The biggest mistake resellers are making! That will cost them! TAXES!!!

[@akalamocity]

Kids just realized that being a true reseller is a grown folks game. You say the word taxes and see a bunch of "resellers" jump out the game

[@syrentertainment135]

Facts lol

[@SniperKicks]

Facts brother!

[@FELIPE8226M]

Lmao

[@AM-ne9kv]

You act like these kids out here actually gonna pay those taxes 😒

[@kiksandgeerz24]

Good Information! Reselling sneakers, trading stocks, or any type of business that makes profits is considered Capital Gains! You have to report that to the IRS during tax time so you don’t get that dreadful letter! Thanks for this content. This will help a lot of newbie resellers!

[@SniperKicks]

No problem brotha

[@erickbaez9155]

Don’t cap you was lowkey one too

[@ACSSneakers]

This is why you are one of my favourite youtubers, dropping knowledge all the time🙏

[@SniperKicks]

Love bro

[@dunksbt6001]

One of the best sneaker videos out there.... very important

[@SniperKicks]

Thanks brotha

[@dexterk7463]

Good to see this video out there. I have an LLC because after I pay that 4K in taxes last year I was like well might as well go legit. Keep dropping that info man, just followed you on ig

[@SniperKicks]

Nice bro! Keep up the good work brotha

[@Adaysia2008]

This is me right now lol. Got me paying like 3k

[@dexterk7463]

@@Adaysia2008 are you using personal credit or business credit

[@jesseanthony2900]

My man! Preciate it the video, i hope it informed a lot of reseller folks out there and sent them in the right direction!

[@SniperKicks]

No problem brotha

[@josemacias790]

You also can take a ton of tax benefits in they incorporate, and take a distribution that is not being taxed as high. You can also right off gas, car, lunch, marketing, clothing, shoes, or anything you purchased to make your business work

[@SniperKicks]

Yes you are spot on

[@aguirrebrothers5684]

great video. please do more videos on taxes.

[@SniperKicks]

I am definitely doing more

[@backseatdog]

Could you go over how you automate your expenses directly into quickbooks? Thanks for the knowledge!

[@griesfootball]

i love paying taxes. my mindset is if im paying more taxes each year that means i made more

[@SniperKicks]

That’s a wealth mindset right there!

[@jeffmendoza7899]

this is why local sales is super important. cash up front nothing to track

[@RealDylanStiles]

Thank you for the vid I’m a new reseller and I was wounded about taxes and things thanks for the info I subscribed

[@SniperKicks]

Thanks bro! I happy it helped you!

[@marvin7533]

Resellers never knew this????? I'm not a reseller, but everyone knows and their mothers know the IRS is coming for you making all those transactions using credit/debit cards. There's a handful of resellers that posted videos like this about their horror stories.

[@mygamepowerdotcom]

It also makes it easier to get SBA PPP loans and grants. They ask for a bunch of tax info or sales.

[@SniperKicks]

You are right on brotha.

[@4everyoung869]

I’m glad they taxing y’all resellers. Y’all fucking up the game.

[@SniperKicks]

Nope we are stimulating the economy. The IRS gives us resellers tax advantages. They encourage small businesses brotha.

[@consumeboxing]

You have to report that regardless if you meet the threshold or not. 3rd-Party Networks are StockX, Ebay, Posh Mark, etc... Have a business entity emplaced for itemized deductions. This allows you to hold more of your money and get taxed less. Disclaimer: Not financial advice.

[@QUiNTiNBANKS]

Good information

[@SniperKicks]

Thank you I appreciate it

[@hardname3713]

Very informative good video

[@SniperKicks]

Thanks for watching

[@dirty3000]

Great info and content bro, you seem like a cool dude glad to see your kicking ass in the sneaker game

[@SniperKicks]

I appreciate you brotha! Thanks for watching

[@Poochie78]

Thanks Black Man!

[@SniperKicks]

No problem!

[@curtislin6203]

great video man please do more of these. One question though so if you only deal in cash than the IRS will probably never find you??

[@SniperKicks]

Yes technically but if you are selling and making tons of money I recommend you file because it can catch up with you!

[@johnweber7081]

This is very important information, thank you!

[@SniperKicks]

No problem bro!

