www.myresellergenie.com/?ref=commonwealthpicker For those that think it is appropriate for their business I highly recommend MRG and Paul and Faith code commonwealth 15 percent off. They will go backwards as well as take care of you in 2025.
I am a retired biologist and environmental advocate. I started reselling in retirement to keep things out of landfills and to generate money for conservation and environmental education projects. I may have a different take on the IRS topic. I oppose the proposed rule changes because they will disincentivize people from continuing to resell items and cause more items to end up in landfills. This is an excellent opportunity for eBay to launch a lobbying effort that embraces the power of its platform and advocate for tax incentives for people who sell second-hand items. Why does the government seem to make it more expensive to do the right thing? I am working on a national campaign concept and will communicate with eBay Corporate soon. More news to come.
I love buying, using, and selling vintage items for this reason as well. Let’s keep all this stuff out of landfills. It’s never made sense to me that there is tax on the sale of items that were previously taxed. There should be a “one time” tax law, meaning once an item has been taxed in its original sale, that should be it. Only new items taxed.
this will never happen btw your comment and think is just INVALID and just an excuse tax evaders and tax cheats like to use! "I oppose the proposed rule changes because they will disincentivize people from continuing to resell items and cause more items to end up in landfills." tell me why you would actually think this ARE YOU JOKING?? so paying 15.3% self employment tax (which is 1000% Social security tax and Medicare tax GO GOOGLE IS SELF EMPLOYMENT Social Security and Medicare Tax google will tell you the FACTS) will make PEOPLE want to sell LESS items how do you figure they still get to keep 84.7% of there GROSS!! sorry if you cant afford 15.3% of what you make THEN YOU HAVE MAJOR PROPLEMS and should NOT be reselling AT ALL your just upset that you could use Online reselling as a method to WORK UNDER THE TABLE!! people like you need to stop CRYING and WHINNING 5 years now since 2021 STOP you don't like it JUMP ship find somewhere else to SELL under the table (TAX FREE) TAX EVASION (Flea Markets and Yard sales) I have no remorse for people like you and your mindset I hope this purges PEOPLE Like you from reselling because it will do 2 things if you all stop selling because of this ONE SMALL THING it will leave MORE PIECES ($$$) of the pie for US that continue reselling and it will leave MORE THINGS For US TO FIND out in the open BTW it will cause more people to list things on Craigslist and FB Marketplace and do in person selling PLEASE STOP THINK with a closed mind you allege your a retired biologist and environmental advocate THEY WAY OUR THINKING I HIGHLY DOUBT THAT!
@@christopherh6431 The Trump tax cuts in 2017, that much _much_ more favored higher incomes, introduced these insane taxes on lower income Americans. 2017 had nothing to do with the war in Ukraine and neither did these tax changes.
Glad I've focused all my time the last 6 years on my business and not a single second on developing socials. Tally your mileage, tally your COG receipts, tally your supply expenses, tally your home office expenses, and see a CPA. Simple as that.
My feel is taxes have already been paid somewhere along the line on every item offered on ebay. Even personal property taxes have to be paid every year on a purchase you only made ONCE. All geared against the little guy trying to thrive
I print a 1 page calendar at a glance shows each month and each day 1 sheet when I go to USPS I X that day on the calendar and on 12/31 I tally up the number of visits and multiple by the round trip mileage to post office. I circle UPS visits on the same calendar and do the same one and done mileage tracker
I'm on supplemental social security for disability and I live in Southern California which is so expensive to live. I just started reselling last in 2024 to survive. This drop to $2500 will kill me because every $2 I make a month after the first $65 they will take a dollar out of my SSI. So if I make $300 a month they will take $150 out of my SSI. They basically almost discourage you from working part time because you never know when there might be a glitch and you don't get a check.
It's because they want you to work what they consider a "regular job". Aka, one generally tied to a large corporation who will "do all that tax work for you" and guarantee you money. At least that's how they spin it. Healthcare is also part of that equation. They want to maintain the growth of these compaines along with shareholder profits. Penalize those who are trying to make ends meet simply because its not the "traditional" way. Taxes and healthcare. They know where it hurts us the most.
Yea, most entitlement programs are a trap. Once you're on them, there is not a high incentive to get out. Bottom line is, you will make more if you work and resell, but the incremental amount is only half what a normal person would get since they're reducing your SSI.
I just followed you on eBay and obviously here! I'm brand new to reselling, I've tried 2 times in the past, but finally it's working out, thanks to you and other channels that want to help the little guys like me!
We have had to do taxes in Mass for years b/c their threshold has been 600. Keep GOOD RECORDS! I have a very simple method- Construct an Excel spreadsheet - with each individual sheet in the worksheet corresponding to an item on the Schedule C. So if you purchase poly mailers, for example, you then RECORD that expense on the corresponding sheet of your spreadsheet - It might be a line called Packing & Shipping Supplies on the Office Expenses sheet. It is work, no doubt. BUT sure enough- you will likely be able to claim a LOSS and get your taxes REDUCED if you do this minor expenses recording. If they are sending you that 1099, then it seems you have a right to claim it is a business and a business loss.
1000% Many Sellers in states where $600 was already the threshold have the leg up and when this law was revised (the federal self employment law or the 1099k Law) you and many in the minority that did it the right and legal way this change in 2021 HAD NO effect on us it was business as usual compare to the many that were like the sky is falling i remember 2021 vividly ebay message boards FB groups many quick thinking $600 and 1 transaction was going to be Started Jan 1 2022 (which In my opinion it should have) 4 years to PHASE in this is CRAZY no one needs 4 years to get adjusted to this! and cash method is the best way to do it DO NOT do accrual method if you have an accountant EXPLAIN TO THEM show them DOCUMENTTATION that you as a reseller have a right to do the Cash Method MUCH easier less headaches less work! so say you grossed $100k you spent $25k on Inventory brings you gross down to $75 then say you spent $25k on storage that brings it down to $50 now lets say you paid ebay in fees and shipping $25 that brings down your gross to $25 now lets say you spent $15 on supplies, milage and all the other deductions you can take this means your TRUE NET (what you actually made and pocketed over the year for your OWN USE after your business USES) is $10k net this is what you pay 15.3% self employment tax (aka Social Security and Medicare Tax) and whatever tax bracket your in for your income tax if my wife makes $75 and i NET $10k im in the 12% tax bracket so every year i plan on saving 25.3% of my NET for taxes to cover both Self Employment and Income tax MANY do not understand the 2 taxes are totally different even though we pay them at the same time
@@Genxrocker79 For sure - I 100% agree. That's what I am saying. FILE the taxes with the 1099 - both state and federal. Just make sure you keep good records to be able to WRITE OFF every single expenditure on the Schedule C. The way I keep track of all those expenses is by creating an Excel spreadsheet with each sheet representing a different IRS/Schedule C category. THen you also have to get the figures from Ebay reports - especially your Transaction report. It does take a bit of study. BUT if you are a small casual seller, you can likely come out with a loss - as expenses will likely exceed income. Thus net loss.
Absolutely I also had to quit because of that I sold a Switch+ accessories and almost over 500 scared me! Mass needs a flush out of all politics what's good for Boston is not good for the rest of MA.
Nah, I think it's just going to sour a lot of people off of using Ebay. I buy wayyyyyyyyyyyyyyyyyy more than I sell on Ebay, but with this nonsense, I think I'm just going to move on from it all together. I basically just used Ebay as a means to make a little money for my Ebay buying fun.
How I look at it, if people quit selling, then more money for me. 👏 I really enjoy selling. It’s fun to connect with the customers. I’ve been ramping up selling this year more than any year. I’ve been selling on and off on eBay since 1999. This is the most I’ve made in a long time this year. I didn’t make a lot of money last year, but I reported what I made. I also keep track of my mileage. I’d hate to get caught for not reporting money made to the IRS. And every time I watch one of your videos, Kevin, I’m motivated to get to listing more things on my eBay store and Etsy. So thank you for all the great info and advice you always give. Happy New Year to everyone! Let’s make it a great 2025 with a lot of sales! Cha-Ching!
Double taxation without representation! That's our government for you. It's almost triple taxation when you think about it. 1. When the item was purchased new 2. When you bought the item second hand to resell. 3. When you sell it on the internet it is taxed to the buyer and to you as a seller! Amazing how much tax gets paid on one single item! 😮
@@jeannetteservin2471 worse than double taxation. A single item could be taxed more than a dozen times when you look at taxes on materials purchased to produce the item in the first place. And if a reseller buys an item at the Goodwill, figure it was taxed at original retail, taxed at the Goodwill, then taxed when it is sold on ebay. Perhaps that buyer gets tired of it and donates it to Goodwill. It gets taxed again. Over and over and over again.
That purple hat with the bear is a Mishka Death Adder hat. Mishka is a streetwear fashion brand based out of NYC. Popular in the hip hop, alt rock, and EDM music scenes.
My Go 2 Tape is My Go 2 Tape. I just shut my store down to end the year, but just for a few days. Packing what will probably be my last order of the year. Thanks for all you do Kevin.
My son is an accountant and does our taxes. I keep my receipts from thrift stores and buy everything on my PayPal card. Records are important. Keep track of mileage. All on the up and up. Yard sales are another story. Not sure how to keep that straight. I do take cash out from the separate account eBay makes us have, so there is that. This will be my first year having to report eBay sales since they lowered it. I’m pretty small potatoes compared to you youTube pickers. I just love it! You’re still teaching and I’m still learning.
Same question here as to cost basis on items paid with cash at a garage Ior yard sale...how do you prove what you paid... when seller does not give a receipt?
I am always amazed that people post on line that they have never had to report their sales before. You have always been required to report all of your sales. And It is not hard to come up with enough deductions to write off.
unfortunately technsports hit the nail on the head when he stated a few times over the last year on his YT channel that 99.9% of resellers are lazy this next 2 years with the threshold dropping to $600 and 1 transaction over ALL platforms and All Gig jobs and all Payment Processors (so PayPal and stripe, cash app...for people that do shows and take digital or electronic payments) there will be no more being able to game the system and hide income because they didnt hit both $20k and 200 transactions that was the the thing the word AND in the law you had to both $20k and 200 transactions not one or the other that is how 99.9% of sellers and gig works got around that reporting law NOW that it will be $600 and 1 transaction by 2026 no More hiding income plain and simple no more treating online reselling, Gig jobs and selling at shows or even flea markets and yard sales and taking digital payments as working under the table no more its now a LEVEL playing field if you take digital payments we are NOW all under the same umbrella! for those doing it the right way THIS Has NO EFFECT on them (im in that boat we are a minority sad to say) the next 2 years will show just how LAZY those people are they are all ENTITLED people they even feel the minimal amount of work that is needed to get your Gross down to whatever Net # is TO MUCH WORK ANY WORK for them Is to much work ITS to much For there brains to handle ITS LIKE OVERLOAD and they make this issue into a mountain when in FACT its just a very tiny mole hill
@@TheWarchest he never said Endless he said ENOUGH! guess you dont like to do minimal work that it takes to get $100k down to $10k its VERY EASY guess your simple minded! ILL GIVE YOU A FREE LESSON!! say you gross $100k now say you pay $25k for storage that is a legal deduction which brings you Gross down to $75k Now say you Spend $25 on Inventory for the year that is a legal Deduction under the Cash Method which brings down your gross to $50k (and by doing this your reinvesting in your business and getting a legal deduction at the same time!) now say your eBay fees and Shipping come to $25k that is a legal deduction which brings you gross down to $25 Now say you spend $15k on all other types of LEGAL deductions (supplies, Mileage, Business equipment, Phone, Internet, Part of your Mortgage if you have a deducted Home Office, there are many other legal Deductions you can take to get it down) SO NOW YOUR TRUE NET (or what you actually made for the year) is $10k huge difference from $100k this is how BUSINESS stay in business and avoid LEGALLY paying HUGE tax bills yea id rather pay $1530 (15.3% x $10k) then $15,300 (15.3% x $100k) (self employment tax is 15.3% as long as you do not net more then $165k)
I believe you're correct. I recently bought out another local reseller, and I've seen another 5-7 listings on Facebook Marketplace of other resellers that say they're selling out their inventory as well. Honestly, I'm here for it.
