Print on Demand Taxes + Business Basics (everything you need to know)
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- čas přidán 5. 09. 2024
- In this video, I share everything I've learned about taxes and the business components to owning and operating a print on demand business. The Print on Demand Business model has changed my life, my goal on this channel is to inspire others to take the first steps into the POD world by sharing my success and helpful tips/tricks along the way.
Resources mentioned throughout the video:
TailorBrands for Starting your LLC: tailorbrands.g...
My Business Credit Card: www.referyourc...
Quickbooks | save 30% off your first 6 months: quickbooks.par...
FREE RESOURCES ⤵️
•Get Started with POD Guide: www.taylorpod....
•POD Kickstart Mini Course: www.taylorpod....
Want to work together? ⤵️
1:1 Coaching: taylorpod.myka...
Join my mentorship group: www.taylorpod....
I couldn't run my business without the tools below 👇
GETTING STARTED ✨
•Get 40 Free Etsy Listings: etsy.me/3uc3p6R
•Printify: try.printify.c...
•Printful: www.printful.c...
•HelloCustom (for automated personalization): hellocustom.io...
•Niche Calendar 🗓️ (Over 80+: Niches!): taylorpod.myka...
RESEARCH 👩💻
•EverBee: www.everbee.io...
•eRank: tidd.ly/3NMArS6
DESIGN RESOURCES 🖌️
•CreativeFabrica: www.creativefa...
•PlaceIt for High Quality Mockups: 1.envato.marke...
•Kittl: kittl.pxf.io/t... use code TAYLORPODYT for a discount
BUSINESS TOOLS ⤵️
TailorBrands for Starting your LLC: tailorbrands.g...
This is the business card that I use and that earned me a $1000 cash bonus after 3 months of utilization: www.referyourc...
Shop My Setup and Favorite Things 📸: www.amazon.com...
The links above are affiliate links. Using these links helps support me with no additional cost to you. Thanks for your support!
Follow me on IG for bonus content: / taylorpod_
Questions? Reach out! taylor@taylorpod.com
#printondemand #etsyprintondemand
Thanks Taylor for this informative video! I will definitely have to start separating my personal and my business accounts especially now that my etsy shop is starting to take off. Great advice about the LLC. I currently have my revenue/expenses tracked on a spreadsheet and I just give it to my Accountant during tax season, all summarized. She says I'm so organized! LOL! So, I won't be needing a bookkeeper since I can do that myself, but great advice for those that can use one.😄
Your content is always so informative! Thank you!
Thank you so much. 😊
Thanks for the video, Taylor! There need to be more videos like this teaching us about the “business/tax” side of Etsy POD. Question: in Printify, is there an easy way to see a grand total of your monthly/quarterly/yearly production and shipping cost? I don’t have much sales yet but I had to manually add up the cost of EACH sale for Q4 of 2023 which is when I started my POD side hustle. The only number I found in Printify was the up-to-date cost total without the option to be broken down to certain time period. Thanks!
Thank you for watching! For your costs, you can download your monthly statements from Printify under Wallet > Payments > Summary invoices ☺️
Thanks so much for the reply, Taylor!
Thanks for the reminders to treat your business as a “business”
Of course! It’s something I wish I did sooner! ☺️
Thank you for the valuable info and saving me a ton of time in the future! I started Etsy a month ago and didn't think to do a separate checking account, till now :) 🙏🙏🙏
Glad it was helpful! ☺️
thanks a lot for the information it would have been ideal to recommend a tax person to further advise on the legal topic
I recommend finding someone local to you because individual state laws can vary depending on where you live ☺️
Wonderful and helpful information! Thank you, Taylor!
You are so welcome!
So thankful to be married to a CPA!
Even better! 👏 hahaha I love that.
Hmm... a CPA doing the taxes for their spouse's business... Who gets to write off the resulting marriage counseling? 😂
Thanks so much for this video! It was very helpful!
Thank you so much for watching! 😀
Thank you for the educative video! In your experience, at what point does it make sense financially to move from Sole Proprietorship to an LLC? Also, could you expand on deductions you can take as an LLC but not as a sole proprietor.
I think it personally matters what your long term business goals are! For me, I knew I wanted to grow my business beyond just Etsy and so an LLC seemed like a natural next step. I really recommend talking with a CPA for determining what you can deduct, everyone’s business can be slightly different and so there is really no one answer.
Thanks for the great content! Quick question about Quickbooks. Can you add prior months in and then it would integrate with Etsy going forward?
Yes! You can add in all previous transactions ☺️
What would you say a healthy profit margin is for digital vs POD on Etsy? And what about for a blended shop that sells both? (like me 🙋🏻♀️)
Taylor, can you recommend some business credit cards or banks you considered? Or a video on it? Thanks!
I have the card I use in the description! I use Chase for everything
Thank you Taylor!
Taylor, do you use the Profit First system for determining how much to pay yourself out of the business vs reinvesting? If not, how do make that determination? Of the 46k in profit you recognized for '23, setting aside the conservative 30% for taxes leaves you a little over 32k. Did you bring all of that home, or does some of that stay in the business? Thanks! My wife and I are researching this opportunity and this was exactly the video we needed at this point. Thanks!
For you and your wife, I think it truly depends what your long-term goal is. For example, if you wanted to branch out off of Etsy in a few years and open a Shopify store or consider selling wholesale down the line. There isn’t always one “path”, there are a ton of different avenues you could pursue and depending on that will determine what your pay structure looks like.
Janet Leblanc is the e-commerce CPA I go to for all these questions!
Can you clarify if you can that Etsy remits the sales tax collected to the particular states, that you don’t have to take care of this part of the paperwork? Thanks
They do :)
@@TaylorPOD Thanks!
can you have more than one shop under one LLC?
Yup! ☺️
How does it work if you set discounts every day in your shop? How would I figure out how much to deduct from the 1099
The income reported on your 1099 is what you received after those discounts already so there is nothing you would need to deduct. Your business expenses are what you would be able to write off or deduct. An accountant would be able to help with this or you can manually track all of your income/expenses.