[@ruckergeneration21]

Just subbed need more content like that

[@SniperKicks]

I appreciate it

[@dhdhsidbdb]

Thanks for the advice bro didn’t realize it was that big of a thing until now

[@SniperKicks]

Yes it is brotha! Happy you I can spread awareness

[@Jamin2600]

My guy, dropping wisdom!

[@_Kash88]

thank you for doing this!. ..everyone wanna be a reseller but know nothing about taxes lol

[@SniperKicks]

Yes I agree thanks for watching

[@rkc6228]

LETS GOOOO?!! Sniperkicks another heavy hitter droppin knowledge!

[@junwatanabeenrolledagent1765]

Ca is a pain when it comes to taxes...

[@ricardoe.8999]

Hey brother, appreciate the content. PayPal sent me a 1099-k but I literally had 11 transactions and $1247.94 in payments. This is way below the numbers you were talking about. Plus I know a few other sellers in the same position like me. All my other transactions on Goat/StockX have gone straight to my bank.

[@SniperKicks]

Got it- with PayPal a couple states have different rules than the rest. What state are you in?

[@ricardoe.8999]

@@SniperKicks I’m in Massachusetts

[@SniperKicks]

@@ricardoe.8999 sorry bro but Massachusetts is one of the states that rules are different. Massachusetts only requires $600 in gross revenue regardless of transactions

[@ricardoe.8999]

@@SniperKicks gotta love Massachusetts hahah, thank God mine is dollar amountis low. I know someone here that made 16K and he is freaking out. Appreciate your looking into that. Subbed 100% to you for more content 💪🏾

[@jacquisdaniels7796]

@@SniperKicks so what exactly does this mean? Because I also reside in mass and made just under 2 grand

[@oswaldo2853]

Good video. Can’t wait for next video.

[@SniperKicks]

I appreciate you watching bro

[@johns.837]

It's 1,000 in IL now, that's crazy. Just as bad as the other states with 600.

[@SniperKicks]

Yes it is! I know bro!!

[@Chi-townCollectorsCloset]

Hey, good information in this video. I have a question. I kind of buy and sell as a hobby and not so much as a business but unfortunately I went over 25k last year. How should I keep track of the items I sold if alot of them were in years passed. Some receipts may no longer be available.

[@SniperKicks]

Great question! So remember the tax cycle renews every year. How much did you make this year?

[@junwatanabeenrolledagent1765]

I’m going to repost this on my tax FB page.

[@SniperKicks]

Yes that would be awesome

[@cdez8486]

I think ebay and stockx will file a 1099 after 200 transactions or 20k in sales. paypal is 💩

[@SniperKicks]

Yes eBay now is filing a 1099K without PayPal, I believe stockx is doing the same

[@DannyGOAT]

How do you track using quikbooks? Do you put sneakers bought into a category like which category is that? And say I work full time but after work or something I meet up, pick up shoes, or drop them off. Does all my gas count as a write off?

[@SniperKicks]

Quickbooks is easy to use. So category for sneakers bought is “merchandise” etc. you can label what you want. And yes all had I’d write off, I use quickbooks for that as well! That track it for me!

[@iyed7086]

How you can track when you pay with cash?

[@robertbray8881]

So what if your under 18 and to use paypal goods and service you need a parent's social. Do you file your taxes in your own name or do your parent file them.

[@SniperKicks]

Your parents file them since it’s under their social

[@49ERSFANWORLD]

Buying the shoe is tax write off it’s a business expense buying tape for shipping everything is an expense ... the irs won’t charge you if your profit wasn’t that big

[@SniperKicks]

Yes you are correct! Great takeaways!

[@eddiehermosa4382]

Great stuff!

[@zaygotsoles3906]

I just into reselling really in December 2020, I made a spreadsheet to keep up with how much I pay for sneakers and how much profit I get after selling. If I get cash I put it straight into my bank accounts. Should I get a LLC for it yet and also when should I file since ive been depositing and receiving money into my bank?

[@Game4yaBrain]

I need to know the same thing man

[@darjosh6585]

Likely if you just started, you don't need to file for an LLC and you can continue to operate under a sole proprietorship. Selling sneakers isn't likely something you'll be sued over. And if you need to pay over 1000$ in taxes, you'll need to start paying quarterly estimated taxes to the IRS. If you're under that, you can file for the entire year come regular tax season. Best idea is to talk to an accountant they'll know what's best for your situation

[@zaygotsoles3906]

@@darjosh6585 thx 🙏🏽

[@SniperKicks]

Excellent answer!