1000% same thing has happen a few times over the past 26 years i have been reselling full time this will be 100% a buyers market EVEN we resellers are buying from other resellers THEY WILL have to sell for bottom dollar as there inventory is ONLY worth what a buyer (seller) is willing to pay this is when sellers who are buying other resellers who are GIVING Up and quitting inventory you need to look out for one thing your business and if it means offering 10% or less of what the lot of inventory is worth SO Be it you are the only one that is going to worry and care about your business and if that person really wants to sell and get out of reselling ANY money is better then MONEY that is how those resellers quitting have to see it or they will be stuck with a lot of inventory REMEMBER everyone YOU MAKE your MONEY in the BUY not the SALE meaning you make your money when you buy the item not when you sell it iF YOU PAY TO MUCH it can hurt you big time in the long run
@@sodacityflips but I only buy if I can port their listings over and get access to their store, using inkfrog... I don't need a death pile all I've got plenty of my own but when they already have items listed and all I have to do is tweak a few things and change the shipping and business policies, piece of cake
Newer seller here. Started buying storage units during the Summer. Did pretty good selling a lot of items for me this month. Hoping to a better year in 2025. Happy New Year! My go 2 tape
@@chrisfriday7666 No, I won't be happy sites do it. Because most people don't push enough volume to meet the thresholds. For most states its 100k per year. Most pros don't even meet that requirement.
@@chrisfriday7666 You'll have to pay sales taxes and register for the state in which you have a physical presence. For the other states that charge sales tax its 100k or 500k thresholds if you're online selling to them. Most small businesses don't get up to those thresholds.
Take losses on your taxes from all the milage we use in reselling. Take losses on all inventory that we bought.. most people on ebay are not making money. If they use deductions it's extremely possible that we don't profit. Use the irs laws and use an accountant.
I've sold over the threshold for years. However, the last 4 years I sold just enough to offset all the taxes I pay through my day job. I know the $600 rule is coming. However, it could be rolled back in 20 days. I hope.
@keithpalmer4547 Not me personally. But collectively, yes. The world is a safer and better place under DJT. I know I had a lot more money and happiness from 2016-2020. Prove me wrong.
Democrats passed this bill, pelosi claiming it was to go after the rich, but it really only effect regular Americans just trying to get by. I hope Trump undoes alot of what the dems have done.
@@keithpalmer4547 Actually he does. He has employed average workers for decades. You should be more concerned about the lifelong politicians who are out of touch with average Americans.
@@keithpalmer4547 Remember when Trump said he would not tax tips and then a couple weeks later Kamala copied his "no tax on tips" platform? Ahh but that's right, I forgot Trump is the devil incarnate and can do NO good 🤦♂️
I have been a part-time reseller since September 2019 and filed taxes every year after that. My 1099 generally shows around $8k but, as you mentioned, I claim mileage and all other expenses. I’ve never had to pay taxes on my earnings as the expenses offset what I’ve made.
My go to tape Im getting a bit more serious about selling, so im gonna look into all the deets about deductions, my reseller genie ect. Thanks for your video 😊
I don't mind reporting my eBay business I have since I started. I would like to keep the money in the USA & if I ever get audited I'll call my dad to Pardon me.
Glad to hear sound business advice for resellers. I actually appreciate getting a 1099. Takes the guess work out of income reporting for me. If I dont get one i still have to report my income to pay on the profit so for me 1099s keep it easy for me. Then i can make sure im reporting my correct deductions to help offset it some.
My Go 2 Tape, this was my first year of reselling and I used Flipwise to track everything. Hoping it makes things easier when I do my taxes. The peace of mind is worth the monthly fee, especially since I have a full time job and limited time for reselling. 😊
it s just sad they go after the little money makers and folks that are just trying to get by and make ends meet , i started reselling to cover the high food cost and all our bills always going up and this is my side hustle on top of my 40 hr week job , i have made over 14, thousand since june and its helped me make it and im a single parent with a special needs son and just to afford gas to doctors and regular life stuff so now they are coming after that too but i know some way worse off then me and they have issues covering rent , i think its just different for others on some levels and will hurt them on just making it each month , life is so overpriced i feel for the ones this will greatly hurt but its different for everyone pending on the case at hand
Many of us are trying to stay off from claiming gov benefits.. I don’t like gov intrusion into my life so I try to get by reselling.. paying for extra meds I need that insurance doesn’t cover! I’m sure there are many just like me!
@@Yazzie101 yes exactly , several meds aren't covered for me or my son so i pay out of pocket for that and its stupid high , i can' understand of course if we was making bank and serious money but to fill in the gaps and survival mode i do not , and your right it keeps us from having to get in line for food stamps and gov programs we don't want those we want and try to stay away but it puts everyone back down the poor hole , you can not have a moment to grow and do better , yes many like you , my parents are disable and the meds keep going up and then medicare wont' cover much so i have been paying for my moms diabetic meds cause she was skipping doses to save money cause she couldn't afford to get refills , then she stroked out and i almost lost her
this is why the government allows us to write off so much that way you won’t have to pay very much tax… don’t let this keep you from selling thousands of dollars of stuff
OOH stop with your pity party story!!! $14k since JUNE many do not make that in one year!!! do you know 15 out of 50 states are still under federal minimum wage of $7.25 per hour and many places in those states still pay that WAGE so people making that wage before taxes taken out of there weekly or bi weekly checks is $13,920 SO STOP WITH YOUR PITY PARITY they will look at your statement that you have a 40 hour a week job (wonder what you make there) and that you have mad about $2k per month selling online or $14k in 6 months where there making $14k in 12 months a a 40 hour a week job THEY are going to think your CRAZY and ENTITLED BTW advice if you cant afford things ADJUST and stop buying that stuff Lower your standard of living live within your means! many 20-30 year olds do not understand how to do that!
there are so many tax deductions that you take, that unless you are make 100,000's of dollars that you can mitigate most of you taxes. Cell phones, mileage, COGS, home office, packing supplies, technology, any subscriptions for your business, and more. Getting a CPA is worth it if taxes scare ya.
THING is as Technsports has stated a few times over the last year he has had his YT channel and he is 100% 99.9% of resellers are lazy THEY WANT TO DO as MINIMAL amount of work and MAKE MEGA BUCKS umm things do not work like that and we will all see in the next 2 years just how ACCURATE that statement is "99.9% of resellers are lazy" EVEN though it takes VERY MINIMAL amount of work to get your GROSS down to what ever net # THAT IS TO MUCH WORK for these entitled PEOPLE they feel they should NOT have to do that work NOR do they feel they have to pay social security tax or Medicare tax which is 1000% what Self Employment tax is AKA 1099k its the same Social Security and Medicare tax that an employer would take out of your Pay check weekly or bi weekly (this is not optional u do not get a choice if that is taken out or not) should not be any different with reselling or gig work and now it wont it will be a level playing field we will all be paying into social security and Medicare if we make a Profit and we will also pay Income tax on that as well! and you dont want to pay More taxes then those people that are lazy will need to become UNLAZY and UNENTITLED (Mindset) and start to do a LITTLE work that it takes to get your Tax BURDEN (what you owe) DOWN get yourself in the 12% tax bracket that way your paying 12% tax for income tax and 15.3% Social Security and Medicare tax (or AKA self employment tax AKA 1099k tax)
How do you take business deductions if you are not a registered business? Most sellers are not a business, otherwise I agree. There are write offs to help.
from google AI "No, you do not need to formally register a sole proprietorship with the state as a business; simply starting to conduct business as a single owner automatically establishes you as a sole proprietor, meaning no separate registration is required unless you plan to use a business name different from your legal name, in which case you would need to register a "doing business as" (DBA) name"
Just wanted to say I love the channels started reselling because of you, almost at 50 sales. Its taken some months but I'm ready to grind in 2025 especially if many resellers are giving up. Means more money for me all the other sellers whom are committed. Right now I'm building up my inventory.
An Accountant will cost you at least 300 dollars or more plus hours of organizing this will upset some people that are just cleaning out there closets.
I sold personal items and claimed them as such. For the additional income ($1300), I used 1099k- sold personal items at a loss. If the IRS ever requests proof of purchase of those items I bought 20 years ago, I'll owe money. But I'll take that risk.
@@kulecter99 Yup f**k em. Their blatant greed and corruption lately these past 5 years are way overboard. They know people are doing nothing and caring less and less being more complacent sheep. Disgusting billionaires and millionaires never pay taxes and have so many loopholes to prevent them from even needing to report meanwhile the struggling poor person is forced to report and in trouble if they don't. Sickening.
I started reselling in March, and my Gross is 20k for my first partial year. I always planned on paying taxes and have tracked all my expenses and mileage. If the threshold goes down to 2500 I will still be doing the exact same thing.
100% GREAT TOTAL for half a year!! always do the right and legal thing better to be safe then sorry! many sellers that have not been doing it the right and legal way are most likely going to be getting a HUGE back owed tax bill (that was a major reason the law was revised from $20k and 200 transactions to $600 and 1 transaction) the government finally realized the HONOR system of self reporting (even if a seller didn't get a 1099k) was broken and didn't work aka there are to many dishonest sellers
I’ve already reported my income and expenses from reselling regardless if I received a 1099 or not. Not receiving a 1099 doesn’t mean you don’t report your income. If you aren’t sure of how to report or what expenses you can deduct see a qualified tax professional. It’s well worth the money to make sure you are doing it correctly. Don’t take tax advice from RUclipsrs, Facebook groups, friends or family. Those people won’t be there for you if you do it wrong. 😮
@@TSD4027 Yeah...anything you make will go to the accountant... and you know the accountants association... are pushing for these complicated taxes on the little guy... making peanuts.
