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Reselling involves a lot of moving parts. One of the factors I see people struggle with is taxes and bookkeeping, so I made this extensive guide of reselling tax FAQ: 0:53: What Do I Need to Keep Track Of? 4:53: Should I Hire a Professional or Do It Myself? 5:58: What's the Difference Between a Bookkeeper, Accountant, Tax Preparer, CPA or Enrolled Agent? 6:42: Why Do We Have to Pay Taxes When We Resell? 10:21: If I Don't Make Much Money, Do I Still Owe Taxes? 11:10: Do I Have a Hobby or a Business? 11:29: How Should I Set Up My Business? 13:52: Does my Business Location Matter? 14:18: How Much Does Selling on Multiple Platforms Affect Me? 15:34: What is Bookkeeping and How Do I Do It? 16:09: What is Inventory and How Do I Keep Track of It? 17:02: What are Some Common Deductions I Should Look For? 17:39: My Taxes Are a Mess. What Do I Do? 18:58: Is the IRS Out to Get Me? How Likely Will I Be Audited? 20:21: What If I Don't Have Any Receipts or Records? 20:51: How Do I Separate Business From Personal? 21:52: What is an Easy Way to Keep Track of My Business Numbers? 22:58: How Do I Not Get Overwhelmed? 23:42: What If I Have Employees or Contractors? Daily Refinement Reselling Resources ★ $34.99/mo Reseller Mentorship: https://www.patreon.com/theresellerspodcast #1 best place to learn reselling and how to own & operate an online business. We coach members ranging from $70 - $20k+ week profit. We have experts and an accountant to answer all questions on eBay, Poshmark, Amazon, Whatnot platforms. M-F 6AM PST Live Zoom Coaching w/ @dailyrefinement. Any question, any level. M-F 7AM PST Live Beginner Coaching. Ask anything, no judgment. Dedicated FB Group with 2k+ Members (@technsports answers all questions.) Tues 4PM 4 hour+ Coaching with $5M annual eBay seller @technsports We document how to ship, photograph and list 20 items in less than one hour. Live example of me doing it on youtube here: https://youtu.be/m9XPNEa1TsY We have weekly dedicated live zoom calls focusing on toys, shoes, bookkeeping/accounting, amazon, online arbitrage, media(cds,books,videogames), womens and mens clothing(modern and vintage), jewelry, book club, photography help, WhatNot strategy, jeans, and photography setup, Australian Sellers, UK sellers. We also have many brick and mortar owners in our group. $4.99 for access to our full-length podcasts. 5 new podcasts each month. Our “eBay Whitepapers” outline all of eBay’s best practices. *Annual Members Only ★ I resell 200 awesome items daily on Whatnot at 10AM PST ★ Join and get $10 Free on Whatnot here: https://whatnot.com/invite/dailyrefinement ★ Reseller Guides and Wholesale Reseller Boxes: https://www.dailyrefinement.com ★ Full List of Reseller Supplies I Use: https://bit.ly/resellersupplies ★ My Updated Playlist of Updated Reseller Tutorials & Tips: https://bit.ly/2Qc8mVH ... https://www.youtube.com/watch?v=yCSVr3CgZLU