[@slateencourage1]

Great info bro really preciate it.💯

[@SniperKicks]

Thanks bro! I appreciate you watching

[@birdieboys2612]

hey man I appreciate this video! I just have one question can like my internet be a source of a taxable income because like I need it to sell stuff on sites?

[@Airickickz]

Hey! Can you tell us how exactly write offs work? Kinda confused on it

[@SniperKicks]

Yes Forsure I will discuss that more in the tax video part 2 brotha

[@jOsh-dv3jp]

I’m trying to get used to Pre-Selling; Is this about the time you would start pre selling the Jordan 9’s releasing next week.

[@SniperKicks]

Yes this is around the time brotha

[@jOsh-dv3jp]

@@SniperKicks Thankyou

[@seanhegglin7287]

No wonder cams kicks is selling his whole personal collection

[@iSaidStanback]

He selling shoes but he’s not taking cash only and that’s messing him up When you open a store what people come in you tell them cash and you can hold the tax. But also once that money hits the bank it’s over

[@adriandelgado7607]

Does the 20k threshold count by adding up from each platform; goat, StockX, eBay, etc.. for example if I did below 20k on each separately would I still get a 1099k form? Even though they add up to more than 20k overall.

[@SniperKicks]

Yes, it counts for each platform: so PayPal takes account ALL platforms together.

[@photogenuis1]

Very informative .. do you have to have an LLC while or do you just file the 1099? Also how do you get shoes tax free?

[@SniperKicks]

You do not have to a LLC and you have to apply for resale certification with the state you are in

[@idk-ys1gy]

Any advice on money already made? Let’s say I have 50k cash never paid taxes, if I start my LLC can I use the full 50k? Or what? I want to start my LLC and scale but confused on where to start.

[@SniperKicks]

Money already made you can use. Because it’s doesn’t know if that was gift or not. Yes you can start your LLC with the 50K but when you start making money in it. You have to pay taxes.

[@idk-ys1gy]

@@SniperKicks now how do I move 50k into a bank account without raising questions Lol

[@SniperKicks]

@@idk-ys1gy haha that is facts. Don’t put the entire 50K in bank account. Use some of it. Is it all in cash!?

[@_kt]

Super dope video thanks for the info G!

[@SniperKicks]

I appreciate you for watching bro

[@jaay7129]

Hey Sniperkicks, how do you protect yourself when you purchase shoes with cash but sell back on stockX or GOAT. For instance if I purchased a used shoe and clean it up and sell back for a profit, there isnt any receipts for these transactions, how can I proved I purchased it for that price?

[@SniperKicks]

Great question... I show money being withdrawn out of my account and create a receipt on my quickbooks when I am dealing in cash.

[@KevinChinn88]

@@SniperKicks Great! I've been marking all of my sales (cash or card) in an excel spreadsheet. I also keep the receipts that I do have, but is the spreadsheet enough for cash meetups? Or, will I need to show the atm receipt with it? Great video by the way. Very informative and not something that many shoetubers talk about.

[@ayedhatyaygo983]

What he forgot to tell you is The Queen is no longer on the throne and we’re not required to pay taxes. Better figure out what a strawman is and get it situated!! There are 1099a’s and 1099c’s that allow you to regain capital and all that.

[@SniperKicks]

Okay gotcha. I’ll look into it

[@Boxy12]

So do we start filing as we start? Or do we file once we reach the 20k?

[@SniperKicks]

Yes you can to make it legitimate or you can wait until you make 20k. Either or brotha

[@Boxy12]

@@SniperKicks cool but if i wait until 20k would i still owe them money since they think i made 20k or is that just the beginning of reporting sales

[@darjosh6585]

To do it properly, you file before 20k. The 20k threshold is only when PayPal/eBay/a lot of platforms deems you big enough to report to the IRS. Before that, you're still technically supposed to file, but the sites just don't report you to the IRS bc it's not worth their time

[@justjordan4995]

I’m 16, I just started reselling in November but I was only getting 5-10 pairs a month, now I’m buying about 15 per week and I did $5,000 in sales barely reselling from November-December now I’m taking it seriously and Ik I’m going to pass $20k but since I’m not 18 I don’t use PayPal the money usually goes straight to my bank account I’m pretty sure I can’t get a LLC till 18, do I still file taxes when I pass $20k? And should I write down cost of everything like boxes tape and bubble wrap? I want my business to be legit

[@SniperKicks]

Yes keep track of all expenses. And did you use stockx and goat?