.67 cents per mile adds up and basically pays you to find inventory no matter where you resource your inventory. I do the Lincoln highway and 127 sales every year and find 50% of my inventory in 2 weeks
@bennystratton7734 I grew up in a music store and antique mall, so having a natural side hustle is a must-have, especially if you can learn how to resell coins along with other collectibles. I sell in a flea market that is 3 hours from me. I drive 256 miles to run it every weekend, 512 round trip plus hotel food, etc, but I find all my inventory either buy word of mouth or stopping at 13 different thrift stores on the way home.
Sales were down 6% this year to just under 1,400 sales, but ASP up 11% to $85.43. The time and materials required to list, photograph, pack, and ship a single $14 or under item rarely justifies selling $14 and under items - unless you have a stack of the same item.
it all depends on HOW MUCH you appreciate NOT having to work for someone else and the FREEDOM reselling or gig working gives you if you do not appreciate being able to be in the same room as you kids or significant other or relatives while you work or be able to take off WHENEVER you want without asking anyone and being TOLD NO then yep this is the mind set (the mindset you have where you do not FEEL the effort in selling $14 items is "WORTH" it) these are the people that are 100% quitting now (not just because of the tax law revision that was passed in 2021) unfortunately as technsports stated many people do not appreciate what reselling gives them back...all i can say is IF YOU THINK they way think JUST go back to a 9-5 job Let that company rule you and tell you have to work a shift when something (emergency comes up) or your fired yep you want that you think that is better then being your own boss and having to do a little work so be it but someone that has done this for 26 years full time and does sell things under $10 even for a $1 profit after all expense YOUR TOTALLY wrong in your mindset BTW " list, photograph, pack, and ship a single $14 or under item" if you enjoy doing these things heck if you enjoy everything about reselling THEN FYI i never feels like work this is the mind set you need to get into because your losing a lot of money NOT selling those items under $14 your really shooting yourself in the foot by not Diversifying and selling ALL price points Low medium and high WHY NOT HAVE the BEST of all worlds! i SELL ALL price points i do not limit myself and year over year i am up 103% Gross and 123% NET this means my ebay FEES (FVF, Ad FEEs and Shipping label costs WENT DOWN not up) the Amount of sales went down BECAUSE you obviously limited yourself to only certain price points!
@@aldrap my ASP is $56.65 thing is the ASP ebay shows you INCLUDES the shipping you charge so its Deceiving so its not really what your Average Selling price of your item is (its your ASP of your item and shipping) how many items do you have listed? i have 20k and still growing On eBay and Bonanza, 50k on amazon, 5k on each Postmark, Mercari and Offer Up
@@aldrap "time and effort" sorry no it does not and it all depends on what that $100 or $400 item it could be a coin, it could be a Signed Baseball, it could be 1920 world series ticket those are all VERY EASY to photo/scan and list and worth $100's or $1000's of dollars! its not about the TIME and EFFORT if you don't want to do the work and your lazy that is fine with me but selling items $14 and under or $10 and under im going to sell way more items then you are and i never said i only sell $14 and under items I SELL ALL PRICE POINTS like i said i have been doing this 26 years full time on multiple platforms i know what works and doesnt or id not still be selling full time for a living to make this last for decades YOU HAVE TO DIVERSIFY YOUR ENTIRE BUSINESS including Price points you cant just sell $100 plus items OR Your limiting yourself to ONLY BUYERS that have that type of money! every day im selling items for $100's of dollars and items that are $5 and everything in between I DO NOT MIND THE WORK because this is what i do For a LIVING and I LOVE IT i would not trade it for ANY OTHER JOB in the world! obviously you do not feel that way about reselling and i feel sorry for you
I have been selling on ebay since 1998. I have never been a big time seller like yourself, but I was always happy with my sales and I sold a lot of items. This past year 2024 was my worst year selling on ebay. People have been watching my items for a long time and they want to wait it out until I list it cheaper. I've even sent out lots of offers, with not that many people accepting them. I'm personally losing interest selling on ebay and will only list a very limited number/type of items.
I am definitely going to be pursuing my plans to go back into reselling regardless of this tax situation. My plan originally is to set it up properly as a business before I sell one thing. I plan to be serious about it from day one so there’s no reason to play like I’m just having a lemonade stand.
Im pissed, resellers have to do the right thing and pay taxes then we have millionaires, billionaires paying less taxes on their multibillion, multimillion businesses.
@@dolfinwriter5389 ^ good ol rothchilds rockefellers and morgans eh. If people really knew what the ones who run this world are doing with their free time and infinite money it would make you sick.
"right thing" the item was bought with money you payed income tax on. it was bought you paid sales tax. private transactions between individuals should (and will by black markets) be tax free
Think about the big picture though. eBay has proven MULTIPLE times. If the sellers drop off, profits drop off. If eBay’s profits start falling off, they will just raise the fees AGAIN. Yeah, you might be making more sales, but get ready first higher fees. And of course, the ever growing postage cost! It’s really sad.
You can tell platforms are begging us to list items, people are leaving! Being sick at home, I’m very fortunate to be able to sell online.. 🙏 I loved going out to work but just can’t anymore! It’s amazing how many jobs are available.. I was in medical & I get jobs offered to me x 4 the wage I used to be on! Baby boomers retiring .. no workers! IRS can see your bank accounts .. no privacy anymore so just as easy to declare everything! I believe my back told me they had to report certain activity!
It does take a little more time for sure to do taxes when you resell and all income is self-employment income. But as you discuss there are many perfectly fine ways to lower the taxable income. Deductions for an office, electric, cell phone, miles, etc. etc. I pay very little at the end of the year when you use the appropriate deductions (and you can do it yourself).
I'm only very pt reseller at this point. Shipping: If it goes up any higher, it's going to be very difficult for resellers. I think high shipping costs could actually put a lot of people out of business. AND if USPS is ever privatized, watch out. Service will go down, prices will go up and LOTS of postal service workers will lose their jobs and benefits.
Ebay has destroyed my store so badly, I am done as well. I was a larger, full time reseller. I did it casually since the early days on Ebay, but 5 years ago I went full time. Sales went crazy for several years, then in April of 2023 the bottom fell out. I've even had one of their super marketing people "help" with promotions. Guess what? Sales dropped even faster! I'm slowly shutting down my store and moving on to something more profitable. I really loved it too, but it's time for me. Good luck to everybody else. :)
My sales tanked when eBay started managing payments. Not sure if they changed the algorithm. I sell handmade miniatures so as eBay fell, Etsy picked up. Makes no sense.
Same here... With the price of Ebay fees, the increase in shipping rates and now having to jump through all of these hoops just to sell some personal use items and cool things that I come across, it's not really worth it anymore... Sad because I love the thrill of the chase, but these thresholds are pathetically low when considering the cost of shipping.
I think the 20K is too high, but going down to 600 is too low. My daughter sells mainly clothes, books and music of her own when she's done with the stuff. She's 24 and I doubt she'll want to mess with the paperwork for making back a little bit on her own used items. It's really going to hurt those people. Another topic: Last week you were talking about the PUMA and other brands with their BS trademark infringement. I have a LOT of brands pulled off Bonanza and not ebay, but last week I had some Lisa Frank stickers and notebook pulled from Bonanza for trademark infringement but then they pulled it from ebay for counterfeit and I got a Vero email from ebay! So they are lying to get items pulled. I have never had an issue with Lisa Frank before. This madness has to stop. Side note: my grandma has been dead for about 30 years, but I remember her having that same little yellow hamper or trash can you sold!
IN UK FEB ONWARDS THERE MAKING PRIVATE SELLERS , USE MANAGED SHIPPING AND PAID AFTER DELIVERY AS WELL AS ADDING NEW FEES TO THE CUSTOMER THIS COULD LITERALLY DESTROY EBAY , THEY EXPECT PRIVATE SELLERS TO WAIT 14DAYS FOR PAYMENT IF THEY DONT USE TRACKING WHEN PEOPLE NEED THE MONEY TO ACTUALLY SEND THE ITEM THE WHOLE THING SOUNDS INSANE
Canada's just passed new wide sweeping laws to take the screws to small online sellers too... Seems to be a global agenda to clamp down on the little guy...
Great video, agree 💯. Amazing to me that so many don't count their deductions, which is what saves me every year. I also plan ahead, somewhat. I know I've got lots of deductions to claim this year, I'm needing a new computer and scale but I'm making due a few more weeks so those can be deductions for 2025. I've cut back on ebay only because I love doing my live auctions on RUclips but I still count everything. You are so amazing, thank you for all the info. ❤
Just make sure your not in a state like Ohio that requires that you have an auctioneers licence no matter if its whatnot ebay or whatever platform. It sucks but you need to research the state you are in if you need it required by state. (Whatnot ebay..leaves it up to you to find out)
eBay only keeps records going back 7 years and some stuff that i plan on selling i have bought on eBay over 10 years ago and don't have records on these items, so what if i am losing money selling these but have no proof?
My go 2 tape! Thanks Joel for giving these to Kevin! I did just sign up for reseller genie using your link! The days of using a notebook are behind me. I only sell very part time to help me close the gap on my retirement pension. Over 30 years teaching! Happy Monday to all!
MY GO TO TAPE I have never made 5000 gross since I started selling on eBay in 2002. I’ve always been very part-time. Some years during that time we sold nothing. My husband retired June 1 and we’re working toward getting full-time but still this year I don’t think I quite hit 4000 in gross sales. However we have been reporting our sales for quite a while on our taxes and give our CPA all of our write offs for the year, so I’m not worried about that. We do have to work on our mileage that’s one thing we’ve never gotten good at. So that’s a goal for 2025 to get every single bit of mileage written down although we don’t go out sourcing a whole lot , and most of it’s really close to us so I’m not real concerned about the past we can’t change that, but we’re going to be very careful going forward to keep track of all the mileage for the next years tax filing.
Keep good records and if someone is nervous to do taxes on their own-get an accountant. I have a good one. The reporting change doesn’t have to scare people away from reselling. Also, I’d love some of MY Go 2 Tape. 😊
"get an accountant" you will find out real quick HOW CHEAP people are they dont want to pay another expense and also you will find out how 99.9% of resellers are LAZY even doing the minimum is TO MUCH WORK FOR THEM! i have no remorse for people like that quitting
What makes me laugh with people saying they are mad at paying taxes. If you work a part time job you will pay more taxes. Atleast with Ebay Or any reselling you can have tax deductions. Miles, write offs of buisness. Im in the Ebay for the long haul!
its because the majority as technsports has stated a few times on is YT channel "99.9% of resellers are lazy" many will find out JUST how accurate that statement is over the next 2 years as the thresholds get lower MANY sellers have been using Online reselling and Gig Working as a way to WORK under the table well there gaming the system has JUST STOPPED as of 2025 and there all upset and throwing tempertantrum i say GOOD RIDENS to them don't let the door hit ya on the way the LESS sellers the better it will mean the MORE PIECE ($$$) of the pie for the sellers that do stay why do you think Walmart and Amazon WANT there competition GONE and out of business ALL SMART business SHOULD think like amazon and Walmart in that way! or you will be the ones going out of business
No I will not be quitting. My first year and deciding now whether to ramp it up more or scale back some. Will be clearing out low profit items and making room for better inventory. I have a different software but it does the same thing and wish I had gotten it at the first of the year.
