Question about income tax
Hello, can someone help me? I have a question about taxes. Since I don't have a company, I will have to pay 15% of everything I withdraw to my account. I can't deduct anything, not even the value of the products I buy. Sorry for the beginner's question. I know I should consult an accountant, but if anyone could give me some tips, I would be very grateful.
Question about income tax
Hello, can someone help me? I have a question about taxes. Since I don't have a company, I will have to pay 15% of everything I withdraw to my account. I can't deduct anything, not even the value of the products I buy. Sorry for the beginner's question. I know I should consult an accountant, but if anyone could give me some tips, I would be very grateful.
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Seller_nRFmxiQg4EGrw
Whether or not you have an established company (and why don't you? How can you expect to purchase inventory without a business license?), you are still in business, and you can deduct your expenses.
But the details are more than you can expect to get on a forum such as this. You REALLY should speak to an accountant, preferably one with experience dealing with online sales, to help you not only with taxes, but to set up your record keeping NOW so that come tax time, you'll be able to find all of the deductions. Unless you are selling only a few items, the cost of an accountant (which is generally deductible) will more than be made up for by the savings from making legitimate deductions.
Connor_Amazon
Hi @Seller_A9usHgTYeclvD
Connor from Amazon here, thanks for reaching out.
While I am unable to provide specific tax advice, I have provided several resources below with more information on Amazon tax guidelines.
After review, if your question is still unanswered, I recommend that you create a case to Seller Support with your question and they can engage the Tax department.
Best,
Connor
Seller_Sram36TnVt73c
Set up a bank account for your business only. Get an associated credit card that you ONLY use for business purchases/expenses. KEEP THESE ALL SEPARATE FROM PERSONAL PURCHASES.
When you need to pay yourself, transfer funds to your personal bank account from your business account.
Establishing an LLC may be a good idea to protect your personal finances should something go wrong with the business.
That's a good starting point.
Seller_nRFmxiQg4EGrw
Then I suggest that you put your account on vacation, and study sourcing guidelines in Seller U. Spend a few weeks reading the forums; pay special attention to threads titled "Section 3", "suspended", or "IP Complaint". And dig into a few of the threads of "I can't sell NIke" to get some idea of what can happen if you don't source properly.
Unless you are selling one of a very select categories (mainly USED media), then you may, at any time, be asked to provide an INVOICE to prove your items are authentic. This is on top of the fact that, if you are buying retail (which is all you can do without a license), then you are paying retail price; plus you are paying sales tax.
Seller_A9usHgTYeclvD
Thanks for the answers, I'm looking for a company specialized in online sales and Amazon to help me, how can I deduct this expense from the accountant, I believe this is the best option, thanks to everyone for the help!
