Former_Member
Not applicable

Taxes?

Can anyone explain to me how it works with filing taxes and everything with an etsy shop? This is the first tax season since Ive opened my shop. Thanks!
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Former_Member
Not applicable

Re: Taxes?

Not sure this is the correct team for this question, but basically you will want to take your total sales and subtract your expenses to end up with a profit. You will deduct:
Cost of product sold
listing fees
selling fees
paypal fees
direct checkout fees
postage
packing material purchased
computer & printer
internet monthly fees
portion of home fees for office and work area
auto mileage or portion of expenses

The list can go on and on, but it is best to talk to your accountant. As you can see, you need to do a lot of selling before getting to the point of making a profit with all the deductions you have available.
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222Apparel
Registered Buyer

Re: Taxes?

outright has free program that will do it all for you , i printed mine and am sending it all to my accountant.
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