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Small Business Taxes - Etsy Shop - E-Commerce - Sole Proprietor

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It's Tax Day, April 15th (at least when I recorded this), so why not talk about taxes and bookkeeping. Everyone's favorite topics, right? Ha! I'm cracking myself up. Hopefully everyone had a smooth tax season and this video can help you! Let me know your thoughts. Oh yeah! Subscribe too! I talk about advice I'd give any small business owner who is starting out and dealing with paying taxes as a sole proprietor for the first time. All of this is basic and off the cuff advice. I'm not a bookkeeper or tax expert by any means. Please hire an accountant for official tax help. Things I talk about in this video: Etsy Shop Owners E-Commerce Expenses Small Business Taxes Sole Proprietor Business Expenses Cost of Goods Sold Bookkeeping Software Outright Bookkeeping: http://outright.com/ Accountants Tax Mistakes Business Accounts Contract Labor Payroll Please comment/subscribe. Let me know what you think! Recorded: Friday April 15, 2015 MANE MESSAGE: http://www.manemessage.com TWITTER: http://www.twitter.com/manemessage INSTAGRAM: http://www.instagram.com/manemessage FACEBOOK: http://www.facebook.com/manemessage
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Text Comments (40)
Pajtim Pachuku (22 days ago)
Tax refunding is the bugest corruption in world Thats the world order system Is soo funny byt u study little If u lived in ottoman empire before or islamic country im talking before 1900 Theyre no refund taxes Why im buying and selling my stuff They taking our money from check card shoping tax Now even business They stealing us from every micro edge
Debbie Porter (2 months ago)
What if it is selling just a couple of items? As in things I have in the house Thank you
robertthekingful (2 months ago)
I really appreciate this video you made it has really helpd me out a ton! :)
PoisedbyLiyah (3 months ago)
I am just over here binge-watching your videos. Love it
Zero' Rockafeller (5 months ago)
I want to start a clothing line, and my mind is all over the place! first, I want to do everything right and LEGAL. As a website, since I'm starting off, I'm using bigcartel.com how would I go by filing my small business for taxes? Can I just be my own accountant? I can't afford to hire anyone. Is it necessary to have a business license?
Luis Manuel Vasquez Roma (6 months ago)
Interesting, thanks https://www.etsy.com/shop/MayanDigitalStore
rapunzel mermaid (6 months ago)
Very helpful! Basic stuff that's not necessarily obvious
Abigail Towne (7 months ago)
Thank you!
Neo Klyptic (10 months ago)
What if you’re a sole prop and decide not to file for anything at all, what will happen?
Terri's Angels (10 months ago)
Olivia, fo you still use this software? Need help with my taxes. Had a Etsy shop for over 10uears, never use it. Want to start too. Used to love in Chicago for 12 years, miss it. Live in Virginia now.
Sew Fancy Nancy Design (10 months ago)
What is the name of the bookkeeping program? Are you still using is today?
myoongisbitch (11 months ago)
I'm only 13, and I've only had 9 sales. And I wanna close my shop now, so do I have to pay again ? Can I just pay 💰 then close my acc.
Skingley Joseph (5 days ago)
myoongisbitch you have to make over $600 in the USA you can just make a stock limit that reaches under $600
Loops&Hook (1 year ago)
I'm from Philippines and i just moved here in U.S and i want to open a shop on etsy. DO i need to become a citizen here first before i can pay/apply taxes
Skingley Joseph (5 days ago)
Loops&Hook I think so
Ashley Beadle (1 year ago)
great tips!! luckily I'm actually getting my Master's in Accounting so that should help me out a little bit. your videos are a huge help to small business owners.
Olivia Hayward (1 year ago)
Oh my gosh! You're a TRUE expert! Wow. Congrats.
D (1 year ago)
Great video. Can you list things you saved on by having an accountant? Thanks!
Kandi Toybox (1 year ago)
Thank you for your videos! Can you help me? I plan on vending my etsy items in another state. How do you pay sale taxes on these items? Do I have to pay the state that I'm vending in? Thank you again!!!
Kandi Toybox (1 year ago)
Olivia Hayward thank you!
