What You Need For Your Tax Returns as an Amazon FBA Retail Arbitrage Seller

[@NikkiKirk]

Start getting ungated or join the bolo group today! Nikkirk7.com/Amazon

[@davestarr7112]

Very useful tips, Niki and Milly. A big reason to photograph and store receipts aside from taxes is thermal fading. Putting all your receipts in a shoebox until tax time is fine, but not when you go to access them and find that some have faded out or turned black because they got too warm.

[@cherannretiredgran68]

Absolutely! Great reminder. 👏

[@ml8898]

This is really the most succinct and practical video I've seen on this topic. Thanks!

[@gardnerfamilychannel8168]

You are awesome! Thank you so much for these instructions. You are such a blessing

[@giovannidillard8640]

You are amazing!!

[@heartcharm7627]

I watched this one after the one for this year and both are very helpful!

[@davestarr7112]

And business mileage deduction for tax year 2020 is going to be 57.5 cents a mile. This adds up really, really fast ... too good a deduction to ignore. I'm glad to hear QB has this included in their ap, I'll be starting my business on QB for sure.

[@mustbescud]

Whats QB?

[@davestarr7112]

@@mustbescud Quick Books, one of the main topics of the video.

[@mustbescud]

@@davestarr7112 Ah of course lol, sorry I thought it was something else, thank you.

[@davestarr7112]

@@mustbescud No sorry needed. I have fallen into the bad habit of using too many abbreviations and acronyms. Blame it all on the cell phone, Lol. By the way, this article is several years old. The business mileage rate is 58.5 cents a mile for the first half of 2022 and 62.5 cents a mile for the last 6 months of 2022. It will be 65.5 cents a mile in the tax year 2023. These add of FAST.

[@llbee77]

Thank you for this video! Needed this info to get started.

[@NikkiKirk]

You are so welcome!

[@jasonwalker9864]

great video

[@cherannretiredgran68]

Do you have a video on state retail sales or service taxes?

[@saltwaterfit2753]

Mile IQ is great! It turns on by itself when you drive. What is your system for keeping photos of Amazon items with the receipt for IP claims?

[@NikkiKirk]

I don’t take photos. When something comes up (which has only happened 3 times in 3.5 years) I get the receipts and take photos to send

[@saltwaterfit2753]

@@NikkiKirk Thanks! I liked this content.

[@Ozzy63666]

@@NikkiKirk others have mentioned taking photos of actual merchandise with the receipts as TJ Max and a few other stores do not describe what you are actually buying.

[@stevenmillsap5713]

You mentioned turbo tax, which I have used before, the question I have (unless I missed the video) is can you make a video about the small business supplies, equipment, software that you use that isnt necessarily for fba, like quickbooks, or turbo tax, or columnar pads, or whatever? This may be a not great question, but just thought of it

[@cherannretiredgran68]

It has been a while since I've been self-employed. From what I remember one can only claim or dereciate that which is used solely for that particular business, and nothing personal. So if using a laptop and having a desk set up or mini-office or a room in your home, or a building that you rent? The set it up for just that 1 business. No double dipping.

[@chimedolma983]

Thank you so much for the video. so helpful!

[@tomkruse1681]

just FYI it is actually NOT $20.000 "or" 200 transactions you have to reach BOTH thresholds and then amazon will issue a 1099-K

[@thani6724]

How do you like Quick book? Please share. Thansk!

[@giovannidillard8640]

You are the best!! I’ve learn so much from you 🥳

[@novayeung8835]

Thanks So Much!!!

[@allisonayalaeaves4755]

Thanks Nicki

[@keelywilliams104]

Did you open up business account for buying things when you first started doing Amazon FBA? I like the idea with a credit card to buy expenses to keep it simple

[@thani6724]

Thank you so much!! I love this vedio.

[@dawnsmith1360]

Where do I get the link for Receipt Bank?