[@BurgBoy7]

Depending on your state there isn’t an age requirement to get an LLC if your state has a minimum age for LLCs you can have your parent/guardian be the authorized signer for the business and they can sign it over to you at 18.

[@justjordan4995]

@@SniperKicks my bad I never saw your reply but yes I sold 5 shoes on StockX for $1,200 and about 12 shoes on goat for $2,100 and the rest were on mercari and OfferUp

[@samepackdude7100]

Bro the 20K sales each yr? Will it reset at new tax year?

[@SniperKicks]

Yes each year. It resets the next calendar year.

[@samepackdude7100]

Cool tks G! I am not full time reseller and just selling for downsizing or refresh my collections. I dont sell much but your explanation is very useful. Much appreciated!

[@ianglin2294]

What happen if I sell on different platforms and using different payout methods? Ex. stockx -> venmo/bank, goat and ebay -> paypal. Will IRS combine these transactions even though I'm using different payout method?

[@bartman12full]

Nice video but two questions though 1. What if you transfer your payout from goat to PayPal and then from PayPal to your bank account, is the threshold being tracked twice? 2. What if you made way less than 20k profit and 200 transactions in a single year?

[@SniperKicks]

It is not getting tracked twice brotha. If you made way less than PayPal will not send your income to the IRS.

[@bartman12full]

@@SniperKicks thanks for the info

[@geebert23]

This is scary!!

[@SniperKicks]

Just have to organized brotha

[@sneakerhustleusa]

Great video man!

[@SniperKicks]

I appreciate it bro

[@matthew811]

What if you just resell here and there making a quick 100 dollars should you file ?

[@SniperKicks]

You are fine brotha. If your making over 600, I say you file

[@twaynvisual]

Man this was a good video. I feel like people that are resellers should watch this. Hey I message you on IG about some kicks as well.

[@SniperKicks]

Okay I’ll check my messages bro!

[@SniperKicks]

What’s your IG name bro? My inbox is flooded

[@twaynvisual]

@@SniperKicks TwaynVisual

[@SniperKicks]

@@twaynvisualplease send me another message brotha

[@twaynvisual]

@@SniperKicks okay

[@NiftyHussle]

As long as you have your receipts to show your investment compared to your earnings you’ll be alright .

[@SniperKicks]

Yes you are right

[@49ERSFANWORLD]

Please explain that net profit is different from gross

[@SniperKicks]

Yes net profit is gross profit minus all expenses. Write offs are key!!

[@Blanchardtyler1]

If I sell at a consignment store do you think I’ll get hit by IRS?

[@greyya.k.a9761]

All facts

[@evanbaker1524]

Needed this!

[@Cahuie]

Pls let me know about the bank account if you need to as well like when we use zelle

[@SniperKicks]

Zelle you are fine unless you are receiving a ton of money brotha

[@ThizChicoBeaTz_]

Hey, this was on my feed. My question is I didnt recieve a 1099K when do they usually notify you? I still want to report what I made , I was told to do a scedule C. Any advice would be great, thanks.

[@SniperKicks]

Yes PayPal usually notifies you. But if a sole proprietor a schedule C is perfect.

[@ThizChicoBeaTz_]

@@SniperKicks i still can’t find the 1099k , so I guess a schedule C is the one I will have to do is. Thank you

[@SniperKicks]

@@ThizChicoBeaTz_ yes that is one!

[@jesseanthony2900]

You should talk about if you would recommend an LLC. Also , i had some questions about what if i deal thru cashapp,venmo and zelle as well as cash? Not to mention i also sold a good amount on goat last year. How would I go about tracking everything i sell/ buy in cash if I Don't have proof i bought it for x amount and then sold it for x amount 🤔 should i bother tracking that at all or write it down anyways? Thank you brotha

[@jesseanthony2900]

I always transfer my money from venmo ,cashapp and apple pay to my bank. At what point would babks report deposits like that or in cash as well as withdrawals ?

