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But they’re relatively easy to prepare for, as long as some kind of accounting/COGS/record keeping is a part of your weekly or monthly routine.
You can always tell a new seller because they start freaking out around tax time 🙂
All those Youtube videos scream about how easy it is to make money online, but skip over the unglamorous part of keeping track of expenses and doing taxes. None of this is “free money”.
I know there’s been a huge outcry now that Venmo, CashApp, etc will be reporting income to the IRS. It was postponed in 2022 reporting, but all money people make on Venmo, etc will now be reported.
This hits all the sellers who were using Instagram to sell and thought it was tax free.
Yeah, those ads and promotion are real killers.
As far as taxes go, if you are generating a lot of extra cash, it makes sense to create a solo401k if you work for yourself or a SEP-IRA if you qualify.
Fees and taxes sucking up a lot of my profit. Trying to minimize both of these right now.
How do you minimize the fees that eBay/etsy charges? And do you mean the taxes on your Federal taxes?
All of us sellers have had that first year where we made a significant amount and hadn’t planned on how to pay the taxes. The key is to list all your expenses (COGS, mileage, etc).
Let us know how it goes.
Scavenging is always evolving and seems to have moments of being “main stream”. Thankfully the US still has just so much waste and abundance.
Im glad people are realizing they can resell their items or buy used.
I’m excited to see how your system works. We’ve never been disciplined or had the time to list everyday or relist items. I love the committment.
We just list as much as we can and hope for the best. Not the best strategy but seems to work.
We wish. We got another (but newer) used gas car. I think we’re still 5- 6 years away from being to afford an EV. Waiting for a more affordable used EV market. Still feels like EVs are for early adopters who can afford it.
Nice. Smart scavengers realize that “the lifestyle” is all about a bunch of small decisions and habits that combine to create a life that gives you your time. It’s never “do this one thing” like you see blasted in the get-rich-quick pitches.
Welsome back! You may just be selling clothes but you’re making incredible money. You must have a really good eye when it comes to the clothes people want….and able to find them for cheap.
Are you just going to to thrift stores?
Sometimes you have to shoot for the stars. We recently sold an antique glass pitcher that we listed for $2500. After a year, we took $600. It happens.
Im glad you’ve been able to help your neighbor and hope its been profitable. But yeah, consignment is never a good game to play. Always feels like we’re working for someone else.
Your instincts are correct. As fun as it it is to scavenge, we’d rather walk away with nothing than with items that might take two years to sell for $10.
We just had to learn the value of items and have discipline. We learned through slogging through listing $10 items and realizing we were going to burn out if we didnt scavenge more intelligently.
