Taxes for Amazon FBA Sellers
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- Опубликовано: 26 авг 2024
- Welcome to the first in our series about income taxes for Amazon FBA sellers. If you are selling on Amazon this year, you'll need to know how to keep track of your finances so you can report your taxes for Amazon FBA, and it's not as hard as you think!
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Thanks for watching! What questions do you have about taxes for your Amazon store?
Do I need to start with an ein or can I use a sole proprietor or just my regular bank account to write off startup expenses? Then down the line get set up with an llc or sole proprietor?
God bless you for existing and making these videos. I feel less like I'm in totally over my head now and maybe my FBA efforts might work out!
I'm so happy you are finding these helpful!
Thanks for making this easy to understand for dummies. Out of the last 5 videos I just watched, this has been the easiest and shortest video. Thanks!! I have subscribed.
Yeah! Thanks for watching!
Thanks Patti!! I love your videos - they're so helpful to us Amazon sellers - and I love your Accounting course, too and have been referring my Amazon peers to you guys. We can't stick our heads in the sand on this stuff.
Leslie - I'm so glad you're finding our videos (and the course) helpful. Thanks so much for your support!
Hey, thank you for making this video. You helped me a great deal!
Glad to hear it!
Just gained a new sub! Thank you for your honesty and trying to truly help those in search for good info that may help them in their journey for success!
Thanks for joining me on this journey! (P.S. I'm on a slight hiatus this quarter but will be creating new content again before you know it!)
Thanks for making these videos. They're straight forward and easy to understand. I've watched 4 so far and plan on watching them all. I'm new in the business world and looking for help with accounting and bookkeeping. Your videos help clarify some of my confusions. Keep up the good work!
Thanks - that's so nice of you to say!
Thank you for sharing your knowledge. Every last bit of this was informative.
My pleasure!
Great video. Thanks for the info!
Thanks for watching!
I am Indian and want to sell on us market and i know few things like you need to obtain sales tax permit to collect sales tax from customers and after introducing market place facilitator law in us. Then do i need to obtain sales tax permit by myself or do they will get it for myself and collect and file sales tax on my behalf
Marketplace facilitators collect the sales tax, but they don't set up your registration for you, and they don't file the sales tax returns. Each seller needs to do that themselves.
Actual info starts at 1:17
Hi, About the receipt..if that is not credit card what kind of receipt do I need for evidence? Commercial invoice? Is there any specific form of receipt I should keep?
Yes, a commercial invoice. Or the actual receipt you received from the business (i.e., restaurant bill).
Really well explained. Thank you!!!
You are very welcome!
Can I write off car leases without LLC? Differences with LLC vs without?
Great questions for your personal tax advisor. :)
I have an LLC since I am a non-resident of the States (Canadian) about to do Amazon FBA buying and selling used books. What are my tax obligations for the USA and Canada? Can you help?
Sorry, no. I'll refer you to the giant flaming "Not legal or tax advice. Go see a professional. Please." at about 1:14 into the video. :)
Thank you. Clean and easy tax advice from an honest person. My business is growing. How can I keep track of all these receipts? You mentioned an app taxhub? And AX2? Where’s your course? Thanks!
Hubdoc - it's been getting mixed reviews lately (although I still love it)... BUT it's free if you use Xero (because they bought them out a year or so ago). hubdoc.com
A2X - is amazing and works with both Shopify and Amazon now. a2xaccounting.com
I'm updating both of my courses in July (anyone who has bought or will buy my course will have access to updates at no charge) and am considering adding a few new ones. academy.catchingclouds.net/
@@AcuityEcommerce Thanks, will check these out. Trying to learn shopify today.....
Great Videos, i got couple of questions on deductions:
what about expenses on the product advertisements (FB ads, google ads, etc) ?
For some people if they go to paid training sessions or classes in order to improve their business performance?
are these two things considered as business expense that can be deductible on their taxes?
Official answer: you should discuss that with your own tax professional.
(Unofficial answer: yeah, totally. Both are ordinary and necessary expenses for an online business.)
Love your video. I am a new Amazon seller and very confuse about the setup. Is the AX2 has the ability to store my recipes?
Recipes? I'm guessing you meant receipts? It does neither. ;)
You could attach receipts in Xero or QuickBooks Online which integrates with A2X.
Cost of goods vs cost of goods sold ?? Is it like if I buy a shirt for 6 dollars ( that’s the cost of goods ) but then sell it for 14 ( which I would report 14 for cost of the good sold ?)
Nope. The $14 would be the selling price. If you bought it for $6, the cost of that good is ALWAYS $6. If it's not sold, it's the cost of inventory, and if it is sold, it's *literally* the cost of good(s) sold. Selling it for $14 means you have $14 sales, $6 COGS, and $8 gross profit.
Catching Clouds Academy ohhh k thank you so very much for this breakdown and taking the time out to respond
Thanks for this video! I'm wondering if I do some RA at a discount store that doesn't list specifics on the receipt, do I need to handwrite onto the receipt what each item was, for tax purposes?
I don't think you do for tax purposes, but you might want to for management accounting purposes.
Please help.....
Nobody seems to be able to answer this one direct question for me. Do I need to get a Sales Tax Permit to be an Individual Seller on Amazon? I'm only using Printful as my supplier. They collect taxes off each order and pay it to the government. Is it the same with Amazon? Do I need a Sales Tax Certificate or not?
Thanks for any accurate info that you can give me
This one direct question, unfortunately, doesn't provide enough information to be able to answer the question.
Start here, and hopefully you'll find your answer in the middle somewhere:
Internet Sales Tax | What Online Sellers Need to Know - ruclips.net/video/NX-7PjIs2Ao/видео.html
SCOTUS Ruling on Internet Sales Tax | Q&A for Ecommerce SEllers - ruclips.net/video/N-57-QDzH_k/видео.html
Hi what about non-US residents and live outside USA.
Sorry, you'll need to talk to a tax specialist, but I suspect you pay tax in your own country. If you're selling in the US, you do need to follow rules for sales tax, though.
Is inventorylabs a good software to use as well?
We've found InventoryLabs to be really for small Amazon sellers. It doesn't replace a good cloud inventory tool, but it's not bad.
Catching Clouds Academy a what?
You could go without the transitions they are quite annoying
Watch some of the later videos. :)