tax question
Hello all,
I am a complete newby to FBA and this site. But i am so glad i found this forum ! I have not a clue as to what i can expect from Amazon as far as the tax liability , how i get it from Amazon, and when i can expect it ( form , etc .?)
Does anybody have the patience and time to explain and give me some guidance on what is my responsibility, and what i can expect ?
thank you in advance
5 replies
Seller_MyXY4Myx9zVcR
Be sure to keep good records of your business expenses.
Amazon will issue you a 1099 that includes every bit of your earnings on Amazon, including shipping charges. It is up to you and your accountant to figure out the deductions you need to make, such as cost of goods sold, expenditures for postage, and a whole host of other costs that you spend to do business.
Seller_kIukTwdhvntAp
"I have not a clue as to what i can expect from Amazon as far as the tax liability"
Amazon won't give you ANYTHING as far as your tax liability goes.
As @Seller_MyXY4Myx9zVcR notes, they will send you a very basic 1099 form IF you have enough sales to actually get one. According to one online source you only get one IF you meet the requirements for a 1099-K. You must have both $20,000 in total sales, and 200 individual transactions.
If you do not you will have to keep track of your sales some other way.
Since it is only your sales (funds inflow) numbers you need to track all your expenses as well.
Good luck -- find a good LOCAL accountant that is familiar with online sales since a lot of them are NOT familiar with how sales taxes get handled now!
Seller_Hi7wbO2Kbo6bl
Just in case you are asking about sales tax rather than income tax -- Amazon collects and remits sales tax for all taxable orders.
You may still be required to file, even if you owe nothing.
Information is available in the tax report.
But the advice about keeping your own records about EVERYTHING still applies.
tax question
Hello all,
I am a complete newby to FBA and this site. But i am so glad i found this forum ! I have not a clue as to what i can expect from Amazon as far as the tax liability , how i get it from Amazon, and when i can expect it ( form , etc .?)
Does anybody have the patience and time to explain and give me some guidance on what is my responsibility, and what i can expect ?
thank you in advance
tax question
Hello all,
I am a complete newby to FBA and this site. But i am so glad i found this forum ! I have not a clue as to what i can expect from Amazon as far as the tax liability , how i get it from Amazon, and when i can expect it ( form , etc .?)
Does anybody have the patience and time to explain and give me some guidance on what is my responsibility, and what i can expect ?
thank you in advance
5 replies
5 replies
Seller_MyXY4Myx9zVcR
Be sure to keep good records of your business expenses.
Amazon will issue you a 1099 that includes every bit of your earnings on Amazon, including shipping charges. It is up to you and your accountant to figure out the deductions you need to make, such as cost of goods sold, expenditures for postage, and a whole host of other costs that you spend to do business.
Seller_kIukTwdhvntAp
"I have not a clue as to what i can expect from Amazon as far as the tax liability"
Amazon won't give you ANYTHING as far as your tax liability goes.
As @Seller_MyXY4Myx9zVcR notes, they will send you a very basic 1099 form IF you have enough sales to actually get one. According to one online source you only get one IF you meet the requirements for a 1099-K. You must have both $20,000 in total sales, and 200 individual transactions.
If you do not you will have to keep track of your sales some other way.
Since it is only your sales (funds inflow) numbers you need to track all your expenses as well.
Good luck -- find a good LOCAL accountant that is familiar with online sales since a lot of them are NOT familiar with how sales taxes get handled now!
Seller_Hi7wbO2Kbo6bl
Just in case you are asking about sales tax rather than income tax -- Amazon collects and remits sales tax for all taxable orders.
You may still be required to file, even if you owe nothing.
Information is available in the tax report.
But the advice about keeping your own records about EVERYTHING still applies.
Seller_MyXY4Myx9zVcR
Be sure to keep good records of your business expenses.
Amazon will issue you a 1099 that includes every bit of your earnings on Amazon, including shipping charges. It is up to you and your accountant to figure out the deductions you need to make, such as cost of goods sold, expenditures for postage, and a whole host of other costs that you spend to do business.
Seller_MyXY4Myx9zVcR
Be sure to keep good records of your business expenses.
Amazon will issue you a 1099 that includes every bit of your earnings on Amazon, including shipping charges. It is up to you and your accountant to figure out the deductions you need to make, such as cost of goods sold, expenditures for postage, and a whole host of other costs that you spend to do business.
Seller_kIukTwdhvntAp
"I have not a clue as to what i can expect from Amazon as far as the tax liability"
Amazon won't give you ANYTHING as far as your tax liability goes.
As @Seller_MyXY4Myx9zVcR notes, they will send you a very basic 1099 form IF you have enough sales to actually get one. According to one online source you only get one IF you meet the requirements for a 1099-K. You must have both $20,000 in total sales, and 200 individual transactions.
If you do not you will have to keep track of your sales some other way.
Since it is only your sales (funds inflow) numbers you need to track all your expenses as well.
Good luck -- find a good LOCAL accountant that is familiar with online sales since a lot of them are NOT familiar with how sales taxes get handled now!
Seller_kIukTwdhvntAp
"I have not a clue as to what i can expect from Amazon as far as the tax liability"
Amazon won't give you ANYTHING as far as your tax liability goes.
As @Seller_MyXY4Myx9zVcR notes, they will send you a very basic 1099 form IF you have enough sales to actually get one. According to one online source you only get one IF you meet the requirements for a 1099-K. You must have both $20,000 in total sales, and 200 individual transactions.
If you do not you will have to keep track of your sales some other way.
Since it is only your sales (funds inflow) numbers you need to track all your expenses as well.
Good luck -- find a good LOCAL accountant that is familiar with online sales since a lot of them are NOT familiar with how sales taxes get handled now!
Seller_Hi7wbO2Kbo6bl
Just in case you are asking about sales tax rather than income tax -- Amazon collects and remits sales tax for all taxable orders.
You may still be required to file, even if you owe nothing.
Information is available in the tax report.
But the advice about keeping your own records about EVERYTHING still applies.
Seller_Hi7wbO2Kbo6bl
Just in case you are asking about sales tax rather than income tax -- Amazon collects and remits sales tax for all taxable orders.
You may still be required to file, even if you owe nothing.
Information is available in the tax report.
But the advice about keeping your own records about EVERYTHING still applies.