[@SniperKicks]

Yes TRACK IT! If you took cash out your bank account that’s proof. I will talk about llc in next video

[@miki49]

20K AND 200 sales?? What if it’s just 20K in less than 200 sales? I only ask cuz I collected a lot into Kobe’s after he passed (RIP my boy ❤️) and kept a bunch, but realize I don’t want or need a bunch that I wanted to put into a mystery box worth 20K in a single box. Yeah shipping will be expensive, but if I fit them in one box, would that still apply to me? I don’t have a business and I just wanna get rid of extra inventory I bought too much into

[@sneakerhead4770]

This is from PayPal: PayPal will track the payment volume of your account to check whether your payment volume exceeds both of these levels in a calendar year: $20,000 USD in gross payment volume from sales of goods or services in a single calendar year 200 payments for goods or services in the same year Some US States require merchant reporting at a lower threshold: Vermont, Massachusetts, Virginia, Maryland: $600 USD in gross payment volume from sales of goods or services in a single calendar year regardless of the number of transactions; Illinois: $1,000 USD in gross payment volume from sales of goods or services in a single calendar year with at least 3 payment processed

[@sneakerhead4770]

So depending where u live Vermont Massachusetts etc 600 regardless of transaction, Illinois is 1000 with atleast 3 transactions.

[@SniperKicks]

Yes depending where u live but most places you have to exceed both thresholds.

[@sneakerhead4770]

SniperKicks Vermont Massachusetts Virginia and Baltimore on some thirsty shiii tho lol u got 600 ? ima need that

[@miki49]

@Sneakerhead @Sniperkicks Well thank you for that info, thankfully I am moving from Illinois to Texas, but damn only 1000 in Illinois? Stingy ass state 😒

[@kingivan9724]

Hey you mean per year right? Because I’ve obviously sold in the past 4 years and made around 30k between stock X and goat up to moe But it resets right because for me to get taxed from selling as a side hobby would be ridiculous

[@SniperKicks]

Yes per year! It restarts every calendar year

[@oscart698]

What if it’s like 200 transactions in 3 years what then? What about if I take zelle??

[@SniperKicks]

So remember it’s per year and zelle payments you are fine unless you are receiving a ton of money

[@HouseholdReviews]

I sold less than $10k this year and wayy less than 200 transactions, but somehow still got a tax form mailed to me from eBay. Have you heard of this before or from others?

[@SniperKicks]

Yes brotha. What state are you in? A few states have different rules bro

[@beans3O1]

I got a 1099 from eBay also and only made 2k in sales 🤦🏻‍♂️

[@SniperKicks]

@@beans3O1 yes bro! Taxes are real! Did you keep a record of expenses?

[@beans3O1]

@@SniperKicks I have a spreadsheet with what I paid for the sneakers/sold them for. But that’s about it. I never get anything for retail so I have no receipt

[@SniperKicks]

@@beans3O1 okay still track it. I recommend that you use quickbooks self employed for future years. Because you can create a receipt with it if you do cash transactions.

[@johncordovaa2452]

what if i earn less than 20k a year thru local sales getting cash or zelle for payments, do i still need to file my taxes?

[@SniperKicks]

Nobody is reporting but technically you are suppose to brotha if you want to be legit

[@johncordovaa2452]

@@SniperKicks appreciate you bro!

[@mr706nickakared]

Bro thanks for the wise words, I would like some more advice on this subject. I’m that guy, didn’t realize what I was doing till last year when I got that 1099. Hit me up bro

[@SniperKicks]

DM me on Instagram bro

[@mariayasel7549]

Yo thanks so much for this! I have a question I’m 19 I have sold about 10 shoes on StockX and 10 on Goat do I have to report that it is less than $10,000 I have made all together. Also every time I have sold it has been straight to bank account I never dealt with PayPal? I would appreciate any insight

[@SniperKicks]

You are good bro especially if it’s under 10K. But if you start making big money in the future, start reporting it bro even if it’s straight to bank account

[@mariayasel7549]

@@SniperKicks Thank you so much just subbed to the channel appreciate you!🤝💯

[@cartertv8990]

I have over 20k+ all time but only did 11k this year. I received something regarding confirming my tax payer status, and they will send a 1099k when necessary. I never received a tax document and PayPal needs to send them before Jan 31. Do i need to pay taxes and find a way even though they don’t send a form? If I pay taxes at the end of this year, would they also look at my other years and want this years taxes if I decided not to?

