Don't forget to deduct your vehicle(s) especially if you purchased them during that tax year and if they weigh 6K lbs or more because that's a $25K tax deduction!
Thank you for the information. I plan on doing all my business of selling my eBooks through Amazon will Amazon be the only source of income that I need to be concerned about with the IRS? Also, being that working with Amazon KDP is brand new, do I need to take a portion (if so how much) out of what I earn through sales of my eBooks to set aside for taxes? Thank you for your help in this Nikki. Craig
Hello and thanks as usual for sharing the reports for us. Greatly appreciated. Last month I was viewing your older vids just to refresh my memory. Thanks
Thanks for this great video and love your e-selling style/biz!!!....I had about $7000 in gross sales on Amazon( below the 1099 threshold) and I had $3500 in fees...How do I document those expenses for taxes if I don't qualify for a 1099?...Also same percentages in my eBay biz. Just a link in the right direction would be great.Thanks
No you do need to claim any earnings over $600 according to the IRS. You just would have to pull the other reports I mention to get your numbers. Everyone should pull them actually because the 1099s can be wrong and don’t have all your expenses
Thank you so much for your hard work. You have been a great help. I would have never been able to start my little business and keep on going without your guides and videos.
Hey! Sorry but who is they? Amazon? Accountant? If you’re talking Amazon they will ask for a statement, you can pick which one it needs to match your name and address and the account details you entered into Amazon
Wouldn’t Sellerboard help with the COGS and Profit calculation? I thought that was the best way to work with your accountant!? I am not sure though since 2023 was the first year I started selling on AMZ.
For contractors you used during the year, I thought getting invoices from them and adding these invoices as expenses would be sufficient. So if I used someone's service only once, do I need to send them a 1099? This sounds a bit overdoing it isn't?
Hi Nikki, when shipping a really small make up item in a mail bag, do we need to take the dimensions of a the bag when it's empty while buying shipping or do I need to wrap the product with the protruded part and take that dimension?
I just started a free trial of inv labs to try to the inventory valuation report. It literally won't let me pull inventory from a date before the day I signed up on?
For the business entity, do we choose individual or business if we have an llc. I chose business because of the llc but when they ask for llc type it wasn’t llc it was only s corp, c-corp or partnership?
When you do your tax form thing in Amazon at sign up? I believe single member LLC with and EIN say individual and enter the EIN instead of SSN. Click around in there because some people are able to enter their LLCs. I was never able to so might need to call them for more help.
Tomorrow on @yoursellingpodcast I have an accountant and bookkeeper on and we go over all these questions! You can use free or inexpensive software to start like wave or xero. Some sellers use IL, yep. Anywhere that lets you log expenses should work
Interesting! Maybe they are trying to roll out to anyone over $600 since that will be the law next year or the year after (I can’t recall and they keep changing it)
For Seller board and Inventory lab, I am guessing that it will only show inventory on the day that you signed up for those programs and going forward, and that it won't work to look back in the past?
There is a link when you log into my website and also emailed over. If you cannot locate, email me at help@yoursellingguide.com for assistance! See you there!
Would you consider making an updated video on sales tax? Or now that every sales tax state has marketplace facilitator laws, is there anything you still have to do to be sales tax compliant?
I can! There isn't anything to do on the Amazon side, just need to file with the state when it is due if you have a sales tax license. I enter my gross sales then I enter my gross sales again in the box for marketplace facilitator and it zeros out to nothing to pay.
You're the greatest. Thank You.
Thank you this is the only video I can trust and digest well on this topic
Do you have any advice on doing your books yourself when you’re fairly new? Would sellerboard or inventory lab be enough when starting out?
Don't forget to deduct your vehicle(s) especially if you purchased them during that tax year and if they weigh 6K lbs or more because that's a $25K tax deduction!
I am personally yep, that is not norm for most people so I don’t really get into it here. Most people are claiming mileage instead of whole vehicle
Thank you for the information. I plan on doing all my business of selling my eBooks through Amazon will Amazon be the only source of income that I need to be concerned about with the IRS? Also, being that working with Amazon KDP is brand new, do I need to take a portion (if so how much) out of what I earn through sales of my eBooks to set aside for taxes? Thank you for your help in this Nikki. Craig
Thanks! Do I need to be Scorp or LLC to write off those you mention? Since I only sell on Amazon as individual
Hello and thanks as usual for sharing the reports for us. Greatly appreciated. Last month I was viewing your older vids just to refresh my memory. Thanks
Thank you!!! You have helped me so much in so many ways!
I was freaking out a little bit heje because I did not know this info or where to get it!!!
Very informative video, thank you!
Awesome! You’re welcome
Does the reports repository include the USPS shipping fees? That has always confused me. Thanks
can you send us the link to find these guys to file tax
The section on FBA fees was exactly what I was looking for. Thanks!
You’re welcome!
Thank you!!! Very Helpful!! Much Appreciated!!!!
THANK YOU SO MUCH FOR THIS INFO! WE JUST GOT A CPA TO HELP US. WE STARTED LAST YEAR IN OCT AND AM SO NEW AT THIS AND KNOW NOTHING!
