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02/28/2019 at 10:43 am in reply to: Scavenger Life Episode 400: Tax Season Advice for Newbies from Strangers On The Internet #57845
Will do Marty.
Forecasting is about 60% Science, 30% Art, and 10% Dark Magic, so there will always be some clunkiness….
02/27/2019 at 11:14 am in reply to: Scavenger Life Episode 400: Tax Season Advice for Newbies from Strangers On The Internet #57784Amen Retro. Always have a backup plan.
2 is 1…1 is none.
And you can’t have a disruption of your business.
Inglewood: that will be our process.
Unless eBay states that they will no longer drop Stale (over 60 days without a sale) listings in search, we will end and relist through SixBit every 60 days. Every 120 days we will dig deeper to see if item specifics, pricing, etc needs to be updated.
02/26/2019 at 4:35 pm in reply to: Scavenger Life Episode 400: Tax Season Advice for Newbies from Strangers On The Internet #57736Congrats on the leap Doubly! Just don’t get too distracted with the other projects (this comes from MY experience…). Like the man said
A…B…L…
Always…Be…Listing
02/26/2019 at 4:34 pm in reply to: Scavenger Life Episode 400: Tax Season Advice for Newbies from Strangers On The Internet #57735Inglewood and Mark: No, LLC’s are not taxed separately. LLCs are pass-thru entities, meaning that the profits from the LLC are passed through to the owners, and the owners pay the tax on their personal tax forms.
We are set up as a LLC, so each year I complete and submit a 1065 Return (which is informational only…kind of like when a company submits the W2 or 1099 to the government). The 1065 also includes the K-1 forms, which reports each partners portion of the profits. The income for each person on the K-1 is added as income on the Income portion of the 1040. Unreimbursed Partnership Expenses (like home office deduction and mileage) are included on the Schedule E as a reduction of the profits from the K-1.
I finished filing our taxes yesterday, so very fresh on my mind… 🙂
02/26/2019 at 4:28 pm in reply to: Scavenger Life Episode 400: Tax Season Advice for Newbies from Strangers On The Internet #57733Ok, two makes it a trend, so I’ll do a separate Live stream sometime just on forecasting.
All forecasting is done using a spreadsheet. Data may come from SixBit at first, but any data that is collected to be put inside a spreadsheet and then go from there.
02/26/2019 at 11:51 am in reply to: Scavenger Life Episode 400: Tax Season Advice for Newbies from Strangers On The Internet #57710PS – Do try to keep up with this a bit as well, sharing other peoples items when I’m on the site crossposting, as well as sharing during some parties.
I figure it is like eBay…if you want to maximize their algorithm…play by their rules…
02/26/2019 at 11:49 am in reply to: Scavenger Life Episode 400: Tax Season Advice for Newbies from Strangers On The Internet #57707So, I went the other way from Tony and I did a LOT of following (like he did) and sharing at the beginning. My goal was to get to Posh Ambassador status, which requires sharing both your items and other items. It has seemed like once we got to that level, sales became more consistent and we were getting a TON of followers just from Posh.
Since we are full time, it was worth the investment.
02/26/2019 at 11:46 am in reply to: Scavenger Life Episode 400: Tax Season Advice for Newbies from Strangers On The Internet #57705@Sonia: Yep, no listing fees on Poshmark. Your only initial investment is time…
02/26/2019 at 11:45 am in reply to: Scavenger Life Episode 400: Tax Season Advice for Newbies from Strangers On The Internet #57704@Sonia: Thanks! We are trying to move this up all the time. I went back to look and since the beginning of 2018, our average Price Variance is $329/wk, with only 4 weeks having an unfavorable price variance.
I can see this may come down as I’m looking to exit some markets, and lowering prices to sell out while I do so, but if the larger stuff keeps selling, it will hopefully offset that.
Plus, we have summer coming up. Short Sleeve shirts and swim trunks are a much lower ASP, and we have a lot we are sitting on…
02/26/2019 at 11:41 am in reply to: Scavenger Life Episode 400: Tax Season Advice for Newbies from Strangers On The Internet #57703@GOAT: Yeah, you bring up another good topic that would be best to show in a spreadsheet format…numbers, what they mean, and how to forecast.
If there is some interest in that, after I figure out how to do a Google Hangout Live and have people join in, then we can cover that as well. I can have you and some others that would like to ask direct questions on and we can have a session, or even if folks just want to type questions in the chat.
That’s just weird…
02/25/2019 at 7:52 pm in reply to: Scavenger Life Episode 400: Tax Season Advice for Newbies from Strangers On The Internet #57674Facts. I will second what Jay said. You don’t get paid without providing value, and more listings is providing more value to more people.
Be the Ant…not the Grasshopper…
02/25/2019 at 7:28 pm in reply to: Scavenger Life Episode 400: Tax Season Advice for Newbies from Strangers On The Internet #57671Cool. I will make this happen.
Once I get some of the basics down, I will hit you up to run some tests to make sure the screen shares work, the audio is good, etc. Plus, we can have a few folks send in some upfront questions so that we have a framework to build around.
02/25/2019 at 3:38 pm in reply to: Scavenger Life Episode 400: Tax Season Advice for Newbies from Strangers On The Internet #57652Love ya SEAM! Especially the last part. 1000% percent!
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