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Buying and Selling on eBay: Tips, Tricks, Problems & Questions

Discussion in 'Classic Menswear' started by HansderHund, Jul 27, 2012.

  1. My Main Man

    My Main Man Distinguished Member

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    Just out of curiosity. Let's say you're making $100,000/year, what is an average quarterly tax payment?
     


  2. Koala-T

    Koala-T Distinguished Member

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    This isn't on you but I looked at your store and it reminded me: I hate the new store layouts. I reverted back to the old layout for my store.
     


  3. rhz5001

    rhz5001 Senior Member

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    If your talking about profiting 100,000 quarterly would be roughly 8750

    Maybe a bit more, I used my tax rate.

    Basically figure self employment tax of 12.5% and tax rate which will vary

    This isn't on you but I looked at your store and it reminded me: I hate the new store layouts. I reverted back to the old layout for my store.

    Thanks. I didn't notice, I also reverted.
     
    Last edited: Jul 9, 2014


  4. TheNeedMachine

    TheNeedMachine Distinguished Member

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    Is there a point at which one is required to file quarterly tax returns & make payments? I got into the selling semi-seriously in 2013, and had to pay taxes on sales as well as self-employment tax when I filed in April 2014...but I do not know if it's something I should do / need to do quarterly from now on.


    Also, picked up some decent-looking wide-shoulder hangers for $1 each, free shipping on a pack of 25 from here. I'll honestly be surprised if they hold together and are of acceptable quality, but we shall see.
     
    Last edited: Jul 9, 2014


  5. MJMcRibb

    MJMcRibb Distinguished Member

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    I'm too lazy to look this up, but I believe the IRS says if you're likely to owe more than $1,000, then you are supposed to pay quarterly.
     


  6. Brianpore

    Brianpore B&S (BS) ambassador-in-chief

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  7. Snoogz

    Snoogz Distinguished Member

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    I believe this is accurate.
     


  8. Shoeluv

    Shoeluv Distinguished Member

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    Quarterly tax of $8750 on 100K/yr? That is a ~33% effective tax on the 100K or is that 100K profit? Do you take deductions (i.e. mileage, cost basis, office write off, camera/mannequin etc...)? Do you have a professional do your taxes?
     


  9. Shoeluv

    Shoeluv Distinguished Member

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    Brave man on a zero feedback seller [​IMG]
     


  10. rhz5001

    rhz5001 Senior Member

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    My estimate was based on after deduction tax ie 100,000 profit.

    The original posted said "made" so I assumed profit.

    I do deduct any business supplies, mileage, donations, % of living expenses for home office, cable internet, cell phone. I believe I can also deduct health insurance. I don't take it to a professional, but that may not be a bad idea. I don't believe they would find much more.

    This 100,000 profit is certainly not my numbers either. Though it would be nice to think about!
     
    Last edited: Jul 9, 2014


  11. OlafG

    OlafG Senior Member

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    Just had my first case opened on me. It's barely been two weeks since I shipped an item to a buyer, and now he has opened a "Not received" case. I don't have a recipt for the shipment, as the postal office didn't give me one so I'll probably end up losing my item and the money for it... Is there anything I can do?
     


  12. capnwes

    capnwes Distinguished Member

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    Don't do it that way again.

    Ship everything with tracking. If you have no proof you shipped it, you lose....every time. Printing labels from the ebay shipping tool will save time, money and the tracking is automatic. You can print them on self adhesive labels, or just on paper and tape them to the box.
     
    Last edited: Jul 10, 2014


  13. Snoogz

    Snoogz Distinguished Member

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    I wonder if he(buyer) exploited the transaction because he understood there was no proof of delivery, and just took advantage of you and the situation [​IMG]

    Its tough to keep remembering there are more good buyers than bad at times. But one of the biggest deterrents we have as sellers, is to protect ourselves. If we do everything we can from the beginning, such as tracking, uploading info, choosing a delivery service that offers all that, we take away the temptation from a crazy buyer, and squash the thought before it happens.
     


  14. Brianpore

    Brianpore B&S (BS) ambassador-in-chief

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  15. Snoogz

    Snoogz Distinguished Member

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    does that offer & counter offer in the messages use up a buyers 3 limit?

    Also, after 3 have been used, can a buyer message you, and then you reply back with the offer button?
     


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