Im a part time reseller and I do 50k easily a year strictly on eBay. I formed an S-corp and saw a huge reduction in taxes. Throw in mileage, home office, storage rental, cost of CPA, shipping supplies, internet/cell phone write offs , I have no trouble making money and even got a refund last year that applied to this year's tax season. Get a CPA/tax professional is my advice.
@KristaRyan-s7s hi. I like the S-corp because it reduces amount of self employment taxes. Once you set it up , you get paid a "reasonable salary" that you pay taxes like a normal job. Anything over that the company earns pays corporate tax which is way lower. There's also more right offs for expenses. LLC just protects you in a law suit but does not offer tax benefits.
If selling all from my own closet what’s the best way to lower the impact or what is the profit level that would be considered worthy to continue to list certain items? $20 profit on a used personal item that has no receipt as purchased eons ago?
Yes! Some of us just want a convenient way to sell some of our own stuff for a few bucks, and keep it out of the landfill. I hope someone can answer this, because not everyone wants to own/run a business or use eBay to get rich. I am just trying to recycle/reduce/reuse, and get a slight return to help make ends meet.
@@jenkitty30 Real. It's nice just to go through storage and list things that we no longer need to get some extra spending money and now they want us to file it like it's a business. Not worth going through all of this hassle if I'm only selling 1000-2000$ worth of stuff with the shipping costs included. Facebook Marketplace and Craiglist must be licking their chops.
@@wandarsmith4302 That's precisely my dillemma. I like selling some of my old sports cards to have a little extra spending money coming in. And now in Canada they say "sports cards are investment" and have to be taxed. It's impossible to know what I paid for them over the years. I'm moving over to IRL if I want to sell anything from now on. Screw this.
I started reselling this yr. I'm keeping my ft job and doing the reselling. I'm 100% set on netting 50k this year. I just signed up w the state for my tax license. Let's go!
Hey. I will keep on going. If you keep things in order and organized won’t be too much of a big deal. It’s just part of business. I sell part time over 30k gross per year. Also to each their own, do what works for you! 21:46
I'm dropping out for a completely different reason. Taxes isn't it. I have an accountant, been in business reselling for over 15 years now and have a good accounting system in place so taxes isn't why I'm leaving. I'm leaving because I am bored to death with it. Reselling was a great way to make money, and still is if you know what you are doing. What is is terrible at is giving fulfillment in your work. Work is more than just making money. If you don't feel like you are contributing to society but rather just doing something to make money, it is just a waste of a life. Money isn't the issue, fulfillment in my work is and eBay, Amazon, Mercari, etc just don't do that.
IMO. Most people do not have receipts for junk acquired 5 , 10 , 20yrs ago. Also , Ebay is a very minor income for many people. Its just not worth the extra hassle to sell on Ebay any more. I do not buy on Ebay any more either. Since i can no longer resell any items i dont need or want in the future.
IMO IT MAKES NO SENSE what you just stated! so your not going to buy on eBay because you cant resell it on eBay?? you can buy it on ebay and sell it a yard sale or at a flea market or via FB Marketplace, Craigslist, Or Offer Up In person PLEASE STOP WITH THE LAME EXCUSES to NOT DO EBAY ANYMORE because of a MINOR Change in a law that happen 4 years ago!!
I feel ya brother. I'd use Ebay to buy trading cards, and then use the platform to sell off the cards I don't want to help supplement some of my purchases. But with this insanity of having to report every 2 dollar trading card I've ever sold, what's even the point? I'm soured on Ebay at this point and am just going to stick to IRL buying, trading and selling for now on. I'm not giving the government the satisfaction!
My net sales were under $5K my first year of reselling but I reported it. Last year (my 2nd year) net sales were just over $6K and I reported. This year it's just over $8K and I believe filing and including my reselling income those past 2 years will help me because if heavens forbid I was audited the IRS could find out when I actually started with eBay and then what? And you are correct where the write-offs are concerned. I may owe a little this year (doubtful) but nothing was owed the past 2 years I filed because of how little I earned and all my expenses. I also purchased business related things at the end of the year both years to include in my expenses for the year. If someone's been putting off buying a camera, new phone, printer, etc. (really anything they might use for the business) but they purchase before midnight on New Year's Eve it still counts as an expense for the year.
100% do it the right and legal way from the beginning better to be safe the sorry! i have been reselling 26 years full time on multiple platforms i can tell you the next 2 years many resellers who were gaming the system over the past 30 years will be getting a HUGE SHOCK when they get a HUGE BACK OWED tax bill irs once they have you info from any platform or payment processor (like paypal or stripe) they have every right to request back years totals and if they see you were required to report (even if you didn't get a 1099k) they will 1000% send you a back owed tax bill and most will be HUGE especially those that have been gaming the system for years or decades
Sell on eBay and get screwed with the AI ONE WAY… Had buyer install batteries incorrectly and eBay gave buyer refund. Buyer had even sent photo with batteries installed wrong. Stupid gets refund and I even lose my shipping cost…
You can sell up to $10,000 a year personal stuff but will be ok anyway up to that amount. Of really any sales. The vendor has to have seller and buyer protection . Over that for live selling you need an auctioneers license. I called I believe the department of agriculture. I am from northeast Ohio! Kiko country they helped get that law passed I heard? Around 25 states have laws on the books and they are all different.
I get the record keeping totally but , in 2024 I've sold only from my personal property and I'm at a loss as to just how do I come up with COGS for those things. any comment will be helpful.
You would just pay the personal income tax on those items. I track cogs with receipts on most but not all items. It would be ideal to spend the time to complete a 1040 long form and calculate all of your cogs, or, just pay the tax. I'm a small time reseller so I just pay the tax. Time is more valuable to me than reducing my tax burden by a few dollars.
My Go 2 Tape - I have been an independent contractor since 1996 and have always filed my scheduled C (I currently file 3 as Sole Proprietor) on our tax return, regardless of whether I receive a 1099 or not. I learned early on to keep a spreadsheet of all my expenses, with mileage being the #1 expense!
1000% those of us that have been doing it the RIGHT and legal way for DECADES this change even in 2021 HAD NO effect on us we went ahead like its another day the MAJORITY unfortunately are tax cheats and tax evaders even people on disability or retirement they trying to use online reselling as working under the table well that lasted for 30 years and it will be stopping this year FINALLY we will all be under the same umbrella.... all i have to say for people that cant pay 15.3% of self employment tax (aka Social Security and Medicare tax) YOU HAVE SOME MAJOR ISSUES and should NOT Be buying and reselling! OR HECK SELLING in general and if you people that are complain are just up set because your liked it because it was a way to treat online reselling like selling under the table then GO Back to the flea market or having yard sales you can still do that there YET just know your still doing something illegal because legally your still REQUIRED to report that income!
www.myresellergenie.com/?ref=commonwealthpicker
For those that think it is appropriate for their business I highly recommend MRG and Paul and Faith code commonwealth 15 percent off. They will go backwards as well as take care of you in 2025.
Highly recommend MRG been with them 2 1/2 years. 🙂
My Go 2 Tape! Happy New Year!
They are amazing, love MRG!
Go backwards how far?😊
My mom will be using them and give your code so you get credit❤🫶💜♥️🇺🇸🙏😇🌏🐒Kelly
I am a retired biologist and environmental advocate. I started reselling in retirement to keep things out of landfills and to generate money for conservation and environmental education projects. I may have a different take on the IRS topic. I oppose the proposed rule changes because they will disincentivize people from continuing to resell items and cause more items to end up in landfills. This is an excellent opportunity for eBay to launch a lobbying effort that embraces the power of its platform and advocate for tax incentives for people who sell second-hand items. Why does the government seem to make it more expensive to do the right thing? I am working on a national campaign concept and will communicate with eBay Corporate soon. More news to come.
I love buying, using, and selling vintage items for this reason as well. Let’s keep all this stuff out of landfills. It’s never made sense to me that there is tax on the sale of items that were previously taxed. There should be a “one time” tax law, meaning once an item has been taxed in its original sale, that should be it. Only new items taxed.
Yeah, ok. 🤡🤡😊
Great idea but not everyone sells "used" items - there is a lot of new stuff on ebay as well so it would be hard to differentiate and sort.
this will never happen btw your comment and think is just INVALID and just an excuse tax evaders and tax cheats like to use!
"I oppose the proposed rule changes because they will disincentivize people from continuing to resell items and cause more items to end up in landfills."
tell me why you would actually think this ARE YOU JOKING??
so paying 15.3% self employment tax (which is 1000% Social security tax and Medicare tax GO GOOGLE IS SELF EMPLOYMENT Social Security and Medicare Tax google will tell you the FACTS) will make PEOPLE want to sell LESS items how do you figure they still get to keep 84.7% of there GROSS!! sorry if you cant afford 15.3% of what you make THEN YOU HAVE MAJOR PROPLEMS and should NOT be reselling AT ALL
your just upset that you could use Online reselling as a method to WORK UNDER THE TABLE!! people like you need to stop CRYING and WHINNING 5 years now since 2021 STOP you don't like it JUMP ship find somewhere else to SELL under the table (TAX FREE) TAX EVASION (Flea Markets and Yard sales) I have no remorse for people like you and your mindset I hope this purges PEOPLE Like you from reselling because it will do 2 things if you all stop selling because of this ONE SMALL THING it will leave MORE PIECES ($$$) of the pie for US that continue reselling and it will leave MORE THINGS For US TO FIND out in the open
BTW it will cause more people to list things on Craigslist and FB Marketplace and do in person selling
PLEASE STOP THINK with a closed mind you allege your a retired biologist and environmental advocate THEY WAY OUR THINKING I HIGHLY DOUBT THAT!
@ Got to start somewhere.
They should give resellers a tax exemption due to the recycling aspect.
We pay way to much in taxes for basic everything
They need more money for UKRAINIA!!
@@christopherh6431 The Trump tax cuts in 2017, that much _much_ more favored higher incomes, introduced these insane taxes on lower income Americans. 2017 had nothing to do with the war in Ukraine and neither did these tax changes.
stop voting for democrats.
Israel needs to pay for their citizen's healthcare somehow. Stop complaining!
Glad I've focused all my time the last 6 years on my business and not a single second on developing socials.
Tally your mileage, tally your COG receipts, tally your supply expenses, tally your home office expenses, and see a CPA. Simple as that.
My feel is taxes have already been paid somewhere along the line on every item offered on ebay. Even personal property taxes have to be paid every year on a purchase you only made ONCE. All geared against the little guy trying to thrive
I have a notebook and I write down the miles every time I go to the post office and when I go sourcing. It really adds up.
I print a 1 page calendar at a glance shows each month and each day 1 sheet when I go to USPS I X that day on the calendar and on 12/31 I tally up the number of visits and multiple by the round trip mileage to post office. I circle UPS visits on the same calendar and do the same one and done mileage tracker
I'm on supplemental social security for disability and I live in Southern California which is so expensive to live. I just started reselling last in 2024 to survive. This drop to $2500 will kill me because every $2 I make a month after the first $65 they will take a dollar out of my SSI. So if I make $300 a month they will take $150 out of my SSI. They basically almost discourage you from working part time because you never know when there might be a glitch and you don't get a check.
