Track Your Etsy Profits Month to Month - Print on Demand Profit Tracker 

Glad it was helpful!

Congrats on your first sale!

Hi! I'm pretty sure that the LLC has to file a tax return even if there is no taxable income. You basically have to prove that there is no tax owed by filing the return. You may also be able to carry over losses into the next tax year if you end the year at a loss (that would be a question to ask your accountant for sure). I hope it turns around for you though!

Hi! I still use just the self employed product standalone. I've paid for turbotax small business separately with my personal email account the last couple of years and didn't bundle them, but you certainly could do that if you don't mind being kind of locked into turbo tax.

Hi! About 90% of my sales come from the US. I also sell in Canada, the UK, and Australia, but I removed all other countries from my shipping profiles. I am charged VAT for orders in those 3 countries, but I handle that by increasing the shipping charge for only those countries. That way the VAT cost is covered without changing the product price which would impact my US sales.

Hi! Etsy will send you a tax reporting form (and report it to the IRS) if you're over the threshold for it to be required. Quickbooks will keep track of all the revenue and fees from Etsy, and you can either input your order fulfillment expenses manually into Quickbooks or just link the account you use to pay for order fulfillment and the transactions will import automatically. Quickbooks will provide a summary tax report that breaks down your expenses by category so that you can fill out your taxes by category. The only trick is that sometimes the amount of revenue reported by Etsy to the IRS may not exactly match what Quickbooks has calculated as your total revenue for the year. I believe this is due to the way they document cancelled/refunded orders (maybe...that's just a guess). I personally just make the revenue match what Etsy reported if Quickbooks is lower because I don't want an issue with the IRS since they already have the number from Etsy. The expenses unfortunately are not just a single entry on your tax return, you do have to report them by category. But I think most tax software helps you through it - I use turbotax which isn't the best thing ever but it's pretty easy to follow where to enter each type of expense. The biggest expense, order fulfillment, goes under "materials & supplies" because that's the closest thing. It does not go under inventory because there is no real inventory in our possession and inventory is handled differently for tax purposes. After that category, most others are smaller (advertising, listing fees, etc.). Quickbooks gives you all those by category on the summary report plus you can always search your transactions by category to see the total too. I hope that helps!