Resellers (eBay, Poshmark, Whatnot) tax write-offs
Varies
What Can Resellers Write Off?
Short answer: The biggest write-offs for resellers (eBay, Poshmark, Whatnot) are cost of items sold, platform fees, shipping, mileage to sourcing, and supplies.
Report income and expenses on Schedule C. Profit is hit with 15.3% self-employment tax plus income tax, so set aside 25-30% and pay quarterly estimates.
Records to keep: Keep receipts, 1099s and platform tax summaries, a mileage log, and a note of the business purpose.
Resellers (eBay, Poshmark, Whatnot) tax write-offs
Varies
E-commerce / Online Sellers / Resellers
The biggest write-offs for resellers (eBay, Poshmark, Whatnot) are cost of items sold, platform fees, shipping, mileage to sourcing, and supplies.
Business justification
The biggest write-offs for resellers (eBay, Poshmark, Whatnot) are cost of items sold, platform fees, shipping, mileage to sourcing, and supplies. Report income and expenses on Schedule C. Profit is hit with 15.3% self-employment tax plus income tax, so set aside 25-30% and pay quarterly estimates.
Category
- Write-Offs by Profession