End of year taxes


#1

As Im assuming youll be able o tell from my question, I am new to selling. So I downloaded my 1099k from the tax library which obviously gives me all my sales. Where can I get all of the fees I paid to amazon? Also, does this 1099 include returns or is that something I need to figure out? Thanks for the help!


#2

The 1099K is everything that was billed to the buyer. It is a form used by credit card processors.

You will need to run other reports that will show all the fees etc that Amazon charged. We use the bi-weekly statement. Then you prepare for your Sched C.

If this is your first time, you should use a tax professional/CPA.


#3

Thanks! I plan to use a CPA but I just wanted to make sure I brought him everything he needed.