November 22, 2020

Internet Sales Tax 2020

Internet Sales Tax 2020 they were doing a follow-up video to the previous video about Macari sales taxes going into 2020 starting now why you had better pay attention to this video and the previous one in order to avoid. Getting audited in the last video I talked about the new laws I've been talking about it in, several videos I don't like talking about taxes it's not my favorite. Thing to talk about they're not the most popular videos that I can do on you know on the topic of Macari trust me I can do, other topics that are much more popular. And much more famous you know but I'm not into this video thing just to make youtube videos I'm here to. Help you learn how to sell better and sell more and that's what we're gonna do today whether you like it or not alright so there's.

Three pieces of information that you need to click if you sell on Macari starting October 1st whether or. Not your state has any rules going forward most states starting in 2018 implemented new rules in October 1st. Of 2019 or April 1st 2019 that say if you're selling into that state and you have X, amount of dollar sales into a particular state you as the seller now have to collect sales taxes, for them most cases most of us are not going to reach that for an individual state but a marketplace will which is why many, of the states are now telling the marketplaces you're the seller you're the seller you're you know Macari you're the seller eBay you're the seller Poshmark you're the. Seller that is why eBay and Poshmark is already up there game over Macari and started collecting, sales taxes on your behalf eBay will start on October 1st in many states that it hasn't currently. Poshmark is already doing it on the ones that they have to do it for. And Macari hasn't done anything now if you go onto the Macari website the only thing you're gonna find, on there about taxes is IRS and the IRS for most Macari sellers sales they're you know they're just you know just in most cases you're gonna be a hobby seller for, the IRS which means you can just put it in as a hobby hobby sales income when, you report your taxes as extra income or if that's your only, income you just have hobby sales income and the you IRS and most cases are gonna be cool because most of you most of you are probably not gonna sell $20,000 worth of, product in the Macari marketplace. That's just the reality of it some of you might I have a hard time believing some people actually get. Get that but I know there's sellers that actually make $20,000 a year on Macario so the issue is state taxes because that is where you're gonna get bumped that's. Where you're gonna get audited that's where you're gonna have compliance issues and things like that and it's not anywhere on makaras website ebay. Used to do the same thing eBay used to avoid the topic of it as well three. Pieces of documentation that are gonna help you one either screen capture or make a PDF copy you know save it print to PDF so. You're kinda it's not like if you're printing a page but you printed the PDF instead of a, printer save the item description page that's the page that the, buyer looks at that has all the information about your product it's one next thing you want to save and capture either the you know, as the the order details so the order details is the page that, has how much money you're making how much money in Macari took how much profit yeah how much you originally asked for it'll have the item number it'll have one one, photo of the product with sold going across it that is the order page you want to capture that order detail. Page especially if you're doing ship.

Yourself labels on Macari because on ship yourself labels then you also have the address on there so you want to capture that and then you, have one more piece of document that you want to capture that is your shipping label, whether it be a Macari prepaid label or the Macari label that you created using you know ship. Oh or ship saver or pirate ship or PayPal or whatever if you capture those three pieces of documents, that will help you in the event that you get audited you'll have you know some documentation so you want to keep some physical documentation that doesn't mean you necessarily have to print it all, out now I do because, for tax purposes you know digital information can get viruses it can get accidentally deleted you know things like that so I have a physical copy I I'm I'm very. Proactive in this so I print everything out to a paper copy that I needs but we won't even get into that because that's a, whole different topic so save those three pieces of information for every sale I, recommend creating a folder on your smart device or on your computer and have.

That title for the you know the the name of that folder whatever the buyers name is so Billy. Bob is buying from you make a folder for Billy Bob and put those three pieces of information into that folder now Billy Bob, goes back later in the future and buy something else you can stick that.

Information in there too but you want Billy Bob's information now keep that on an SD card on your phone that you're not doing anything else on you, know so you don't actually race it over but also back it up back it up to either, like Google Drive Dropbox Microsoft onedrive somewhere like that where you can store it online so that way you have a backup copy now this is again talking to you only, if you're using a smart device if you're using. A computer what I'd recommend doing is backing it up to a hard drive external hard drive so, that way you you know USB hard drives are harder for people to break into so people can you know might be able.

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