We need to be rewarded for working; not punished.
Yes, I never understood that.
Ifs its personal possessions, its not a "job" and its not "income." You would have to me making quite a bit before they take notice.
It's because they want you to work what they consider a "regular job". Aka, one generally tied to a large corporation who will "do all that tax work for you" and guarantee you money. At least that's how they spin it. Healthcare is also part of that equation. They want to maintain the growth of these compaines along with shareholder profits. Penalize those who are trying to make ends meet simply because its not the "traditional" way. Taxes and healthcare. They know where it hurts us the most.
Yea, most entitlement programs are a trap. Once you're on them, there is not a high incentive to get out. Bottom line is, you will make more if you work and resell, but the incremental amount is only half what a normal person would get since they're reducing your SSI.
I just followed you on eBay and obviously here! I'm brand new to reselling, I've tried 2 times in the past, but finally it's working out, thanks to you and other channels that want to help the little guys like me!
We have had to do taxes in Mass for years b/c their threshold has been 600. Keep GOOD RECORDS! I have a very simple method- Construct an Excel spreadsheet - with each individual sheet in the worksheet corresponding to an item on the Schedule C. So if you purchase poly mailers, for example, you then RECORD that expense on the corresponding sheet of your spreadsheet - It might be a line called Packing & Shipping Supplies on the Office Expenses sheet. It is work, no doubt. BUT sure enough- you will likely be able to claim a LOSS and get your taxes REDUCED if you do this minor expenses recording. If they are sending you that 1099, then it seems you have a right to claim it is a business and a business loss.
1000% Many Sellers in states where $600 was already the threshold have the leg up and when this law was revised (the federal self employment law or the 1099k Law) you and many in the minority that did it the right and legal way this change in 2021 HAD NO effect on us it was business as usual compare to the many that were like the sky is falling i remember 2021 vividly ebay message boards FB groups many quick thinking $600 and 1 transaction was going to be Started Jan 1 2022 (which In my opinion it should have) 4 years to PHASE in this is CRAZY no one needs 4 years to get adjusted to this!
and cash method is the best way to do it DO NOT do accrual method if you have an accountant EXPLAIN TO THEM show them DOCUMENTTATION that you as a reseller have a right to do the Cash Method MUCH easier less headaches less work!
so say you grossed $100k you spent $25k on Inventory brings you gross down to $75 then say you spent $25k on storage that brings it down to $50 now lets say you paid ebay in fees and shipping $25 that brings down your gross to $25 now lets say you spent $15 on supplies, milage and all the other deductions you can take this means your TRUE NET (what you actually made and pocketed over the year for your OWN USE after your business USES) is $10k net this is what you pay 15.3% self employment tax (aka Social Security and Medicare Tax) and whatever tax bracket your in for your income tax if my wife makes $75 and i NET $10k im in the 12% tax bracket so every year i plan on saving 25.3% of my NET for taxes to cover both Self Employment and Income tax MANY do not understand the 2 taxes are totally different even though we pay them at the same time
Highly recommend Flipwise! It automates most of the data entry and provides amazing stats.
but if you get a 1099 from Ebay you have to file that fourm
@@Genxrocker79 For sure - I 100% agree. That's what I am saying. FILE the taxes with the 1099 - both state and federal. Just make sure you keep good records to be able to WRITE OFF every single expenditure on the Schedule C. The way I keep track of all those expenses is by creating an Excel spreadsheet with each sheet representing a different IRS/Schedule C category. THen you also have to get the figures from Ebay reports - especially your Transaction report. It does take a bit of study. BUT if you are a small casual seller, you can likely come out with a loss - as expenses will likely exceed income. Thus net loss.
Absolutely I also had to quit because of that I sold a Switch+ accessories and almost over 500 scared me! Mass needs a flush out of all politics what's good for Boston is not good for the rest of MA.
Knowing that people will drop off is even more motivation to keep truckn.
Just cuz they stop selling doesn't mean they stop buying! Supply potentially down, demand stays flat!
Folks will just do meet ups more for cash but that opens the slot for getting scammed or robbed
Nah, I think it's just going to sour a lot of people off of using Ebay. I buy wayyyyyyyyyyyyyyyyyy more than I sell on Ebay, but with this nonsense, I think I'm just going to move on from it all together. I basically just used Ebay as a means to make a little money for my Ebay buying fun.
How I look at it, if people quit selling, then more money for me. 👏
I really enjoy selling. It’s fun to connect with the customers. I’ve been ramping up selling this year more than any year. I’ve been selling on and off on eBay since 1999. This is the most I’ve made in a long time this year. I didn’t make a lot of money last year, but I reported what I made. I also keep track of my mileage.
I’d hate to get caught for not reporting money made to the IRS. And every time I watch one of your videos, Kevin, I’m motivated to get to listing more things on my eBay store and Etsy. So thank you for all the great info and advice you always give.
Happy New Year to everyone! Let’s make it a great 2025 with a lot of sales! Cha-Ching!
My biggest issue is I am going through my old toys and stuff that have already been taxed and getting taxed again.
Yep
I refuse to be double taxed.
Yes!!!!!
Double taxation without representation! That's our government for you. It's almost triple taxation when you think about it. 1. When the item was purchased new 2. When you bought the item second hand to resell. 3. When you sell it on the internet it is taxed to the buyer and to you as a seller! Amazing how much tax gets paid on one single item! 😮
@@jeannetteservin2471 worse than double taxation. A single item could be taxed more than a dozen times when you look at taxes on materials purchased to produce the item in the first place. And if a reseller buys an item at the Goodwill, figure it was taxed at original retail, taxed at the Goodwill, then taxed when it is sold on ebay. Perhaps that buyer gets tired of it and donates it to Goodwill. It gets taxed again. Over and over and over again.
That purple hat with the bear is a Mishka Death Adder hat. Mishka is a streetwear fashion brand based out of NYC. Popular in the hip hop, alt rock, and EDM music scenes.
My postal annex and Goodwill are only 3 miles round trip from my house and I deduct every mile to reduce my taxes. It all adds up! My Go 2 Tape!
Hell yeah. Two or three trips a week to the PO add up, and I can easily log 100 miles a day sourcing.
I log 350 to 400 miles a month and in 2025 the deduction goes up to 70 cents per mile that’s 2930 to 3660 off of taxes in mileage
@@earlgendron4893how do you track your miles
My Go 2 Tape is My Go 2 Tape. I just shut my store down to end the year, but just for a few days. Packing what will probably be my last order of the year. Thanks for all you do Kevin.
My son is an accountant and does our taxes. I keep my receipts from thrift stores and buy everything on my PayPal card. Records are important. Keep track of mileage. All on the up and up. Yard sales are another story. Not sure how to keep that straight. I do take cash out from the separate account eBay makes us have, so there is that. This will be my first year having to report eBay sales since they lowered it. I’m pretty small potatoes compared to you youTube pickers. I just love it! You’re still teaching and I’m still learning.
Same question here as to cost basis on items paid with cash at a garage Ior yard sale...how do you prove what you paid... when seller does not give a receipt?
I just have a receipt book and write out my own receipt from yard sales.
@@travislgerhart lol yeah I don't think that's going to hold up in the eyes of the IRS 😂😌
Interesting…! I would love to have fewer casual sellers who price their stuff at rock bottom to compete with… Thanks for the thought provoking video!😊
I couldn't agree more! 🙂
1000%
I am always amazed that people post on line that they have never had to report their sales before. You have always been required to report all of your sales. And It is not hard to come up with enough deductions to write off.
unfortunately technsports hit the nail on the head when he stated a few times over the last year on his YT channel that 99.9% of resellers are lazy this next 2 years with the threshold dropping to $600 and 1 transaction over ALL platforms and All Gig jobs and all Payment Processors (so PayPal and stripe, cash app...for people that do shows and take digital or electronic payments) there will be no more being able to game the system and hide income because they didnt hit both $20k and 200 transactions that was the the thing the word AND in the law you had to both $20k and 200 transactions not one or the other that is how 99.9% of sellers and gig works got around that reporting law NOW that it will be $600 and 1 transaction by 2026 no More hiding income plain and simple no more treating online reselling, Gig jobs and selling at shows or even flea markets and yard sales and taking digital payments as working under the table no more its now a LEVEL playing field if you take digital payments we are NOW all under the same umbrella! for those doing it the right way THIS Has NO EFFECT on them (im in that boat we are a minority sad to say) the next 2 years will show just how LAZY those people are they are all ENTITLED people they even feel the minimal amount of work that is needed to get your Gross down to whatever Net # is TO MUCH WORK ANY WORK for them Is to much work ITS to much For there brains to handle ITS LIKE OVERLOAD and they make this issue into a mountain when in FACT its just a very tiny mole hill
@@ginahohensee4522 read IRS code 601.602, individual income taxes voluntary
You're not allowed endless deductions. 😂
@TheWarchest it does not take endless deductions, but if you are honest with the sales and costs, it should not wreck your business.
@@TheWarchest he never said Endless he said ENOUGH! guess you dont like to do minimal work that it takes to get $100k down to $10k its VERY EASY guess your simple minded!
ILL GIVE YOU A FREE LESSON!!
say you gross $100k
now say you pay $25k for storage
that is a legal deduction which brings you Gross down to $75k
Now say you Spend $25 on Inventory for the year that is a legal Deduction under the Cash Method which brings down your gross to $50k (and by doing this your reinvesting in your business and getting a legal deduction at the same time!)
now say your eBay fees and Shipping come to $25k that is a legal deduction which brings you gross down to $25
Now say you spend $15k on all other types of LEGAL deductions (supplies, Mileage, Business equipment, Phone, Internet, Part of your Mortgage if you have a deducted Home Office, there are many other legal Deductions you can take to get it down)
SO NOW YOUR TRUE NET (or what you actually made for the year) is $10k huge difference from $100k this is how BUSINESS stay in business and avoid LEGALLY paying HUGE tax bills yea id rather pay $1530 (15.3% x $10k) then $15,300 (15.3% x $100k) (self employment tax is 15.3% as long as you do not net more then $165k)
I believe you're correct. I recently bought out another local reseller, and I've seen another 5-7 listings on Facebook Marketplace of other resellers that say they're selling out their inventory as well. Honestly, I'm here for it.
