Sellers, AVOID THIS MISTAKE When Filing Your Taxes in 2023

[@junglescout]

➡ LEARN MORE ABOUT JUNGLE SCOUT: junglescout.video/sales-analytics-feb-2023 ⬅

[@kaycali4912]

Do we put "Amazon remitted state sales tax" as an expense ?

[@junglescout]

I believe that you need to add those as manual entries.

[@avigap_official]

Very helpful

[@junglescout]

😍

[@faby7444]

Great video 😁 now if you sell in Mexico and Canada but from USA (not sending merchandise to those FC countries) do you have to report any taxes to those countries? It will be great if you decide to make a Video explaining more about taxes and implications when selling in the North America Global Selling program! THANKS

[@junglescout]

We'll make a video, yes!

[@ZantherStone]

The Reports tab doesn't have a subcategory of "Payments" on my account. The first option is the Amazon Selling Coach one. Hmmm.

[@junglescout]

Do you already have transactions within your Amazon seller account?

[@ZantherStone]

@@junglescout Yeah. It generated a 1099-K for 2023

[@junglescout]

That's odd! You can check out this article for additional help: pay.amazon.com/help/201212310#:~:text=Sign%20in%20to%20your%20Amazon,click%20the%20All%20Statements%20tab.

[@mati7584]

How to get date range reports now. Thanks.

[@junglescout]

Great question! It's now called "Reports Repository" and the way to get there is from the Payments tab, and then you'll see the Reports Repository tab on the far right. Simply select your date range and then make sure to select "Summary" from the Report Type dropdown menu. Hope this helps you find the report you're looking for! 🙂

[@mati7584]

@@junglescout thank you for the quick response.

[@junglescout]

Anytime!@@mati7584

[@shasalimpodcast]

Hello. We see many variations of a seller in the sales chart. The sales amount of each variation looks different. For example, the product with the red variant sells for $10,000 a day, and the product with the white variant sells for $10,200. Does this mean the seller is selling $20,200 per day?

[@junglescout]

Hey! Are you using the Jungle Scout Extension? If so, please send us an email at [e-mail] and we'd be happy to look into it for you!

[@clasicko714]

For expenses do you report fba selling fees and fba transaction fees for write off

[@junglescout]

These details are in the Sales Analytics

[@inaminute3505]

But if you got this 1099-K form, you would have to input it into your taxes. Where would you input your revenue to offset this?

[@junglescout]

You're correct! In addition to the 1099-K form, most sole proprietors will submit a "Schedule C (Form 1040)" which is where you (or your accountant) inputs all your income and expenses to let the IRS know exactly how much you made in net profit. This is why we showed the 2 other reports in this video (Year End Sales + Expense Reports) to help you find ALL the information that you (or your accountant) will input into the Schedule C form. I hope this helps answer your question! 😀

[@ChristabelOpokuBoadu]

🤝

[@xooq_]

how in the world do you have such a low margin geez?

[@junglescout]

That's a whole video in itself! But the short story is that we had a product come back into stock in the last couple of months of the year, and we've spent a lot of money on trying to reclaim our search rankings, and this chewed up our overall profits. Our main product though, the washable pee pads was quite profitable otherwise.

[@MikeVenom-mini]

@Jungle Scout . thanks for explaining. So the 1st round of inventory is super important not to run out of stock because you lose rank. Is it that detrimental?

[@MikeVenom-mini]

@Jungle Scout still, it's very daunting that you went through 200,000$ just trying to rank.....

[@junglescout]

It's important in every step of your seller journey to not run out of stock: The longer you are out of stock, the more damage you are causing to your Best Sellers Rank and organic keyword ranking. Amazon wants to promote products that are consistently available. If yours aren't, you'll be penalized, and it may be difficult for you to recover from lot.