This last week was an ok week for us, nothing to get too excited about but not bad considering we only have 640 items listed. Here are our sales from all sources for the week....
Week Of Feb 7th to Feb 13th
Amazon Sales - $170.00
Ebay Sales - $365.00
Etsy Sales - $0.00
Bonanza - $0.00
Contract Work - 250.00
Total All - $785.00
We didn't have a blockbuster week but after hearing the numbers of several of my fellow online sellers who have many more listings than we do, I feel like we did ok. It's like Pat Smith said, there is no rhyme or reason to eBay, you just gotta keep listing so that is what we have been doing.
Next week we are dedicating the entire week to Federal and State Income Tax preparation. The hardest part of being self employed I find is all the dang paperwork. Now we have been diligent about keeping our receipts for cost of goods sold and keeping a log of our Mileage but just having them is worthless unless your bookkeeping has been done properly.
So now we have to get each receipt and assign it to a sold last year or not sold last year pile and then associate the cost of the item sold on a spreadsheet with date, cost and place purchased and give each receipt a number so we can locate it if needed for an audit. We did think ahead enough to at least keep a log of what was purchased for how much and when but not if it was sold or not. Ugghh there really should be an easier way to do this.
We have decided it would be best now that we are doing this full time to take a day each month to do bookkeeping. Next I have to go through all of my Godaddy Bookkeeping expense and income transactions and assign them their proper categories because as good as Goaddy Bookkeeping is, it does make mistakes that you have to manually correct.
This will be our first year for filing taxes, we didn't make the minimum amount needed to get a 1099 from paypal but we feel like reporting our income is the right thing to do even though it was slightly less than 9,000.00 and the fact that we took a loss. We both had full time jobs last year so any taxes due will have already been paid. We just have to do the paperwork now.
2016 is looking promising so I am sure we will get that 1099 next year for sure !
LOL, kinda funny wanting a 1099 isn't it?
Anyway, that's it for now.
Happy Valentin's Day !