@@sodacityflips i bought 2 ebay stores in 2024
1000% same thing has happen a few times over the past 26 years i have been reselling full time this will be 100% a buyers market EVEN we resellers are buying from other resellers THEY WILL have to sell for bottom dollar as there inventory is ONLY worth what a buyer (seller) is willing to pay this is when sellers who are buying other resellers who are GIVING Up and quitting inventory you need to look out for one thing your business and if it means offering 10% or less of what the lot of inventory is worth SO Be it you are the only one that is going to worry and care about your business and if that person really wants to sell and get out of reselling ANY money is better then MONEY that is how those resellers quitting have to see it or they will be stuck with a lot of inventory REMEMBER everyone YOU MAKE your MONEY in the BUY not the SALE meaning you make your money when you buy the item not when you sell it iF YOU PAY TO MUCH it can hurt you big time in the long run
@bennystratton7734 yep I got both stores for ten cents on the dollar (listed value)
@@sodacityflips but I only buy if I can port their listings over and get access to their store, using inkfrog... I don't need a death pile all I've got plenty of my own but when they already have items listed and all I have to do is tweak a few things and change the shipping and business policies, piece of cake
Newer seller here. Started buying storage units during the Summer. Did pretty good selling a lot of items for me this month. Hoping to a better year in 2025. Happy New Year! My go 2 tape
I just started in 10/24. I hit the 600 mark. Not going to stop! Than,s for the video
Kevin, I appreciate you taking time to give out advice to us. Thanks for all of the information you have shared with me. My Go 2 Tape.
What gets me is when reselling items, tax was paid once yet platforms now all charge sales tax. They also include the sales tax amount in your fees.
Be happy that the platforms do it. They is like 5k different tax zones in the USA
@@chrisfriday7666 No, I won't be happy sites do it. Because most people don't push enough volume to meet the thresholds. For most states its 100k per year. Most pros don't even meet that requirement.
@@TSD4027 so if I have a brick and mortar store I don't have to pay sale taxes until 100k?
@@chrisfriday7666 If you're selling online to out of state customers, yes.
@@chrisfriday7666 You'll have to pay sales taxes and register for the state in which you have a physical presence. For the other states that charge sales tax its 100k or 500k thresholds if you're online selling to them. Most small businesses don't get up to those thresholds.
Pay taxes on what you buy. Pay taxes on what you sell. Pay taxes on what you use. Pay taxes on what you consume.
Take losses on your taxes from all the milage we use in reselling. Take losses on all inventory that we bought.. most people on ebay are not making money. If they use deductions it's extremely possible that we don't profit. Use the irs laws and use an accountant.
Don't forget taxes on what you own.
Next it will be tax on every time we take a shit
I've sold over the threshold for years. However, the last 4 years I sold just enough to offset all the taxes I pay through my day job. I know the $600 rule is coming. However, it could be rolled back in 20 days. I hope.
You really think tRump gives a bowl movement about you? Hilarious sir thank you for the laugh!
@keithpalmer4547 Not me personally. But collectively, yes. The world is a safer and better place under DJT. I know I had a lot more money and happiness from 2016-2020. Prove me wrong.
Democrats passed this bill, pelosi claiming it was to go after the rich, but it really only effect regular Americans just trying to get by. I hope Trump undoes alot of what the dems have done.
@@keithpalmer4547 Actually he does. He has employed average workers for decades. You should be more concerned about the lifelong politicians who are out of touch with average Americans.
@@keithpalmer4547 Remember when Trump said he would not tax tips and then a couple weeks later Kamala copied his "no tax on tips" platform? Ahh but that's right, I forgot Trump is the devil incarnate and can do NO good 🤦♂️
I have been a part-time reseller since September 2019 and filed taxes every year after that. My 1099 generally shows around $8k but, as you mentioned, I claim mileage and all other expenses. I’ve never had to pay taxes on my earnings as the expenses offset what I’ve made.
Making $30,000 and you have kids you should actually be getting a tax return, not paying it.
It makes no sense to tax used items, that taxes have been paid on.
My go to tape
Im getting a bit more serious about selling, so im gonna look into all the deets about deductions, my reseller genie ect. Thanks for your video 😊
I don't mind reporting my eBay business I have since I started. I would like to keep the money in the USA & if I ever get audited I'll call my dad to Pardon me.
Just run for POTUS and pardon yourself!
😂😂😂 nice one!@@kibble-net
@@kibble-net It's so easy even a reality TV show celebrity can do it.
@@joshualeethI watched a semi conscious corpse become president before.
More money for crack and prostitutes
My go to tape. I will stay with this. Yes I probably will make less money, but it’s forcing me to be a better picker and that’s what I like.
I'm not quitting! I think lots will and it will hopefully make it easier
100%
I hope so too!
Glad to hear sound business advice for resellers. I actually appreciate getting a 1099. Takes the guess work out of income reporting for me. If I dont get one i still have to report my income to pay on the profit so for me 1099s keep it easy for me. Then i can make sure im reporting my correct deductions to help offset it some.
My Go 2 Tape, this was my first year of reselling and I used Flipwise to track everything. Hoping it makes things easier when I do my taxes. The peace of mind is worth the monthly fee, especially since I have a full time job and limited time for reselling. 😊
What is Flipwise? For I have never heard of that. Thank you
@Kelly-nd3cz It's accounting software that was created by a reseller. He is also on RUclips under the name Justin Resells.
it s just sad they go after the little money makers and folks that are just trying to get by and make ends meet , i started reselling to cover the high food cost and all our bills always going up and this is my side hustle on top of my 40 hr week job , i have made over 14, thousand since june and its helped me make it and im a single parent with a special needs son and just to afford gas to doctors and regular life stuff so now they are coming after that too but i know some way worse off then me and they have issues covering rent , i think its just different for others on some levels and will hurt them on just making it each month , life is so overpriced i feel for the ones this will greatly hurt but its different for everyone pending on the case at hand
Many of us are trying to stay off from claiming gov benefits.. I don’t like gov intrusion into my life so I try to get by reselling.. paying for extra meds I need that insurance doesn’t cover! I’m sure there are many just like me!
@@Yazzie101 yes exactly , several meds aren't covered for me or my son so i pay out of pocket for that and its stupid high , i can' understand of course if we was making bank and serious money but to fill in the gaps and survival mode i do not , and your right it keeps us from having to get in line for food stamps and gov programs we don't want those we want and try to stay away but it puts everyone back down the poor hole , you can not have a moment to grow and do better , yes many like you , my parents are disable and the meds keep going up and then medicare wont' cover much so i have been paying for my moms diabetic meds cause she was skipping doses to save money cause she couldn't afford to get refills , then she stroked out and i almost lost her
Just ordered some tape. This is MY GO TO TAPE!
this is why the government allows us to write off so much that way you won’t have to pay very much tax… don’t let this keep you from selling thousands of dollars of stuff
OOH stop with your pity party story!!! $14k since JUNE many do not make that in one year!!! do you know 15 out of 50 states are still under federal minimum wage of $7.25 per hour and many places in those states still pay that WAGE so people making that wage before taxes taken out of there weekly or bi weekly checks is $13,920 SO STOP WITH YOUR PITY PARITY they will look at your statement that you have a 40 hour a week job (wonder what you make there) and that you have mad about $2k per month selling online or $14k in 6 months where there making $14k in 12 months a a 40 hour a week job THEY are going to think your CRAZY and ENTITLED
BTW advice if you cant afford things ADJUST and stop buying that stuff Lower your standard of living live within your means! many 20-30 year olds do not understand how to do that!
I will continue to resell. I have longterm goals that reselling has allowed me to envision. My Go 2 Tape :)
Thanks for everything Kevin!
there are so many tax deductions that you take, that unless you are make 100,000's of dollars that you can mitigate most of you taxes. Cell phones, mileage, COGS, home office, packing supplies, technology, any subscriptions for your business, and more. Getting a CPA is worth it if taxes scare ya.
THING is as Technsports has stated a few times over the last year he has had his YT channel and he is 100% 99.9% of resellers are lazy THEY WANT TO DO as MINIMAL amount of work and MAKE MEGA BUCKS umm things do not work like that and we will all see in the next 2 years just how ACCURATE that statement is "99.9% of resellers are lazy" EVEN though it takes VERY MINIMAL amount of work to get your GROSS down to what ever net # THAT IS TO MUCH WORK for these entitled PEOPLE they feel they should NOT have to do that work NOR do they feel they have to pay social security tax or Medicare tax which is 1000% what Self Employment tax is AKA 1099k its the same Social Security and Medicare tax that an employer would take out of your Pay check weekly or bi weekly (this is not optional u do not get a choice if that is taken out or not) should not be any different with reselling or gig work and now it wont it will be a level playing field we will all be paying into social security and Medicare if we make a Profit and we will also pay Income tax on that as well! and you dont want to pay More taxes then those people that are lazy will need to become UNLAZY and UNENTITLED (Mindset) and start to do a LITTLE work that it takes to get your Tax BURDEN (what you owe) DOWN get yourself in the 12% tax bracket that way your paying 12% tax for income tax and 15.3% Social Security and Medicare tax (or AKA self employment tax AKA 1099k tax)
How do you take business deductions if you are not a registered business? Most sellers are not a business, otherwise I agree. There are write offs to help.
@@joegibson6041 You file as a A sole proprietor is someone who owns an unincorporated business by themselves.
from google AI
"No, you do not need to formally register a sole proprietorship with the state as a business; simply starting to conduct business as a single owner automatically establishes you as a sole proprietor, meaning no separate registration is required unless you plan to use a business name different from your legal name, in which case you would need to register a "doing business as" (DBA) name"
After I learned about taxes I was surprised how easy it is. I almost feel like it’s just a scare tactic now for resellers.
Interesting topic, I’m looking to getting into selling off my stuff. Good to know I need to be tracking it.
Just wanted to say I love the channels started reselling because of you, almost at 50 sales. Its taken some months but I'm ready to grind in 2025 especially if many resellers are giving up. Means more money for me all the other sellers whom are committed. Right now I'm building up my inventory.
congrats on the 50 sales remember Rome was not built in a day! it 100% takes time remember baby steps!
My Go 2 Tape. Thank You for encouraging resellers to continue selling.
An Accountant will cost you at least 300 dollars or more plus hours of organizing this will upset some people that are just cleaning out there closets.
I sold personal items and claimed them as such. For the additional income ($1300), I used 1099k- sold personal items at a loss. If the IRS ever requests proof of purchase of those items I bought 20 years ago, I'll owe money. But I'll take that risk.
@@kulecter99 Yup f**k em. Their blatant greed and corruption lately these past 5 years are way overboard. They know people are doing nothing and caring less and less being more complacent sheep. Disgusting billionaires and millionaires never pay taxes and have so many loopholes to prevent them from even needing to report meanwhile the struggling poor person is forced to report and in trouble if they don't. Sickening.
Good video! I'm going to keep going no matter what! HP
I started reselling in March, and my Gross is 20k for my first partial year. I always planned on paying taxes and have tracked all my expenses and mileage. If the threshold goes down to 2500 I will still be doing the exact same thing.
100% GREAT TOTAL for half a year!! always do the right and legal thing better to be safe then sorry! many sellers that have not been doing it the right and legal way are most likely going to be getting a HUGE back owed tax bill (that was a major reason the law was revised from $20k and 200 transactions to $600 and 1 transaction) the government finally realized the HONOR system of self reporting (even if a seller didn't get a 1099k) was broken and didn't work aka there are to many dishonest sellers
I’ve already reported my income and expenses from reselling regardless if I received a 1099 or not. Not receiving a 1099 doesn’t mean you don’t report your income. If you aren’t sure of how to report or what expenses you can deduct see a qualified tax professional. It’s well worth the money to make sure you are doing it correctly. Don’t take tax advice from RUclipsrs, Facebook groups, friends or family. Those people won’t be there for you if you do it wrong. 😮
Makes no sense for someone selling like 2k-3k a year of used, personal items possibly decades old from having to deal with this garbage.
