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You wrote off everything I can think of except postage. Paypal will show shipping as income, until you claim it as an expense. Its a big one. Likely thousands of dollars.
07/20/2020 at 2:02 pm in reply to: Scavenger Life Episode 472: Biggest Sale, Biggest Scavenge #79783Never heard of that brand, but there are lots of manufactured home dealers in our area. Not really our style but its a good suggestion to look into.
Let’s start with what did you declare as expenses this year? We always pay taxes since we always make a profit. Expenses just help lower the tax bill.
You’d have to be pretty aggressive with your expenses to make money but claim a loss.
I believe (someone correct me) that a business cant always lose money. After a certain number of years, the IRS would take action.
https://mazumausa.com/how-many-years-can-i-take-a-loss-on-my-business/
How many years can I take a loss on my business?
The IRS will only allow you to claim losses on your business for three out of five tax years. If you don’t show that your business was profitable longer than that, then the IRS can prohibit you from claiming your business losses on your taxes.After you claim a loss for three of the five years, the IRS will classify your business as a hobby. Hobbies are not tax deductible so, you won’t be able to claim any of your expenses on your taxes. This declassification is called the Hobby Loss Rule.
There is talk about forgiving ALL these loans under a certain dollar amount in the future.
Where do you hear this? I wouldn’t count on it unless its in an actual government committee.
07/20/2020 at 7:20 am in reply to: Scavenger Life Episode 472: Biggest Sale, Biggest Scavenge #79736We know the struggle. Dont beat yourself up if you’re not listing as much as you want. But just know that listing is the way out. Just need to find the time.
If you want to share your store, I’m sure everyone would be happy to give some constructive criticism.
07/20/2020 at 7:19 am in reply to: Scavenger Life Episode 472: Biggest Sale, Biggest Scavenge #79735old_man_marty wrote:
Jay and MDC, thanks for your feedback. I’m frustrated with my level of listings – not the level of sales. I’m completely in agreement with the 250-500 inventory concept. I just need to kick myself in the butt more. I am confident in my photos, titles, and basic SEO as well as the basic quality of what I sell. I feel the percentage of sales is correct based on the quantity of my listings. But more work is needed and I have higher expectations of myself. Between family and work and Covid, it all just takes a toll. And this week, due to Covid-related challenges, I’m being asked to work even more overtime. It is what it is, as they say. I’ve just got to keep going.
I tend to start common items like clothing a little higher than I think they will sell for and then I slowly bring them down over several months if they don’t sell. And, as far as unique items, I list them two or three times more than I think they will sell for and bring them down slowly as well. And I look at impressions and click through rates to gauge if maybe something is wrong with the listings but I will only let myself optimize my listings like this once a month. And I do offers to watchers.
I’m glad to give my eBay username but don’t want anyone to feel obligated and I am not sure it is allowed here. Anyway, I feel as though I have all the basic tools and just need to put in the work and find ways to increase my productivity.Pell Mell is a good word for how many of us start. Just kind of jump into things. With three small kids, I can imagine thats true ten fold.
As you said, getting those processes down is key to long term success. Find local laces with a steady stream of good inventory. Having a schedule of when you list. Have a smart way to store and organize. Know how to ship efficiently.
Keep at it!
07/19/2020 at 9:02 pm in reply to: Scavenger Life Episode 472: Biggest Sale, Biggest Scavenge #79726Understood. No regrets. The point is you’re building a solid foundation for here on out. That’s all we’ve done the past twelve year. A little bit every day.
07/19/2020 at 5:44 pm in reply to: Scavenger Life Episode 472: Biggest Sale, Biggest Scavenge #79722You made almost $2000 on $20 investment. Amazing! Thats real scavenging.
I forgot if you told us what you do with all your profits. You’re generating a lot of cash each month.
I’ve always liked the idea of “shipping included” versus “free shipping”.
Sounds like you’re living the good life!
07/19/2020 at 4:12 pm in reply to: Scavenger Life Episode 472: Biggest Sale, Biggest Scavenge #79715Those are great sales! You must have a good eye. Amazing what is just lying around. Let us know what brand of sink your brother found. “Youngstown sink” is another good brand of the same era: https://www.ebay.com/sch/i.html?_from=R40&_trksid=p2303516.m570.l1313.TR3.TRC1.A0.H0.Xyoungstown+sink.TRS0&_nkw=youngstown+sink&_sacat=0
07/19/2020 at 3:51 pm in reply to: Scavenger Life Episode 472: Biggest Sale, Biggest Scavenge #79712It can be frustrating if you’re list and not selling. Without seeing your store, double check to make sure your photos and descriptions are good. Check to make sure your prices are competitive.
And lastly, make sure you’re selling items people want. We can afford to sell items that will sit for a while, waiting for the right buyer, because we have 8000 items listed. With only 68 items listed, you either need to list hundreds more items or only sell items that will sell quickly.
07/19/2020 at 3:48 pm in reply to: Scavenger Life Episode 472: Biggest Sale, Biggest Scavenge #79710Incredible. Other than being solid metal, her items don’t really stand out. Lucky pick on my part.
Nice.
–Are you just selling on eBay, or also Amazon?
–Where do you store everything?
–Are you working alone, or does your wife help you?
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