[@SniperKicks]

So PayPal won’t report if under 20,000. But if you want to be 100% legit you’d hound report the 11K and write off your expenses

[@funkateeer9]

What happens if it’s just under $20,000?

[@SniperKicks]

Then technically they won’t report it: so it wouldn’t be a file. So you could not report but I recommend you do.

[@MisterGray06]

Even if you don’t meet the quota, you must report your own income from reselling. It’s still income. Keep in mind, the companies you’re using have records of payouts going to you regardless of the payout method you have.

[@angeab24]

Bro great video I like the video b4 I even watch it lol 😂

[@SniperKicks]

I appreciate you bro

[@stevensanchez4300]

I just sold on goat and and I can’t receive the payment. It’s asking me to give my ssn so they can file taxes. But I haven’t even made 10,000 what should I do? I’ve probably made around 5,000 idk

[@SniperKicks]

What state are you in brotha? Different states have different rules

[@mstew23]

Can’t sell shit if I can’t get shit 😂

[@SniperKicks]

Hahaha true! I hope the sneaker gods bless you with some W’s

[@mstew23]

@@SniperKicks 🙏 Thanks man. Been wanting to get into something with sneakers for a while cuz it’s a true passion of mine but I just can’t figure it out. That and it seems like everyone’s selling shoes now. Even people that couldn’t care less about sneakers.

[@humbertigarcia6254]

I sold 3 pairs on goat. I made about 800 to 900 on the 3 pairs. But after the fees and stuff i only made about 80 profit. Will the irs still come after me?

[@SniperKicks]

No you are good. Again $20,000 and 200 transactions

[@humbertigarcia6254]

@@SniperKicks thanks bro

[@isaelarriaga4692]

What if you just sell on stockx and it’s deposited to your bank account ?

[@SniperKicks]

Good question... if you are making a ton of money $20,000 plus on stockx, you need to file because the $ is attached to your name on your bank account.

[@isaelarriaga4692]

@@SniperKicks I have another question what if a person was to have 10k sales on one platform and 10k more on a different platform

[@SniperKicks]

@@isaelarriaga4692 Yes you will have to file if there is a total of 200 transactions and $20,000 on the 2 platforms combined brotha

[@TeeWood]

"In this world nothing can be said to be certain, except death and TAXES" - Quote from the guy on the US $100 Bill

[@tungtung14]

You speaking mad facts!!! I appreciate it. Question though, do you need a LLC, and to avoid paying “actually” taxes couldn’t you buy up shoes in December to match the profits, so your basically carrying a “Lost” into the new year?Lol unless this info will be on the next episode. Keep it coming.

[@SniperKicks]

Great question! You do not have to do a LLC! I will make another video on that! Yes you can! That’s how a lot of wealthy people “avoid” paying taxes. Jeff Bezos from Amazon!

[@sneakerhead4770]

Inventory doesn’t count against ur profit lol it doesn’t matter what u sitting on, it matters what u paid for an item and what u sold it for. The difference is gross profit. Minus ur expenses that’s ur net profit. Expenses like website boxes tape gas etc. Now what u could do is buy some personals I think and expense those but the second u sell one it’s no longer an expensed item it’s profit. If u do what u saying tax time comes and u gonna be like I ain’t got it. Lol

[@SniperKicks]

@@sneakerhead4770 good info there brotha!

[@SniperKicks]

@@sneakerhead4770 remember ANYTHING you buy for your business is an expense. So yes buying shoes in December and sitting on them is expense. But you can’t sell those shoes in December or that will count as profit for that calendar year.

[@tungtung14]

@@sneakerhead4770 ohhhh I got you, like buy personals and claim it as expenses for your inventory, Like promote what you sell 😂

[@DevveIoper]

what if you're under 18 and don't have paypal linked?

[@SniperKicks]

If you under 18 and you just reselling for fun- you don’t have to file BUT if you are making big money- YES you have to file- in some instances your parents can file on your behalf.

[@dronepack2733]

how come i got a 1099-k last year selling under $1k for 5 items accepting paypal last year?