@@TSD4027 Yeah...anything you make will go to the accountant... and you know the accountants association... are pushing for these complicated taxes on the little guy... making peanuts.
.67 cents per mile adds up and basically pays you to find inventory no matter where you resource your inventory.
I do the Lincoln highway and 127 sales every year and find 50% of my inventory in 2 weeks
@bennystratton7734 I grew up in a music store and antique mall, so having a natural side hustle is a must-have, especially if you can learn how to resell coins along with other collectibles.
I sell in a flea market that is 3 hours from me. I drive 256 miles to run it every weekend, 512 round trip plus hotel food, etc, but I find all my inventory either buy word of mouth or stopping at 13 different thrift stores on the way home.
Sales were down 6% this year to just under 1,400 sales, but ASP up 11% to $85.43. The time and materials required to list, photograph, pack, and ship a single $14 or under item rarely justifies selling $14 and under items - unless you have a stack of the same item.
it all depends on HOW MUCH you appreciate NOT having to work for someone else and the FREEDOM reselling or gig working gives you if you do not appreciate being able to be in the same room as you kids or significant other or relatives while you work or be able to take off WHENEVER you want without asking anyone and being TOLD NO then yep this is the mind set (the mindset you have where you do not FEEL the effort in selling $14 items is "WORTH" it) these are the people that are 100% quitting now (not just because of the tax law revision that was passed in 2021) unfortunately as technsports stated many people do not appreciate what reselling gives them back...all i can say is IF YOU THINK they way think JUST go back to a 9-5 job Let that company rule you and tell you have to work a shift when something (emergency comes up) or your fired yep you want that you think that is better then being your own boss and having to do a little work so be it but someone that has done this for 26 years full time and does sell things under $10 even for a $1 profit after all expense YOUR TOTALLY wrong in your mindset BTW " list, photograph, pack, and ship a single $14 or under item" if you enjoy doing these things heck if you enjoy everything about reselling THEN FYI i never feels like work this is the mind set you need to get into because your losing a lot of money NOT selling those items under $14 your really shooting yourself in the foot by not Diversifying and selling ALL price points Low medium and high WHY NOT HAVE the BEST of all worlds! i SELL ALL price points i do not limit myself and year over year i am up 103% Gross and 123% NET this means my ebay FEES (FVF, Ad FEEs and Shipping label costs WENT DOWN not up) the Amount of sales went down BECAUSE you obviously limited yourself to only certain price points!
@@bennystratton7734your ASP for 2024?
@ what is your ASP? It takes the same amount of time and effort to list a $100 or $400 item as it takes to list a $14 item.
@@aldrap my ASP is $56.65 thing is the ASP ebay shows you INCLUDES the shipping you charge so its Deceiving so its not really what your Average Selling price of your item is (its your ASP of your item and shipping) how many items do you have listed? i have 20k and still growing On eBay and Bonanza, 50k on amazon, 5k on each Postmark, Mercari and Offer Up
@@aldrap "time and effort" sorry no it does not and it all depends on what that $100 or $400 item it could be a coin, it could be a Signed Baseball, it could be 1920 world series ticket those are all VERY EASY to photo/scan and list and worth $100's or $1000's of dollars! its not about the TIME and EFFORT if you don't want to do the work and your lazy that is fine with me but selling items $14 and under or $10 and under im going to sell way more items then you are and i never said i only sell $14 and under items I SELL ALL PRICE POINTS like i said i have been doing this 26 years full time on multiple platforms i know what works and doesnt or id not still be selling full time for a living to make this last for decades YOU HAVE TO DIVERSIFY YOUR ENTIRE BUSINESS including Price points you cant just sell $100 plus items OR Your limiting yourself to ONLY BUYERS that have that type of money! every day im selling items for $100's of dollars and items that are $5 and everything in between I DO NOT MIND THE WORK because this is what i do For a LIVING and I LOVE IT i would not trade it for ANY OTHER JOB in the world! obviously you do not feel that way about reselling and i feel sorry for you
Worth paying a cpa $400-$800 to do you taxes and set you in the right direction, it is what they do for a living.
I have been selling on ebay since 1998. I have never been a big time seller like yourself, but I was always happy with my sales and I sold a lot of items. This past year 2024 was my worst year selling on ebay. People have been watching my items for a long time and they want to wait it out until I list it cheaper. I've even sent out lots of offers, with not that many people accepting them. I'm personally losing interest selling on ebay and will only list a very limited number/type of items.
Let's hope they just get rid of the IRS and we don't have to worry about this anymore.
I wouldn’t get your hopes up.
I am definitely going to be pursuing my plans to go back into reselling regardless of this tax situation. My plan originally is to set it up properly as a business before I sell one thing. I plan to be serious about it from day one so there’s no reason to play like I’m just having a lemonade stand.
Im pissed, resellers have to do the right thing and pay taxes then we have millionaires, billionaires paying less taxes on their multibillion, multimillion businesses.
That's because you're not making huge campaign donations to the people who write those laws and create the loopholes just for them.
@@dolfinwriter5389 ^ good ol rothchilds rockefellers and morgans eh. If people really knew what the ones who run this world are doing with their free time and infinite money it would make you sick.
"right thing" the item was bought with money you payed income tax on. it was bought you paid sales tax. private transactions between individuals should (and will by black markets) be tax free
@@peterlang777 You only have to pay tax on profits - not sales total. If you sell used items you bought at a loss.. you made $0 profit.
I am a handmade business. I took a 3 year break. The market has changed significantly. ♡
Maybe Etsy would be a better place to sell.
Think about the big picture though. eBay has proven MULTIPLE times. If the sellers drop off, profits drop off. If eBay’s profits start falling off, they will just raise the fees AGAIN. Yeah, you might be making more sales, but get ready first higher fees. And of course, the ever growing postage cost! It’s really sad.
Nice video, I am one of those, "once in a while" sellers on eBay. Now I'm considering becoming and ebay reseller.
There is also people on a fixed income who can’t earn extra money and that reporting could effect them.
But Joe Biden needs the money.
@@chrisfriday7666 the entire cheater government is like that, not just one joker. they're all exactly the same NOTHING will change
🎉Happy New Year 🎉 to you and your family!!
My go to tape
You can tell platforms are begging us to list items, people are leaving!
Being sick at home, I’m very fortunate to be able to sell online.. 🙏 I loved going out to work but just can’t anymore! It’s amazing how many jobs are available.. I was in medical & I get jobs offered to me x 4 the wage I used to be on! Baby boomers retiring .. no workers!
IRS can see your bank accounts .. no privacy anymore so just as easy to declare everything! I believe my back told me they had to report certain activity!
It does take a little more time for sure to do taxes when you resell and all income is self-employment income. But as you discuss there are many perfectly fine ways to lower the taxable income. Deductions for an office, electric, cell phone, miles, etc. etc. I pay very little at the end of the year when you use the appropriate deductions (and you can do it yourself).
I'm only very pt reseller at this point. Shipping: If it goes up any higher, it's going to be very difficult for resellers. I think high shipping costs could actually put a lot of people out of business. AND if USPS is ever privatized, watch out. Service will go down, prices will go up and LOTS of postal service workers will lose their jobs and benefits.
Also I was selling things for neighbors and used my venmo since they did not have an account. So that sucked to have to claim that as earned income.
Ebay has destroyed my store so badly, I am done as well. I was a larger, full time reseller. I did it casually since the early days on Ebay, but 5 years ago I went full time. Sales went crazy for several years, then in April of 2023 the bottom fell out. I've even had one of their super marketing people "help" with promotions. Guess what? Sales dropped even faster! I'm slowly shutting down my store and moving on to something more profitable. I really loved it too, but it's time for me. Good luck to everybody else. :)
My sales tanked when eBay started managing payments. Not sure if they changed the algorithm. I sell handmade miniatures so as eBay fell, Etsy picked up. Makes no sense.
@@walkinaxyl I swear it seems Ebay is bound and determined to ruin their own platform. Maybe they are shorting their own stock? :P
Same here... With the price of Ebay fees, the increase in shipping rates and now having to jump through all of these hoops just to sell some personal use items and cool things that I come across, it's not really worth it anymore... Sad because I love the thrill of the chase, but these thresholds are pathetically low when considering the cost of shipping.
Please elaborate on what we can write off please 🙏
I think the 20K is too high, but going down to 600 is too low. My daughter sells mainly clothes, books and music of her own when she's done with the stuff. She's 24 and I doubt she'll want to mess with the paperwork for making back a little bit on her own used items. It's really going to hurt those people.
Another topic: Last week you were talking about the PUMA and other brands with their BS trademark infringement. I have a LOT of brands pulled off Bonanza and not ebay, but last week I had some Lisa Frank stickers and notebook pulled from Bonanza for trademark infringement but then they pulled it from ebay for counterfeit and I got a Vero email from ebay! So they are lying to get items pulled. I have never had an issue with Lisa Frank before. This madness has to stop.
Side note: my grandma has been dead for about 30 years, but I remember her having that same little yellow hamper or trash can you sold!
20k is not too high. We are over taxed and over fee’d at all levels of government.
Thank you for sharing all your knowledge!!! I appreciate you! Love that My Go To Tape!
IN UK FEB ONWARDS THERE MAKING PRIVATE SELLERS , USE MANAGED SHIPPING AND PAID AFTER DELIVERY AS WELL AS ADDING NEW FEES TO THE CUSTOMER THIS COULD LITERALLY DESTROY EBAY , THEY EXPECT PRIVATE SELLERS TO WAIT 14DAYS FOR PAYMENT IF THEY DONT USE TRACKING WHEN PEOPLE NEED THE MONEY TO ACTUALLY SEND THE ITEM THE WHOLE THING SOUNDS INSANE
Canada's just passed new wide sweeping laws to take the screws to small online sellers too... Seems to be a global agenda to clamp down on the little guy...
Great video, agree 💯. Amazing to me that so many don't count their deductions, which is what saves me every year. I also plan ahead, somewhat. I know I've got lots of deductions to claim this year, I'm needing a new computer and scale but I'm making due a few more weeks so those can be deductions for 2025. I've cut back on ebay only because I love doing my live auctions on RUclips but I still count everything. You are so amazing, thank you for all the info. ❤
Just make sure your not in a state like Ohio that requires that you have an auctioneers licence no matter if its whatnot ebay or whatever platform. It sucks but you need to research the state you are in if you need it required by state. (Whatnot ebay..leaves it up to you to find out)
eBay only keeps records going back 7 years and some stuff that i plan on selling i have bought on eBay over 10 years ago and don't have records on these items, so what if i am losing money selling these but have no proof?
Adjusted Gross. If you take all your write offs it can put you at a level where you have minimal to no taxable income.
My go 2 tape! Thanks Joel for giving these to Kevin! I did just sign up for reseller genie using your link! The days of using a notebook are behind me. I only sell very part time to help me close the gap on my retirement pension. Over 30 years teaching! Happy Monday to all!
