, they are the ones that must pay the sales tax, not you. This is different than owning your own Shopify store and selling POD products through there. Printify has a video somewhere on RU-vid explaining this topic. It's pretty complicated, especially for international sellers, because unlike most countries where you only have a single tax nexus, the US is a federation of states, so each state gets their own nexus. And you, as the seller, have to keep track of this, and pay sales tax to each separate state you have a nexus in. This is also the case with Etsy. This is also why I decided to go with Teespring first. All those tax systems sound complicated, and frankly, daunting.
@@GOATS10M Well, your local tax office. As usual. Or at least, where I'm from, people usually pay at their local tax offices, or through a designated bank. Is it different in your country?
Dude, you're my hero. Taxes and paperwork was the only thing keeping me from pursuing my art purpose. I'm 27 years old, and I've realized that I've been working in the wrong industries most of my 20's. I found myself happy in college studying art and design. Now with this knowledge on biz, I can be confident selling my artwork. Again, thank you for your content, you're changing lives!
@@GregGottfried +im still scared. i am following ypur tips to open a pod store but i guess i will have to check how the taxes thing work in mexico. by the way, you always recommend etsy to look for inspiration, but not as a way to sell tshirts... why?
@@damiaguirre3139 yeah i am afraid of the taxes too it is not fair so you get about for example 4 dollars for a t shirt and then you still hav e to pay taxes i do not understand this
Brilliant explanation of how to pay taxes in print on demand and setting bank accounts and companies! Now I am all set to go for the print on demand business!
Excellent! Thank you for taking the time to comment and for the support! I really appreciate it and as always if you have any questions at all, feel free to reach out anytime!
You can also use Schedule C (on your 1040 personal tax return) that way you can include your expenses as well, and local court fees to open Sole Proprietorship is minimal.
That is how I went about doing it. I recommend for printful* to open a business bank account so you can use a business credit card because they pull the money for the shirts as soon as you get an order then you get the profits 2-3 business days later. Don’t want to get caught with no money to fulfill orders
Greg! Thank you SO much! I have been fretting about this since I Started POD and could find almost no info anywhere about how to claim this on my taxes in the US. I had seen another RU-vid video from a lawyer that said you could definitely claim it on your personal taxes but there were no details about how to fill that out! You made it so clear what to do! I always do my own taxes with TurboTax and really didn’t want to have to have them prepared professionally. This eased my mind and now I know I can do my taxes with no worries. Thanks for talking about what nobody else seems to want to talk about!
Excellent! I'm glad this video has been helpful! Thank you for taking the time to comment and for the support Gail! I really appreciate it and as always if you have any questions at all, feel free to reach out anytime!
Well, I’ve had a LLC and in the state of California it was $850 a year to maintain. I wouldn’t recommend it unless you are making a full time, livable wage from your business..
Thank you! I try to make these videos how I would want to watch them, short and sweet with no fluff. I appreciate you taking the time to show support. Thanks again!
Thank you so much Greg!!! I really appreciate all the information that you give... You just answered the number 1 big question that I've had in my head all week. Its a relief to know that a personal pay pal account is acceptable!
THANK YOU! I only get to keep about $3-$11 per sale (even though the item costs $35-$60 so I didn't know how I was taxed). Now, I know it is just off the profits.
Awesome video thank you! Do you set aside a certain portion of your earnings for taxes, once they start becoming substantial? And when you price your items should we make them higher because of sales tax or VAT or anything like that? Do you have any videos regarding those things? Thank you again for wonderful and easy to understand vidoes!
Solid info Greg! I bought a few of your courses on udemy and I'm looking to start branching my business into e-commerce this year! Looking forward to what 2020 has to offer for you as well!
Right on! Thank you for taking the time to comment and for the support! I really appreciate it and as always if you have any questions at all, feel free to reach out anytime!
Hi Greg, thanks for all the great info. I was setting up my accounts and I read that RB does not distribute the sales taxes and that it's up to you to forward those to the appropriate agencies. How do you handle that?
Okay I don't want to run his video's at 2x speed like i do it for all others because all his content is so upto the point and valuable.. Can't thank you enough Greg Please take out some time and give him a positive comment for his video's to encourage him & keep doing such valueable content for us....
Thank you for taking the time to comment and for the support! I really appreciate it and as always if you have any questions at all, feel free to reach out anytime!
Thank you for taking the time to comment and for the support Vinnie! I really appreciate it and as always if you have any questions at all, feel free to reach out anytime! 2020 is going to be great for all of us in online business, the statistics and trends support it :)
Hey Greg, love your work. My question is: What about RB collecting taxes on our behalf? Part of our "profit" is collected by RB as sales tax, then paid to us. Could you clarify a bit? You'd be my hero, lol.
