Basic store subscription

[heathermeansbusiness101]

Hey all I just signed up for the basic store for $21.99 a month and I'm wondering what I should do first? Well actually the first thing I did was use the coupon someone told me to use. It wasn't really worth much but I used it. Now I've got this store subscription and I'm not sure what to do with it. I've got 230 listings currently but was hovering around 250 for a few months and had to keep paying for listing fees so I upgraded. Is there software or something in this area that will help me keep track of sales and inventory and all that stuff for the tax man?

[12345jamesstamps · Accepted solution]

All receipts should be saved in 2024 of course. Any receipts of items purchased from previous years for selling of items should also be kept for 2024.

I let H & R Block do the work for me. I prefer to use a tax company for less chances of an audit.

Tax software can be complicated. But maybe others here might have something you can use.

And just think what deductions you might have and use those as well for 2024....such as eBay monthly fees, internet, supplies, etc. , etc.

Currently it's $20,000. this year and then you get a 1099K. Next year...no one knows.

Yea...I know, everyone should pay taxes on earned income...but do they? do they really?

Imagine all the people who stopped selling in 2023 thinking it would be $600. threshold in 2023. LOL.

Considering how slow Congress is doing nothing lately...it might still be $20,000. in 2024.

[luckythewinner]

Now I've got this store subscription and I'm not sure what to do with it

That sounds a little backwards.

I would think you'd want to know what you were getting for what you are paying. 

[caldreamer]

EBAY has easy to understand 1-page report that shows YTD totals for (orders, EBAY fees, refunds, shipping income).  This is very helpful during tax time.  Go to Payments, Reports, REPORTS (NEW) and select year.

 When you file income taxes as a "business" you can deduct expenses (EBAY fees, refunds, cost of goods, returned merchandise, amount paid to print shipping labels, mileage, packing materials, office supplies).   Anything used for your business is tax deductible.  Please sure to save any receipts to prove deductions. 

IRS requires that you report all "gross" income (even if you don't receive 1099 form).  You only pay income tax on "net amount" (after all deductions).   I strongly urge you to consult with tax accountant until you have a good understanding all the bookkeeping involved.

[ckimodog]

@heathermeansbusiness101 

Kind of slow for nick nacks this time of year.  Your shop is very cute and I wish you well. 

Happy New Year

[az93]

How would anyone know what you bought and paid  for inventory? Maybe those towels were for personal use or a birthday present. Only you  can do this. Get a spiral notebook and start keeping records.

[hartungcards]

If you were "hovering around 250 for a few months," why on Earth would you pay $21.99/month just to avoid a few 35cent listing fees?

[fern*wood]

I don’t know what coupon you are referring to, but it sounds like you have committed to the yearly subscription rather than monthly.  The first thing I would do is set up your store categories and start listing to justify the expense.

There are several reports available to print out with or without a store.  Many of my expenses, such as mileage and cost of goods, I manually keep track of myself.

[nobody*s_perfect]

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@hartungcards wrote:

If you were "hovering around 250 for a few months," why on Earth would you pay $21.99/month just to avoid a few 35cent listing fees?

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Exactly; $21.99 would cover 62 insertions.  But there are also other benefits such as lower FVF to consider, and store tools (categories, reports, etc.).

[mantle1951]

I heartily agree!!

[farmalljr]

I think you started a store too early, unless you actually are listing enough stuff to use most of those listings you are paying for now. 

It's not really wise to pay $22 a month to save $3 in fees. It' costing you more now, then it did before. And if you locked yourself into a year long commitment, it's more expense for the next year. 

There is an untold value of not being locked into paying for something every month, even it it costs a few buck more once in a while.