1099 and reports really dont match
Very Helpful, Thanks A MILLION !
Thanks for this great video and love your e-selling style/biz!!!....I had about $7000 in gross sales on Amazon( below the 1099 threshold) and I had $3500 in fees...How do I document those expenses for taxes if I don't qualify for a 1099?...Also same percentages in my eBay biz. Just a link in the right direction would be great.Thanks
You would still claim the expenses and report the income. The payments repository report I show in this video is what you need
dumb question:so if you did not received 1099 meaning you don't need to file tax?
No you do need to claim any earnings over $600 according to the IRS. You just would have to pull the other reports I mention to get your numbers. Everyone should pull them actually because the 1099s can be wrong and don’t have all your expenses
great video in your NEW building :)
What if you are not eligible for 1099k?
Pull the payment repository report instead
Thank you so much for your hard work. You have been a great help. I would have never been able to start my little business and keep on going without your guides and videos.
Thank you!! 🖤🖤🖤
Im FBA seller. Should I count Shipping cost of the product from manufacture to AMZ warehouse into COGS?
Do they need to see my marshals receipt or bank account. Because I have business credit card and marshals credit card
Hey! Sorry but who is they? Amazon? Accountant? If you’re talking Amazon they will ask for a statement, you can pick which one it needs to match your name and address and the account details you entered into Amazon
Wouldn’t Sellerboard help with the COGS and Profit calculation? I thought that was the best way to work with your accountant!? I am not sure though since 2023 was the first year I started selling on AMZ.
For contractors you used during the year, I thought getting invoices from them and adding these invoices as expenses would be sufficient. So if I used someone's service only once, do I need to send them a 1099? This sounds a bit overdoing it isn't?
Thank you for making this video. Very helpful.
You're welcome!
Thanks for the very informative video. Can you recommend a good accountant?
Hi Nikki, when shipping a really small make up item in a mail bag, do we need to take the dimensions of a the bag when it's empty while buying shipping or do I need to wrap the product with the protruded part and take that dimension?
I need help with setting up NAICS to be a seller . What code do I use ? 😢
I just started a free trial of inv labs to try to the inventory valuation report. It literally won't let me pull inventory from a date before the day I signed up on?
For the business entity, do we choose individual or business if we have an llc. I chose business because of the llc but when they ask for llc type it wasn’t llc it was only s corp, c-corp or partnership?
When you do your tax form thing in Amazon at sign up? I believe single member LLC with and EIN say individual and enter the EIN instead of SSN. Click around in there because some people are able to enter their LLCs. I was never able to so might need to call them for more help.
@@NikkiKirkThank you!
Why they ask people to pay taxes for their profits on amazon?
Always helpful
hi I'm sumaira from pakistan im new seller AO your video is very helpful
Do you have any advice on when it’s worth it to hire a bookkeeper? Like, a certain amount in sales it would make sense?
Tomorrow on @yoursellingpodcast I have an accountant and bookkeeper on and we go over all these questions! You can use free or inexpensive software to start like wave or xero. Some sellers use IL, yep. Anywhere that lets you log expenses should work
@@NikkiKirk thanks SO much!
That was a long intro
You’re the person those time stamps I talked about are for 😉
Very informative. Thank you.
I got a 1099-k and my sales were under 9k I thought I'd get a 1099 if I have sold over 20k, I don't get it
Interesting! Maybe they are trying to roll out to anyone over $600 since that will be the law next year or the year after (I can’t recall and they keep changing it)
Oh it’s also over 200 transactions so maybe you hit it with that
@@NikkiKirk I wanna think is the other option bc I only had 174 transactions last year.
Great info! Thanks… New Sub🎉🎉
We can always count on you to make this smooth! Thank you!
Thank you!!
Great video ❤
Thank you! Great video
So I got a 1099k that said 7k gross, and it doesn’t show net, where do I find net? And stuff like the cost for Amazon 39.99 monthly fee?
In the other report I mention in this video
For Seller board and Inventory lab, I am guessing that it will only show inventory on the day that you signed up for those programs and going forward, and that it won't work to look back in the past?
Sellerboard has everything, I don’t know for sure about inventory lab
Hi I believe I paid to be apart of your group and can’t seem to figure out how to get in
There is a link when you log into my website and also emailed over. If you cannot locate, email me at help@yoursellingguide.com for assistance! See you there!
Thank you 🙏🏽
YES! good info 😃
Since you received two 1099s and neither one was accurate. Did you just use the one you thought was closest?
Yes, since you don’t technically need it to do your taxes if you have all your books and expenses right it was annoying but that’s all.
Would you consider making an updated video on sales tax? Or now that every sales tax state has marketplace facilitator laws, is there anything you still have to do to be sales tax compliant?
I can! There isn't anything to do on the Amazon side, just need to file with the state when it is due if you have a sales tax license. I enter my gross sales then I enter my gross sales again in the box for marketplace facilitator and it zeros out to nothing to pay.
So we need a sales tax license? I thought amazon took care of it all on there end
@@ApronFever only if you want to purchase product for resale without paying sales tax