Sunday, February 14, 2016

Getting ready for Taxes and Pushing Through Sluggish Sales

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 !
Tony






14 comments:

  1. I was proud to get a 1099 this year! I know what your saying :)

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    Replies
    1. Congrats Nancy that had to be such a great feeling, I know it's going to happen for us next year, this year has been AWESOME so far !

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  2. I don't know if this would help you or not, but I have a spreadsheet and I enter each item as a separate item in my inventory, as soon as I bring it home, before I put it into a bin. It's very quick - I enter date, brand, description, price paid and total price with taxes.

    Then, when I get the item listed, I have a head start on the listing information, and I move it up in the spreadsheet so it's in alphabetical order. Later, when it sells, I move it to the top section of the spreadsheet and enter sales date, price, and shipping info; and the spreadsheets calculates and totals everything for me. I set up this spreadsheet because this is the way that my brain thinks, and everyone has to find their own "system" that works for them.

    Also think about all your office supplies and shipping supplies because those are write-offs, and can add up!

    I am a numbers nerd, so I actually enjoy doing taxes, but I am sure that I am in the minority. I know that keeping up your records is a key to a smooth business, so it sounds like you are on the right path and have this well-planned out. Good luck, as always!

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  3. I am having an incredibly slow week, so wondering how you guys are doing, and looking forward to hearing about your week in your next update. Slow weeks do not usually bother me, but I am discouraged by my February sales because I have listed a lot and bought a lot of inventory at the end of winter sales. So I really look forward to things improving very soon.

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    Replies
    1. It's been very slow Pat, we have done 220.00 on ebay sales since 2-21-2016 but we usually get some sales over the weekend so we are hopeful. Only 1 sale of 64.00 on Amazon Sales so 284.00 total for the week. We have been sourcing for most of this week so we still have not listed anything in nearly 2 weeks now. Starting Monday we will be getting back into list mode but our inventory had gotten so low we just decided to bite the bullet and make some long distance hauls and we did, we probably have enough now to last the month of March so that is a good thing. I never thought we would run out of stuff to list but we did.

      I hope things pick up for all of us for sure.

      Laters,
      Tony

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    2. I think we are both being very smart to take advantage of the great sales that were happening week. After all this shopping, it will be fun to list, list, list. And I share your optimism that we should get weekend buyers.

      I had Ebay do a review of my store this week, and the reviewer had no specific recommendations, except he said my dollar selling limits are too low. I have to wait a month to get the dollar limit raised because EBay just automatically raised my number of Items limit about 2 weeks ago, and I have to wait 30 days before I am eligible for another increase. He said I should be in the middle of my limits, not near the top, as I currently am. He made a note in my file to double my dollar limit, and said I should request raises every 30 days. Who knew??!!?? I'm glad he made that recommendation.

      Perhaps you can ask for selling limit raises, also. I hope this helps!

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    3. That's a great idea and even though we are not currently near our limits, we have a 2000 item limit right now, yeah why not huh?

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    4. Yes, Definitely call and get it raised!

      My listing limit just got raised to 2,260 and I have almost 950 listings. That limit is okay for me, but I'm nearing the top 10% of my dollar amount limit, which is not good. My evaluator said I should be in the middle of my selling limits; not at the top.

      And, you can ask every 30 days to have your limits raised, so go for it - and good luck!

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  4. By the way, I keep a big backlog of about 3 or 4-months at least! I try to work it down, and I wish I could stop shopping, but I lack willpower when there are great sales. I do not know what it would feel like to run out of inventory - I am jealous!

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