Olivia Hayward (1 year ago)
+Kandi Toybox I'm not an expert in anyway, but yes, you pay sales tax in the state you are selling in. You can build tax into your prices and also square makes it easy.
Will Jennings (1 year ago)
Thank you🙏. This was really helpful.
Erika Lancaster (1 year ago)
Thank you for this!
Olivia Hayward (1 year ago)
Thank you Erika!
Mateusz Kozicki (1 year ago)
Hi! I do function in totally different reality (poland, eu), but find all the basic concepts the same. All your tips are good. I am so thankful to my brother's fiance which happens to be an accountant and helped me with taxes and book keeping. For polish users who read this - i use wfirma.pl to have all my books and taxes stuff online - pretty cheap and good software. Also I have the same problem with routine - I just wait and wait with this stuff and then all of a sudden there is like 20ty documents waiting to process and I should have done that like two weeks ago lol. Very good tip to always keep business and private separate. I am very glad I have done it since beginning, which tbh was like in may 2016 when I was literally forced to start my own business since a company that hired me could not do it longer and we switched to be two companies working together. But this actually gave me so much boost to my own side handcraft business I really am happy it happened. Oh well, talking too much. See ya :).
Olivia Hayward (1 year ago)
Thank you for the great info!!! That's so awesome you're in Poland! Wow!!!
Jennifer Gonzalez (2 years ago)
Do you still use outright.com? You mentioned you use it but don't recommended it. Why is that? Have you tried quickbooks? I'm just starting out and trying to decide what would be best to use. Thank you
Olivia Hayward (2 years ago)
I am! I just haven't made the change over to Quickbooks. I know a lot of fellow small business friends use it and like it!
Z Atelier (2 years ago)
Hi.. Do you use other E-commerce platform besides ETSY? I just wonder if you only use one bank account for all of your E-commerce platform or if you use different bank accounts for every platform. Thank you.
Olivia Hayward (2 years ago)
Great question!!! Will try to answer this soon.
Elle S. (2 years ago)
Hello. I'm an aspiring small business owner. While I've done my research on the advantages and disadvantages of an llc vs sole proprietorship it helps to know that you are actually successfully functioning as a sole proprietor. I am considering the sole proprietor route myself. Do still think that sole proprietor ship is the best for beginners or would you recommend an llc for a beginner? Is it true that its cheaper to maintain a sole proprietor during tax season and are you required to pay any annual fees? My main concern is expenses in maintaining the llc or sole proprietorship. I'll be selling second hand and vintage items and will be working solo.
Olivia Hayward (2 years ago)
+Elle S. Hey Elle - Would recommend asking an accountant for that advice. They should be able to walk you through the pros and cons of LLC vs Sole Proprietor.
Lauren Wright (2 years ago)
This was a great video! Can you explain book keeping and all that needs to be recorded? Also on shipping the items. Thank you for your videos they are defiantly helping people!
Olivia Hayward (2 years ago)
+Angelus Portillus Totally understand this! Maybe consult with a bookkeeper in your area to help you set up the basics. That's what I did in the beginning. Very helpful and not as $$ as you'd think. It'll save you money and stress longterm. Good luck! I will try to get a video on this up ASAP.
Angelus Portillus (2 years ago)
+Olivia Hayward +1 on the explanation request. I've been looking up and down the net and I'm still not clear on what bookkeeping needs to be done on an Etsy shop (or any online shop). It would be a life-saver if you can shine some light on this :) I want to open my shop ASAP but the only thing that's stopping me is the fear that I may overlook something on the back-end of the shop and get in trouble with the IRS for not filing something or not having something recorded D:
Olivia Hayward (2 years ago)
+Lauren Wright Thank you Lauren! Will add it to my list. Yay :)
Lauren Wright (2 years ago)
This was a great video! Can you explain book keeping and all that needs to be recorded? Also on shipping the items. Thank you for your videos they are defiantly helping people!
Olivia Hayward (2 years ago)
+Lauren Wright Lauren - Totally! Adding this to my list. Subscribe for updates. Thank you!!
Candido Crespo (2 years ago)
I'm glad you shared this video. I am in the process of opening an Etsy shop but felt I needed to prepare myself and this information helped. Thanks!

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