[@SniperKicks]

Which state are you in? A few states have different rules

[@andydwajoo4116]

What if you made 20k but not 200 transactions, do you still get taxed

[@dejvibush8458]

Can you make a video how you don’t get taxed when buying shoes

[@LE-ii3ul]

Taxes is apart of life bro u gon have ta pay it whether u work a 9-5 or yo own business

[@kriskickz7798]

Cash

[@4real2real_]

Paypal kicked my ass I had to pay like 1350 in taxes this year rip (Paypal has some state exceptions where they tax you if it's less than 20k and I did 8-9k in sales but I live in one of those states so I had to pay taxes)

[@SniperKicks]

Man! Keep grinding bro! More taxes you pay the more money you make

[@WStar4Life]

That's why you don't sell more than $20k on StockX or GOAT each year lol. Once you hit $20k in sales on one platform just use the other or just sell locally

[@SniperKicks]

Haha yea u are right

[@geebert23]

So this only work if yiu are making about 20k on profit per year??thats when IRS will taxed you?

[@SniperKicks]

You are suppose to file taxes on your business regardless. BUT PayPal and other sites will report when you make $20,000 gross revenue, not profit.

[@deangelogeorges4493]

Do I have to get a business bank account to be a legit business?

[@SniperKicks]

No you do not! You can use personal bank account- considered a sole proprietor which is legit business

[@Juxce843]

😂😂😂😂

[@raider23able]

Is it $20,000 in a fiscal year or all-time?

[@SniperKicks]

Fiscal year brotha. And I am going to make a couple more taxes videos as well

[@raider23able]

@@SniperKicks thanks! Does stockx allow you to filter total sales by year?

[@SniperKicks]

@@raider23able I believe sure brotha, go to the spreadsheet that they allow to access on your sales and I’m pretty sure they allow you to filter

[@raider23able]

@@SniperKicks o, where’s the spreadsheet?

[@bubbie23jw]

great info? thats why you should have a llc

[@SniperKicks]

I do have a llc. But that does not protect you from taxes: sole proprietor or llc doesn’t matter. Llc really protects your assets when being sued

[@bubbie23jw]

@@SniperKicks correct i as saying you can reduce the amount of taxes you pay because you can itemize some of expenses.

[@SniperKicks]

@@bubbie23jw that is correct. You can do the same as a sole proprietor as well.

[@702prodigy]

id stop right under 20k then i ain’t paying shit

[@SniperKicks]

Hahaha you could bro.

[@702prodigy]

@@SniperKicks i was just trolling brother if i was making good income off the business though i would pretend 30% of that income didn’t exist. nothing is free haha. it’s will get their pay.

[@minta_y3_d3n]

Are you registered as an llc?

[@SniperKicks]

Yes brotha- but llc is not necessary- I will talk about that in my next tax video

[@errolrobinson677]

I thought sites like eBay, stockX etc collected the taxes for you. Why would you still owe the IRS?

[@SniperKicks]

They collect sales tax. Not the tax that you earned for income.

[@errolrobinson677]

Wtf! So they want money from both sides? I paid tax to get the item. Collect tax when it sold. And they want tax again from the profit? 🤦🏾‍♂️

[@SniperKicks]

@@errolrobinson677 yes! That’s how the US tax system works brotha

[@cruzb29]

What if your under 20k?

[@SniperKicks]

It won’t get reported to IRS

[@juschris7416]

I don't get Down with resellers.....

[@SniperKicks]

We stimulate the economy brotha! The USA encourages resellers, having tax advantages

[@juschris7416]

@@SniperKicks All crooks have a story that they tell...So this is what you tell yourself so you can sleep at night...Why are resellers whining, and bitching,and trying to get out of paying taxes....Sounds to me like the only thing you want to do is stimulate is your own pocket,not the economy...Y'all buy shit at retail then mark it up to $300-$5000 dollars,retail is supposed to be the last mark up on a product before it sold...Enjoy it while it last,because it's not going to last forever.... People will get more wise,and realize they are paying you hundreds & even thousands of dollars for a product that nike spent 50 dollars to make over in China....THAT'S WHY IM ON THAT UA GAME NOW...I get any shoe I want,and it looks ,feels,and smells just as good...So in fact the only economy your really stimulating is Chinas' BROTHA..!And technically resellers are a drain on the US economy. ..