What is reseller genie?
Never mind, looked it up!
MY GO TO TAPE
I have never made 5000 gross since I started selling on eBay in 2002. I’ve always been very part-time. Some years during that time we sold nothing. My husband retired June 1 and we’re working toward getting full-time but still this year I don’t think I quite hit 4000 in gross sales. However we have been reporting our sales for quite a while on our taxes and give our CPA all of our write offs for the year, so I’m not worried about that. We do have to work on our mileage that’s one thing we’ve never gotten good at. So that’s a goal for 2025 to get every single bit of mileage written down although we don’t go out sourcing a whole lot , and most of it’s really close to us so I’m not real concerned about the past we can’t change that, but we’re going to be very careful going forward to keep track of all the mileage for the next years tax filing.
Don’t forget trips to the PO and trips to get supplies.
sounds like your doing it the Right and legal Way! hope 2025 is great for you!
Do we record mileage both ways going to the PO n going home?
My Go 2 Tape!
I am definitely staying in the reselling game, and hoping that it just becomes commonplace to keep the best bookkeeping I can!
overtime it will just come habit just like riding a bicycle
Where’s the tax credit for keeping this stuff out of the landfill?? Seriously!!
Thank you for your videos and happy New Year! My Go 2 Tape would be nice:)
Keep good records and if someone is nervous to do taxes on their own-get an accountant. I have a good one. The reporting change doesn’t have to scare people away from reselling. Also, I’d love some of MY Go 2 Tape. 😊
"get an accountant" you will find out real quick HOW CHEAP people are they dont want to pay another expense and also you will find out how 99.9% of resellers are LAZY even doing the minimum is TO MUCH WORK FOR THEM! i have no remorse for people like that quitting
My Go To Tape is something I’d like to try. Thank you for offering these! Happy New Year to you and your sweet family!❤
What makes me laugh with people saying they are mad at paying taxes. If you work a part time job you will pay more taxes. Atleast with Ebay Or any reselling you can have tax deductions. Miles, write offs of buisness. Im in the Ebay for the long haul!
its because the majority as technsports has stated a few times on is YT channel "99.9% of resellers are lazy" many will find out JUST how accurate that statement is over the next 2 years as the thresholds get lower MANY sellers have been using Online reselling and Gig Working as a way to WORK under the table well there gaming the system has JUST STOPPED as of 2025 and there all upset and throwing tempertantrum i say GOOD RIDENS to them don't let the door hit ya on the way the LESS sellers the better it will mean the MORE PIECE ($$$) of the pie for the sellers that do stay why do you think Walmart and Amazon WANT there competition GONE and out of business ALL SMART business SHOULD think like amazon and Walmart in that way! or you will be the ones going out of business
No I will not be quitting. My first year and deciding now whether to ramp it up more or scale back some. Will be clearing out low profit items and making room for better inventory. I have a different software but it does the same thing and wish I had gotten it at the first of the year.
Im a part time reseller and I do 50k easily a year strictly on eBay. I formed an S-corp and saw a huge reduction in taxes. Throw in mileage, home office, storage rental, cost of CPA, shipping supplies, internet/cell phone write offs , I have no trouble making money and even got a refund last year that applied to this year's tax season. Get a CPA/tax professional is my advice.
May I ask why you decided on an s-corp rather than an LLC? I’m a new reseller and am trying to decide whether I should do one of the above. Thank you.
@KristaRyan-s7s hi. I like the S-corp because it reduces amount of self employment taxes. Once you set it up , you get paid a "reasonable salary" that you pay taxes like a normal job. Anything over that the company earns pays corporate tax which is way lower. There's also more right offs for expenses. LLC just protects you in a law suit but does not offer tax benefits.
@@michaelcerwinka7757thank you for the information. It’s very helpful!
Time to move over to a different platform to resell my items. Any idea what is the next best platform to eBay? Mercari?
If selling all from my own closet what’s the best way to lower the impact or what is the profit level that would be considered worthy to continue to list certain items? $20 profit on a used personal item that has no receipt as purchased eons ago?
Yes! Some of us just want a convenient way to sell some of our own stuff for a few bucks, and keep it out of the landfill.
I hope someone can answer this, because not everyone wants to own/run a business or use eBay to get rich. I am just trying to recycle/reduce/reuse, and get a slight return to help make ends meet.
@@jenkitty30 Real. It's nice just to go through storage and list things that we no longer need to get some extra spending money and now they want us to file it like it's a business. Not worth going through all of this hassle if I'm only selling 1000-2000$ worth of stuff with the shipping costs included. Facebook Marketplace and Craiglist must be licking their chops.
My thoughts exactly. I am just sell from my closet. I have no records. Now what???
@@wandarsmith4302 That's precisely my dillemma. I like selling some of my old sports cards to have a little extra spending money coming in. And now in Canada they say "sports cards are investment" and have to be taxed. It's impossible to know what I paid for them over the years.
I'm moving over to IRL if I want to sell anything from now on. Screw this.
I started reselling this yr. I'm keeping my ft job and doing the reselling. I'm 100% set on netting 50k this year. I just signed up w the state for my tax license. Let's go!
Hey. I will keep on going. If you keep things in order and organized won’t be too much of a big deal. It’s just part of business. I sell part time over 30k gross per year. Also to each their own, do what works for you! 21:46
100% its the cost of doing business
My go 2 tape. I really enjoy following your cha.mel. Happy New Years 🎉
I'd rather sell EGGS 🥚 because EGGS 🥚 is where the money 💰 is! Ebay is a complete waist!
My Go To Tape! Very informative video! Thank you
IRS needs to raise the minimum filing requirement so that they stop trying to tax people living in poverty.
keeping the little guy subservient and on the dole is the biggest point of this all.
Happy New Year! Selling all my collections this year. Thank you!
Are you a tax evader?
I haven’t used eBay in years.
My Go To Tape! Great video! Thanks for all you do.
I'm dropping out for a completely different reason. Taxes isn't it. I have an accountant, been in business reselling for over 15 years now and have a good accounting system in place so taxes isn't why I'm leaving. I'm leaving because I am bored to death with it. Reselling was a great way to make money, and still is if you know what you are doing. What is is terrible at is giving fulfillment in your work. Work is more than just making money. If you don't feel like you are contributing to society but rather just doing something to make money, it is just a waste of a life. Money isn't the issue, fulfillment in my work is and eBay, Amazon, Mercari, etc just don't do that.
The government loves people like you
[My reseller tape] Your videos are so informational. How do I get the reseller genie?
IMO. Most people do not have receipts for junk acquired 5 , 10 , 20yrs ago. Also , Ebay is a very minor income for many people. Its just not worth the extra hassle to sell on Ebay any more. I do not buy on Ebay any more either. Since i can no longer resell any items i dont need or want in the future.
IMO IT MAKES NO SENSE what you just stated! so your not going to buy on eBay because you cant resell it on eBay?? you can buy it on ebay and sell it a yard sale or at a flea market or via FB Marketplace, Craigslist, Or Offer Up In person PLEASE STOP WITH THE LAME EXCUSES to NOT DO EBAY ANYMORE because of a MINOR Change in a law that happen 4 years ago!!
I feel ya brother. I'd use Ebay to buy trading cards, and then use the platform to sell off the cards I don't want to help supplement some of my purchases. But with this insanity of having to report every 2 dollar trading card I've ever sold, what's even the point? I'm soured on Ebay at this point and am just going to stick to IRL buying, trading and selling for now on. I'm not giving the government the satisfaction!
My net sales were under $5K my first year of reselling but I reported it. Last year (my 2nd year) net sales were just over $6K and I reported. This year it's just over $8K and I believe filing and including my reselling income those past 2 years will help me because if heavens forbid I was audited the IRS could find out when I actually started with eBay and then what? And you are correct where the write-offs are concerned. I may owe a little this year (doubtful) but nothing was owed the past 2 years I filed because of how little I earned and all my expenses. I also purchased business related things at the end of the year both years to include in my expenses for the year. If someone's been putting off buying a camera, new phone, printer, etc. (really anything they might use for the business) but they purchase before midnight on New Year's Eve it still counts as an expense for the year.
100% do it the right and legal way from the beginning better to be safe the sorry! i have been reselling 26 years full time on multiple platforms i can tell you the next 2 years many resellers who were gaming the system over the past 30 years will be getting a HUGE SHOCK when they get a HUGE BACK OWED tax bill irs once they have you info from any platform or payment processor (like paypal or stripe) they have every right to request back years totals and if they see you were required to report (even if you didn't get a 1099k) they will 1000% send you a back owed tax bill and most will be HUGE especially those that have been gaming the system for years or decades
Sell on eBay and get screwed with the AI ONE WAY… Had buyer install batteries incorrectly and eBay gave buyer refund. Buyer had even sent photo with batteries installed wrong. Stupid gets refund and I even lose my shipping cost…
What have you heard about the What Not selling deal where you can not sell online auction style in Ohio unless you have a auctioneer license ?
You can sell up to $10,000 a year personal stuff but will be ok anyway up to that amount. Of really any sales. The vendor has to have seller and buyer protection . Over that for live selling you need an auctioneers license. I called I believe the department of agriculture. I am from northeast Ohio! Kiko country they helped get that law passed I heard? Around 25 states have laws on the books and they are all different.
I get the record keeping totally but , in 2024 I've sold only from my personal property and I'm at a loss as to just how do I come up with COGS for those things. any comment will be helpful.
You would just pay the personal income tax on those items. I track cogs with receipts on most but not all items. It would be ideal to spend the time to complete a 1040 long form and calculate all of your cogs, or, just pay the tax. I'm a small time reseller so I just pay the tax. Time is more valuable to me than reducing my tax burden by a few dollars.
Shipping prices keep increasing there will be no point in selling anything under $20 at some point.
Not if you charge shipping
My Go 2 Tape - I have been an independent contractor since 1996 and have always filed my scheduled C (I currently file 3 as Sole Proprietor) on our tax return, regardless of whether I receive a 1099 or not. I learned early on to keep a spreadsheet of all my expenses, with mileage being the #1 expense!
1000% those of us that have been doing it the RIGHT and legal way for DECADES this change even in 2021 HAD NO effect on us we went ahead like its another day the MAJORITY unfortunately are tax cheats and tax evaders even people on disability or retirement they trying to use online reselling as working under the table well that lasted for 30 years and it will be stopping this year FINALLY we will all be under the same umbrella.... all i have to say for people that cant pay 15.3% of self employment tax (aka Social Security and Medicare tax) YOU HAVE SOME MAJOR ISSUES and should NOT Be buying and reselling! OR HECK SELLING in general and if you people that are complain are just up set because your liked it because it was a way to treat online reselling like selling under the table then GO Back to the flea market or having yard sales you can still do that there YET just know your still doing something illegal because legally your still REQUIRED to report that income!
How many ebay sellers are selling over $20,000? IRS tiny hats are definitely coming after all Americans
the government hates nothing more than self sufficiency, that's for sure.