Resellers Are Giving Too Much In Taxes To The IRS

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[@rons113nj]

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]

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]

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

[@TheThriftyVeteran]

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

[@rons113nj]

@@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]

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]

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]

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

[@mikeyb1981]

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

[@lorieamerman3729]

Thanks for another great video!!

[@SquirrellyResell]

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

[@RoswellReseller]

I dream of genie. Thank you for the videos and all you do!

[@colinblnknshp]

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

[@tammybenefield2976]

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

[@vincecooper7613]

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

[@jasteimel79]

Another great video I dream of Genie!

[@jstreasures]

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

[@stevebissen4378]

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

[@westernkythrifters]

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

[@OldDominionPickers]

I Dream of Genie! Your Awesome!

[@savvystealsanddeals]

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

[@lexannajordan6744]

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

[@kimchoi0613]

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

[@TigersLSU]

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

[@Jagkittycat]

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.

[@gramajulietreasureadventur1104]

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

[@HomesteadingNorthernMichigan]

Congrats on the play button brother, very well deserved

[@TheOldMansPicks]

Thanks Kevin - My Reseller Genie I Dream of Genie

[@Rhonda56]

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

[@pauladavis2692]

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

[@MichelleFissel-yn5dl]

Love your videos. I dream of genie!!

[@Orangepower222]

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!

[@solaurie1717]

I dream of genie. Appreciate your videos!

[@ThriftyNiftyMom]

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!

[@teresasmith8153]

Love your Videos. "I dream of Genie"

[@annamarieocchuizzi4673]

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

[@ryankennedy6778]

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.

[@wcollins4191]

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]

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]

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

[@bettymunguia2136]

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 😊😊

[@bettymunguia2136]

Good morning Kevin 😊😊

[@karentingler4937]

Yes!

[@mr-vet]

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]

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

[@stephaniewilson258]

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!

[@user-si3ki1jb7t]

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

[@KillWilbur02]

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

[@guyneace]

Hey Oh!!

[@jeannamay7007]

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

[@dead2ritesCrosshairs]

Tim Hawkins song The Government Can

[@vinyl1Earthlink]

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.

[@JewelsNcrime]

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.

[@garyi8608]

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

[@kenns_dealz]

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!

[@irenegraves4093]

Pay the pets a walk -on fee!!

[@ginahohensee4522]

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.

[@duelj0161]

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

[@oliverw.douglas285]

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]

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

[@don951]

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 *

[@theretiredbartender88]

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.

[@juliesweeney8655]

My reseller Genie, I dream of Genie❤❤❤

[@scottishracer]

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]

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.

[@user-cx1fg4kz1q]

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

[@pamelah9093]

I dream of genie Thx!

[@otnipdrofflips6893]

I Dream of Genie!

[@teresahunnewell138]

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

[@user-zx1qq5eo8u]

I dream of Genie ❤

[@JEB..]

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

[@commonwealthflipper]

I do pay myself

[@JEB..]

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

[@susanarrington1685]

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

[@pattyclemons7499]

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

[@heatherpoirier8717]

Lets go 100K

[@bobbisanchez2299]

I dream of genie with the light blue skin🤣

[@christicrenshaw2772]

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

[@rootovcbs]

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

[@spongestechtips-xu1xg]

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

[@Cmb1986]

I dream of Genie 🧞‍♀️

[@janetghiotto8817]

My Reseller Genie!

[@solaurie1717]

Internet should be a write off and cell phone

[@Kelly-nd3cz]

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

[@Joyflipper]

My accountant does count a percentage of mine

[@milsurpmagazine9515]

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😊

[@pointfndr1]

I dream of genie!!

[@nancyathearn8298]

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]

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

[@PdiddytTube]

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

[@albertdiaz7906]

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

[@mookstreasuretrove]

I dream of Genie

[@kwwooley]

Myreseller genie I dream of genie!

[@kathyaldridge7171]

Hi Guy! How important is it to keep receipts? Best method for doing this? The print fades on nearly all the receipts I have keot.

[@sailfly2869]

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.

[@siouxzq7700]

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!

[@ernietodd7792]

MY RESELLER GENIE 😊

[@GlamGam1964]

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]

Thought it was $5,000 for this year?

[@cindyannwilson]

I dream of Genie.

[@ThurnausTreasureTrove]

I dream of genie!

[@buckyohare5595]

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

[@shawnmariemann]

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. 😞

[@9TNS-28]

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]

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]

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

[@9TNS-28]

@@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 KZbin. So far it’s been an excellent year!

[@Kathleenthefernwayflipper]

LOVE MileIQ!

[@bettymunguia2136]

I love Jocelyn ❤😊😊

[@damanlaakso8401]

I Dream of Genie

[@user-qc2ut5us7v]

Reseller Genie!!!!!!!

[@MrShollen]

When you ship your items, do you go to each sales locations site to ship, or are there shipping options built into List Perfectly?

[@commonwealthflipper]

I ship from each site

[@MrShollen]

@@commonwealthflipper thanks for the quick reply!

[@oriondx72]

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.

[@20NewJourney23]

I dream of Jeanie!

[@user-vk3yz3fm3e]

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!

[@certifiedrhodess356]

How do you track ur miles? All I do is basically use my eBay credit card where I only spent eBay stuff on

[@teresahursh4510]

I use my receipt for high store I go to and have a list of how far each one is, I track this all the time. If I am out yard saling I note mileage leaving then coming home. I have a planner I write in and add it at the end of the week, then month and then your yearly is easy to calculate👍🏻that’s just me

[@lia-liz2012]

I dream of genie 😊

[@whodidit99]

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.