HOW TO HANDLE TAXES AS A RESELLER.
Taxes are insanely easy to track as a reseller.
Here’s how:
(Scroll to the end for a FREE tax tracker)
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Taxes are insanely easy to track as a reseller.
Here’s how:
(Scroll to the end for a FREE tax tracker)
⬇️⬇️⬇️
1) Taxes are as simple as this:
- Track what you spent
- Track what you sold
- Pay taxes on the difference
That’s it.
BUT - there are some hacks to (legally) pay LESS in taxes.
- Track what you spent
- Track what you sold
- Pay taxes on the difference
That’s it.
BUT - there are some hacks to (legally) pay LESS in taxes.
2) It’s not just sales minus inventory costs.
- If you use software to find profitable items: Tax Write-Off
- If you pay for a reselling group: Tax Write-Off
- If you drive to the store to buy something: Tax Write-Off
If you use it to make money, you CAN write it off.
- If you use software to find profitable items: Tax Write-Off
- If you pay for a reselling group: Tax Write-Off
- If you drive to the store to buy something: Tax Write-Off
If you use it to make money, you CAN write it off.
3) Want an INSANE hack?
Credit card points/cashback are NOT taxable.
I can claim a 2% taxable loss on a 5% cash back credit card to net a 3% "actual" ROI.
It brings my taxable income down, but I'm still making tax-free money.
Here's a thread on that:
Credit card points/cashback are NOT taxable.
I can claim a 2% taxable loss on a 5% cash back credit card to net a 3% "actual" ROI.
It brings my taxable income down, but I'm still making tax-free money.
Here's a thread on that:
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