I am eBay seller and these are my estimated numbers
Estimated 2023 Gross - 185,406
Estimated 2023 Net from eBay- 105,490
Inventory Expenses 2023- 76059
Net Profit 29,431
This is my 1 full time year on eBay made lots of mistakes but just wondering how much I Should have ready for Taxes in 2024?
Any tips to reduce my bill?
My mileage was around 20k
Have a home office deduction
Thanks for the help
Not possible to answer without knowing where you are and how much other income you have. Sounds like you have done pretty good accounting though, that’s a really good start.
Side note- did you pay 80K in ebay fees? That seems really high. I pay them less than that on significantly higher gross.