03-25-2024 12:28 PM
I'm getting my info together for my cpa.
I went to payments, reports, financial overview and entered 2023.
It's broken down nicely, but what about the sales tax buyers paid? Is that included in the Orders total?
If it is, I'll have to go through each transaction separately.
03-25-2024 12:34 PM
If you review the report, you could answer your own question. There are a few different reports you can run in the Seller Hub. You should take a look at all of them. The detailed report is likely something your CPA will want, however don't make your CPA do all the work as that will be rather expensive.
Take the reports and sort them and clean up the report to be what your CPA needs, instead of just giving them the raw data.
03-25-2024 12:39 PM
I have looked through the reports, and I don't see any reference to the sales tax eBay collected and whether it is included in the gross sales. Is it the "Other Fees" listed on the monthly financial statements?
TIA
03-25-2024 12:45 PM
Are you only running summary reports and NOT detailed reports?
https://www.ebay.com/sh/fin/reportslanding
03-25-2024 01:08 PM
It is not included in your gross sales, nor would it be reflected on a 1099. Because it is remitted by eBay directly, they don't have to nor should they include it there.
03-25-2024 01:08 PM
I am running the summary reports. I know they list the sales tax collected on the monthly reports. I know I can look at each individual sale, but what I want to know is this:
On the year end reports, does eBay include the sale tax collected as part of our gross sales.
If they do, I'll have to report it as an expense to my accountant. If they don't, I can ignore it.
03-25-2024 01:11 PM - edited 03-25-2024 01:12 PM
Unlikely you'll actually need this figure for your income taxes, but if you do:
Generate a Transaction Report:
https://www.ebay.com/sh/fin/report
Sales Tax collected by eBay will be column Z. (This will be most sellers).
Sales Tax collected by seller will be column Y.
03-25-2024 01:15 PM
@cambriachick wrote:I am running the summary reports. I know they list the sales tax collected on the monthly reports. I know I can look at each individual sale, but what I want to know is this:
On the year end reports, does eBay include the sale tax collected as part of our gross sales.
If they do, I'll have to report it as an expense to my accountant. If they don't, I can ignore it.
On the detailed reports everything is broken down. Shipping paid through Ebay, FVFs, fixed fees, refunds to buyers, etc.
The 1099K includes all money that came into your MP account. It is NOT your total sales, it is Gross Receipts BEFORE deductions for refunds to buyers, Ebay fees and shipping if done through Ebay.
Have you looked at the policy page for the 1099K? Ebay has policy pages for most everything.
As Form 1099-K is an IRS information return, it includes the gross amount of all reportable payments within a calendar year, based on when funds settle to eBay, not necessarily when funds are received by sellers. This amount does not include any adjustments, for example, credits, discounts, fees, refunds, or any other adjustable amounts. This means that the gross amount on your Form 1099-K may not be the final reportable amount on your tax return. You should consult your tax advisor to determine how best to use the information on your Form 1099-K when filing your personal and/or business income tax return.
If there's an issue with any transaction on your Form 1099-K, you can contact us with the item number and any relevant information about the transaction.
Additionally, Form 1099-K does not include the sales tax when it is automatically collected and remitted by eBay.
https://www.ebay.com/help/selling/fees-credits-invoices/ebay-form-1099k?id=4794
Now an important thing to remember here, Settlement date = Payout date, NOT transaction date.
03-25-2024 01:28 PM
The total including tax is used to calculate your fees, but as you do not actual receive the sales tax, it is not considered income and will not be included in your 1099k.
03-25-2024 01:44 PM
EBAY has "easy to read" 1-page report that shows YTD totals for (gross sales/orders, refunds, EBAY fees, shipping expense). You do not need to know "sales tax" amount because that money never went to (EBAY sends it directly to the States).
ORDERS/GROSS SALES (as shown on report)
- refunds
- EBAY fees
- Shipping expense
- Cost of goods and other expense
NET TAXABLE AMOUNT
03-25-2024 02:25 PM
@caldreamer wrote:EBAY has "easy to read" 1-page report that shows YTD totals for (gross sales/orders, refunds, EBAY fees, shipping expense). You do not need to know "sales tax" amount because that money never went to (EBAY sends it directly to the States).
ORDERS/GROSS SALES (as shown on report)
- refunds
- EBAY fees
- Shipping expense
- Cost of goods and other expense
NET TAXABLE AMOUNT
If you are registered to collect Sales Tax in your State then you may need the Sales Tax collected by eBay information when filing your Sales Tax returns.
Personally I would never use eBay's 1 page report, the Transaction report is the most detailed and reliable report and the only one that might be acceptable if one should have an IRS audit.
04-29-2024 02:24 PM
Silly question, but how do I find this YTD page? I can't seem to access it.
04-29-2024 03:40 PM
Use the reports you can find in your Seller Hub.
https://www.ebay.com/sh/fin/reportslanding