Thank you for taking the time to comment and for the support Jason! I really appreciate it and as always if you have any questions at all, feel free to reach out anytime!
Ok great, let me know what you find if you don't mind. How I understand it is since we are just the "design creators" and the POD websites actually create and sell the physical products, we don't need a sellers permit.
Thank for your great videos. Please can you confirm that the sites that you recommend pay over the sales taxes on your behalf. I am looking at going into this type of business but I am outside of the US.
Thank you!! Great video. Answered pretty much all of my beginner questions. Question: What are all the taxes we as sellers need to be aware of when doing on-demand print in the USA? I can only think of sales tax and income tax. Anything else?
You're welcome Larry :) Thank you for taking the time to comment and for the support! I really appreciate it and as always if you have any questions at all, feel free to reach out anytime!
What state are you talking about in regards to taxes because alot of states have different tax regulations and stating what state you are from really makes a difference
Since we are not the actual seller of the product (the print on demand website is) we do not have to deal with the taxes like a product seller would. We are just paid commissions like a freelance 1099 independent contractor would be.
This is the video I was searching for and you answered almost all of my questions. I can’t thank you enough. I just have a request if you can explain how to handle Etsy shop and it’s taxes. Thanks again.
Thanks for the awesome content. Regarding POD in Europe, the companies such as Printful now charge us VAT taxes. So not having a business entity we'll have now 21% less profit cause we are forced to decrease our prices. For example an €18 ( €12.50 Printful's price + €5.50 my profit ) t-shirt becomes €26,06 ( €18 the retail price + €3,72 shipping + €4,34 VAT ). That's way more than anyone would pay for a regular POD t-shirt. So in order to have a €5.50 profit, I have to charge my customers €26,06 ..that's worthless!
Hi Santiago, great question! I just copy to website link when you are viewing your listing or storefront. If you go to your dashboard and click on the listing, or from your dashboard, then storefronts, then view storefront. I hope that helps!
Thanks. You're one of the few people with entrepreneur channels that I follow that actually respond to comments.I really admire that and thanks for the help!
This was a great video and very thorough, my only advice to you is you may want to slow down your speaking a little bit, not everybody is good at hearing information that quickly and being able to process it. Just a suggestion
Sure! Since we are only getting commissions on the sales and not selling, printing, collecting funds, shipping, etc, the products ourselves, we do not have to worry about sales tax. The print on-demand companies themselves are responsible for the sales tax. I hope that helps!
@@GregGottfried I red point 5 of Redbubble's User Agreement (Appendix A Services Agreement) and it says Redbubble does not collect or pays taxes on your behalf so you have to pay sales taxes, VAT on your own (in fact in every product page the write 'designed and sold by (your username)'). How can we deal with sales taxes around the world !?! (+ custom duties where due)? 😬😬😬 I'm getting a bit discouraged 🥺
Great great video Greg. I do have a question. At what point should we be looking for a W-2 from any of these businesses. And as always thank you for your contribution to making our lives a little bit easy. Have a great New Year.
Thanks Markess! I can't recall with 100% certainty, but I believe if the site requires a form, they ask for it at sign up. I believe it's a W-9 that they request in the beginning (Merch by Amazon does this only I believe). Since we are not employees, we do not get W-2's. We are responsible to report the taxes on our own. I have a great Tax Prep person who handles all of this for me however I do not recall getting any forms in the mail besides something from Amazon. With so many income streams, it gets a bit hard to remember each one specifically.. Again, I wish I could recall with full certainty but I don't think we get anything in the mail besides possibly a 1099 from Amazon.
Hey Greg , This is Roger here. I do appreciate you sharing your knowledge about POD, it´s definetely at a course level. I´m starting my POD business now and I´m kind of concerned about taxes since I´m international and I´m not really sure if I´ll have to pay taxes twice, let´s say in the US and in my country as well. Do you know how people from other countries do in this case? Thank you very much......you rock!!!
HI Greg, I like your videos. Well articulated and short enough to absorbed the info, so well done. Question: For POD, if you are selling nationally, their are different tax laws across different states?. Does we, the business owner have to worry about any business related activities relating to the POD business? or do we, just concern ourselves with paying tax on received income, regarless of where we sell in the States?
Great question. Just the received income because we are not the actual seller of the product, rather we are just the artist getting a royalty it commission on each sale.
Thanks for this information. This is the most confusing part of starting a business. My question is have you ever done any kind of trade shows where you take some products to sale in person. Would you need a sales and tax permit for that or no?
