amazon and yearly transactions

[mark2be]

does anyone know if your 50 transactions on amazon are from jan 1-dec 31 or all your transactions the last 365 days?

[Here We Go Again]

Inside the year of 2011

[alwaystrying]

what a bunch of CR@P!!

[RedShootingStar]

pretty sure they are doing this even if you sell a few items. one of my parents were selling a couple book which totaled around $500 and she called me asking about this. if you plan on selling online on any venue be prepared to provide this info, and if you dont be prepared to pay the fun fines from the irs

[RedShootingStar]

I am not happy about this ether. So you can sit and b!tch about it on a forum, or play the game and do it right. I dont want to pay taxes, since I never had to in the past, but I will not because I would rather pay taxes on 150k+, then nothing on $0.

[incniu]

There is always loopholes.... go find it.

[jeffweico]

Originally Posted by RedShootingStar

I am not happy about this ether. So you can sit and b!tch about it on a forum, or play the game and do it right. I dont want to pay taxes, since I never had to in the past, but I will not because I would rather pay taxes on 150k+, then nothing on $0.

Just wanted to point this out again, as some people are confused by this.

Let's say you have $150k in sales. But the merchandise cost you $75,000 and you paid another $25,000 in postage and other expenses to make those sales. Your profit is $50,000.

Therefore, you only owe the taxes on $50,000. Taxes are due on PROFITS, not on gross sales.

So, in the $20k example, if your profit margin was 10% - which is GOOD for retail - then you would only owe taxes on $2,000, NOT on $20,000.

[RedShootingStar]

Originally Posted by jeffweico

Just wanted to point this out again, as some people are confused by this.

Let's say you have $150k in sales. But the merchandise cost you $75,000 and you paid another $25,000 in postage and other expenses to make those sales. Your profit is $50,000.

Therefore, you only owe the taxes on $50,000. Taxes are due on PROFITS, not on gross sales.

So, in the $20k example, if your profit margin was 10% - which is GOOD for retail - then you would only owe taxes on $2,000, NOT on $20,000.

Yes on the taxes, but no on the rest.

If you only double your profit, thats not good at all. My profit on items is anywhere from 600x - 2000x + 2-3x actually shipping.

I can easily turn $250 into $3,500 + shipping. Take away fees and taxes, and you are still riding high.