Hey there friends of the online world! Tax day will soon be upon us, and I’m wondering if you’ve fully prepared everything or if you’re running a bit behind like myself in year 1. Running your own business is hard enough as it is, especially when it hits you that you need to be keeping track of like, everything! Today I’d like to go into how this year has been my most organized yet, and how you can get to that point, too, with just a little bit of the right preparation! Let’s look at Reseller Taxes.
- Related: What Inflation Means for Resellers
Preparation is ALWAYS a Key to Success
In reselling, we have many hats to fill. This list could probably be extended out your door and around the corner, but we won’t get into that on this post.
When wearing these many hats, we have to decide also how to properly prepare our reseller taxes for the year. This means not only becoming more organized but figuring out how to fully prepare what you need, well ahead of that dreaded tax day deadline.
I’m being easy on myself when I say that my first year was a little rough. I had papers EVERYWHERE. Written notes, sticky notes, digital notes, notes of all kinds!
This did NOT make it easy when the time came to present all of these documents to my accountant.
Of course, it’s hard starting out, especially if you’re like me and had no clue how far this could take you. Go reselling! It really is the best job I’ve ever had.
- Related: Reselling Was Never My Dream Job.
While most of the time I thoroughly enjoy my job, I also like most people, don’t look forward to dealing with taxes when that time approaches.
You see, whether I’m prepared or not, I always feel like I’m overlooking things, as there are SO many things to keep track of! Let me tell you how to keep better track of said things.
Go Digital or Go Home With Reseller Taxes
You may think I’m joking, since shoot, I don’t even have “real” social media. Yes, I’m old-fashioned in this sense as well. I love to write things down, and it makes me feel hella old.
Gen Z is by far the FASTEST generation on the globe, and I do envy their tech-savvy skills! (Not to mention, killing it at reselling!)
Anyway, this whole “writing everything down” gig got really old, really fast when I started needing all of those many, many notes.
Even if you don’t plan on reselling full-time, trust me in saying that you’ll want to make sure you’re tracking everything the first time around.
Things are going to get super-duper messy if you need to start looking back at paper receipts and bank statements and the like, all because you “didn’t feel it was totally necessary” to begin with.
Start off right away by digitally logging EVERYTHING about your business. Write down how many items you bought at which place and on which date and what you liked most about it. (You’ll most likely enjoy having this knowledge down the road when determining which places were worth your time or driving to).
I started out with Microsoft Excel because again, I’m getting into that old bracket. (No offense mom and dad!)
Google Sheets is where it’s at though. I’ve been using these ever since I accidentally deleted *a whole lot* of information that I typed into Excel and…forgot to hit save.
Google Sheets Has Saved Me So Much Time!
Since then, I’ve been loving the Sheets as they save in real-time, and are super easy to access on the go as well, when I want to whip out my phone and log a new expense from the last store I just walked out of.
I now use my Google Drive as it’s the most convenient option that’s always right there when I need it, as well as being a seriously simple option to send over to my CPA when I’m ready for tax day.
I’m sure it has its flaws, but I’ve yet to see too many myself. It’s been a huge time saver for me in running my business smoothly when it comes to tracking numbers and other text as well.
If you’re still fussing around with old papers and are looking for a better way the next time around, I highly recommend checking it out to get yourself organized and out of that papery filled rut!
Thank You for reading today’s post about Reseller Taxes!
A giant thanks to everyone that has supported me this far into my journey! including today’s post about reseller taxes. I greatly appreciate you returning to read my posts and hope that you will continue to drop by in the future.
Please feel free to drop any comments below that you would like to add! I am always open to advice, suggestions, or even hearing related stories of your own!
I stay as active as possible in the comment section, therefore I will reply to any questions asap.
Pop over to Our Blog Posts Page to view more tips and tricks!
Be Sure To Check Out These Helpful Posts on Your Way:
Read All About How to Start Selling on eBay and when you’re finished, freshen up your store with My Best eBay Selling Tips!
Be sure to Subscribe to be notified of any new articles to come!
Happy selling friends!
-Shelby