I have two questions... The first being: since technically you'd be considered a sole proprietor (or if you were to set up an LLC) wouldn't you have to pay quarterly estimated taxes? And second: you mentioned just reporting how much income you made, but how do you actually pay the tax on that income? Does the IRS and state bill you after you send in your 1040 or schedule C and you pay the bill or what?
Thank you so much.I actually have a question.when applying for merch by Amazon I need to put link to treespring store to show them my design or any other way?
I would leave out the Teespring storefront because it doesn't help us in the application. You don't need to show them your designs, rather explain in the notes section that you are already selling designs online :)
4 года назад
Hi Greg, thanks for the info. I have a question. I’m not from the US. But the paypal account I use on teespring is my cousin’s. She lives in the US and has a green card. Do you think she’s the one to be charged for taxes because she has the paypal? I don’t wanna put her in trouble😅
Thanks for the comment. I've made a few videos on this Remon. I don't like to connotation that showing profits evokes. Rather, I like focusing on the educational value to make sure everyone is going into online business with the right mindset instead of chasing money.
Greg Gottfried which videos do you y’all about how much you made? Cause I think a case study of what u did how u made the designs and marketed for it and how much u maid in profit would be a really good video I start off the year with.... I know you have videos on all this but one good case study video from someone who I know has made well over 100K in 1yr from this would be nice
Especially since you are into Affiliate Marketing now so I’m sure your marketing skills and ideas have grown since you first start so you can also do a “how you would start over thing”
Hey Greg... I have a question not directly related to this vid: when setting up a teespring store, does it matter if I have my own domain name and url in my campaign that redirects to the teespring site/store? I want to use my own url for branding and to make it seamless to jump platforms if a design hits big, but I don't know if that hurts me toward teespring's marketing or other things that I'm not thinking of. TIA.
Hi Greg, Im a foreigner here. I want to ask would print on demand allow non US resident? I am seriously learning to start POD but I can't seem to find answer anywhere for this. Thank you Greg!
Great question Tony! Since they are the entity producing the item and shipping it, they do. Technically we are receiving commissions (or royalties) on the sales.
Hi! New subscriber here. First video I saw was your Shopify vs. Printful...Great breakdown. I was wondering about the sales tax too. So, is this also true with selling on your own Shopify store?? Just want to clarify that We would not have to keep track of the sales taxes of all of the places we sell to. Thx
if I'm out of the US and work on print on demand, also I withdraw my money to my local bank account thru Payoneer US account, do I have to pay anything related to taxes to the US or not?
@@GregGottfried sorry i didn't understand ,i mean if i am not from the US and i work on print on demand or any other type of non-physical business do i need to pay taxes to the us or no ? thank you agian
@@youssefkaafarani5649 I have that question too. I live in Brasil. Do I have to pay taxes only in my country or do I have to pay some taxes to the US either?
@@carlosfaccin5476 i have searched and it turned out that you don't need to pay taxes to US since your are not a US citizen , but there is a form called W-8BEN , some print on demand sites may need you to fill this form so they can ensure that your are not a us citizen , and they can take up to 15% of your income.
Question. I'm doing etsy and printify. Would i take Esty's yearly amount sent to bank and Minus Printify? like if I made 200k on etsy but spent 100k on printify i would say i made 100k?
Hey, I love the video but I have a few question. Firstly can you collect sales tax under the age of 18. Then let’s say I’m using printful but I do not store products in a warehouse, do I have to collect sales tax? I’m in Illinois but printful is in North Carolina, do I have to collect sales tax? I’m using Shopify to make my online business and putting my logo on clothing with printful, is my nexus in Illinois or Norht Carolina and do I collect sales tax? Thank you, I really appreciate it!
Thanks Greg for the great content, I recently discovered your channel, I live in England UK, do you know if I need to pay any tax in US as Teespring is based in USA. Or I just need to pay UK tax.
Why not do an llc initially. That's why I did not start yet. It takes a little while in my country. Mainly doing it to separate my online payments from business.
Great video. I have a question as you mentioned you dont have to establish a business entity as you can just add to your "other income". How about expenses? Ie computer, software or anything else you needed or was necessary in order for your print demand business to generate income. If you dont have a business entity then would you or should I say do you still deduct those expenses?
You're welcome! Thanks for taking the time to comment. I'll link to a video for more detail on Printify: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ZbEVFRqICP8.html
So if I sell via a POD like Redbubble etc. I would not have to report sales taxes since they take care of that, but I would need to report the yearly income on my income tax correct?
Thanks Greg, but you failed to mention the W9 form that you have to provide your SSN# for on Merch By Amazon. I suspect most people are a little surprised when Amazon requires your full SSN# when signing up. I know I was.
Just a normal part of the signup process for all Amazon divisions :) Some other sites require SSN for payments as well. It just keeps it safer on their end so they have the information handy should they need it.
