How to Do Your eBay Taxes in 5 Minutes (No More Line by Line)

[dailyrefinement]

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[mrxquisite]

As Chris stated, please consult an accountant before doing the cash method. Your total paid inventory is not all cogs until sold. It's considered an asset until sold. Your accountant will be able to walk you through making sure everything is correct before submitting to the IRS

[JWBR]

Holy cow. My wife and I have been looking for something with this information for at least 2 months now. We've even hired a tax specialist and still I had questions. This is incredibly helpful less than two minutes in already. THANK YOU MUCH for your information and taking the time out to do this. I subscribed and liked and saved this video almost immediately.

[staceyreid]

Thank you! I no longer feel overwhelmed by my reseller bookkeeping.

[Ryan-zzpj]

FINALLY, someone who has some common sense and values time! all the other videos I have watched are talking about typing out every single item. THANK

[kansashortcake]

Always very helpful Chris! You keep it very simple and easy to understand. Thank you. As my 1st year as a reseller I am clueless to what I need for taxes. Thank you for this info and video.

[coldworldandrew]

I talked to a H&R block person. They told me not to make it complicated and just show up with the numbers how much I made, lost and spent

[slademoore]

Dude casually drops 15 mins of Valuable information and a spreadsheet. You are a legend sir

[flippingnic]

Thank you so much! We are just setting up our store which I've sourced for over the last year and we are really excited to get started. But the taxes and the inventory, that's the tricky part. We will definitely utilize 1-800 taxes and really appreciate your video at this time. Perfect timing! Love all of your videos BTW. Found you just recently.

[wilsonv]

Hey Chris I do my own taxes for my regular W2 job, but it seems pretty easy and straightforward for ebay too, my only concern is you didn't mention if you paid quarterly taxes and how do you estimate how you much you pay?

[windsor]

Thank you for this extremely informative video! I have watched some videos where people track every single item and break down every every single fee, per item they sell. That's why I have limited my eBay listings in the past. When you're a one man band working another job, who has time to devote 2 hours of bookkeeping every week? I knew there had to be an easier way. I'm definitely going to try this approach. Thanks again!

[aspiringnetworkengineer]

Wow Chris. Invaluable! This is what separates you from the pack! Great background also!

[PreciousMe]

Concerned with the COGS - Many of the items I sell I have had for many many years and do not have either receipts or bank statements for. How are these items shown or reported? I sell a lot of clothing that I have purchased years ago and decide to re-sell, but again, do not have receipts or bank statements for. Any suggestions? Thanks

[giomanguray]

I've been following chris for so long. Accounting is so easy, my CPA helped us the whole way through. He charging us $600 to file our partnership LLC. Better to hire a professional than messing it up yourself.

[Mandaandmom]

Thanks! I’ve been putting off doing my taxes. Thanks for making it easy.

[kratoslum]

Thank you for the video, very useful and instructive. BTW, can you explain what category do we have to use to enter the ebay and shipping label fees in tax preparer SW like TurboTax?

[johnl]

I would include gas on the spreadsheet, gas now a day is expensive. Thank you for this video and great tips.

[bignapolean]

This really helps. This is my first year making more than $600 on eBay, so I was worried about how much I would owe in taxes. I've been dreading it all year.

[BrentLea]

Love the multiple angles Chris! Making progress daily!

[Miranda]

My accountant told me if I give him just receipts, he will charge me more. 😂 I'm gonna add it all up, with a Google sheets formula of course.