[@NikkiKirk]

It’s now called Dext and I haven’t used it in a few years. If you have inventory lab or quickbooks you shouldn’t need it

[@Hangar1318]

Thank you. Did you have to remit sales taxes yourself in some states where Amazon is not liable to pay taxes on your behalf?

[@CJSPENO]

Hello Nikki, I use Godaddy bookkeeper. I think it takes care of all my fees between EBay n Amazon . I’m correct ? Thanks again

[@Songwriter321-f3j]

Thanks so much Nikki! I love your videos! I have just completed my first year selling on Amazon. Wow! What a ride!! A question. Can you scan lengthy receipts on Receipt Bank? Like, I arbitrage at Ollie's a lot and spend hundreds of dollars at a time. This creates a very long receipt tape. What do you do when you have a register tape that is longer than your arm? LOL Thanks in advance!

[@nancy6038]

Do you have to open up a business checking account for beginners

[@jeffdorris5321]

Nice work 🎇🎆✨

[@NikkiKirk]

Thank you!

[@MinhanNguyen1]

I sometimes use Uber/Lyft to get to and from my sourcing place, would I be able to write that off in my taxes? I haven't been tracking them but after watching your video, I feel like I should be sending those receipts to Dext (formally Receipt Bank) and tracking the miles?

[@u262652]

Hi. Do we need a ITIN number?

[@abelinagonzales8174]

Hi sweety,,,Do I need the resale certificate for all states or only for those where amazon doe not collet tax related to my account?

[@momthrifter8886]

Your videos are very helpful. I had a question. What do you do with returns since you’re traveling? Do you resell or just have them discarded?

[@NikkiKirk]

FBA either is damaged or goes back up for sale, I damage out the damages. The FBM go back to my po box and thankfully I don’t have a lot of those

[@HOWTOWITHSEDIQI]

do u have to file tax each quarter or just end of the year ?

[@almeqdadtannan2942]

Thank you so much, which is the best to start business to sell on amazon business name ( DBA) or LLC

[@gardnerfamilychannel8168]

LLC

[@yassinsahara841]

I have very good products but I don't know how to sell them

[@Kenquist]

I downloaded the history from December, but there are no $$ values. Did I miss something?

[@henryflores7492]

Same here

[@Kenquist]

Nikki?

[@stevenneubaum7614]

Anyone figure out how to get the dollar value yet??

[@ashleyfarmer1543]

What if you didn’t receive a 1099-K & it’s not in your tax document library? I did under 20K in sales but I did over 200 transactions.

[@NikkiKirk]

Hey Ashley, in the video I show you what report to pull

[@joeandcolleenpartington6810]

What was the app for recording receipts

[@emileemoresco4190]

Dext

[@beckyguillen760]

So you don’t pull anything from seller board or inventory lab to do your taxes?

[@NikkiKirk]

I don't have IL but there are reports there you can pull. I don't use it so I can't tell you how or what. I am not pulling into from sellerboard, no.

[@jaclynbass1]

Do you do anything monthly for anticipating taxes? Like keep a percent of your months profits aside?

[@NikkiKirk]

I don't no. It's probably smart to ha! You can get a rough idea of what your income and tax bracket will be and then save that % per month.

[@theartist1151]

I always value your content and thank you to all who share what works for them. That is so helpful. I'm waiting on a baby steps 👣👣👣 video, something broken down in different stages. I wish I could take a day and just shadow you. I wouldn't be a bother, just take notes and ask questions at the end... that would be awesome 🛍💣💥!!! This is perfect for me as I love to shop & make money 💵🌧☔.

[@dennismassie3552]

👋🏻Florida ☀️🌴🇺🇸

[@egitimseruvenim6215]

Can you please add subtitles. I can't follow you Thenks Nikki

[@NikkiKirk]

I will work on that, thank you! I also wrote a blog which is the same as the video here: nikkirk7.com/amazon-year-end-tax-reports/

[@hassanbakhtiar9816]

MileIQ

[@ronibadlion9192]

ughhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh

[@Moneyman4eva]

Ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh

[@crushit9576]

Do you ever get a return using amazon fba? Or you always have to pay back?