You are the most underrated sneaker CZcamsr. Most youtubers don’t know about taxes or give us good sneaker information like you do. I watched all your videos. 💯
How bout doing a video on the benefits of making your business an LLC. Also with a how to portion in the video. Thanks for all the good info big homie. Keep it up, quickly became my favorite CZcamsr!!
What if you want to do taxes and you only do cash transactions. I’ve written down every cash transaction I just don’t have a legit receipt…. But I do know how much I’ve paid for each shoe and how much it resold for
Love the content. I would like to see a video of how you label and organize your quickbooks self employed so I can get a better idea on how to use the app.
I can get all my receipts from the Sneaker websites I've purchased from being that most stores like FootLocker don't even hand you a receipt and just have it on the website. Great!!! 💯💯💯
hey man! I have a question, how can I write of an expense that happened in person with cash? I like to buy sneakers in person aswell, and like you said, when i sell it on ebay not every penny is profit. Any tips or tricks, or ways I can validify my in-person purchase for the IRS?
Taxes on my purchases after I buy them nah never heard of that ha ha.😜 Righting things off once you become a definite business is a great idea great advice man. Sniperkicks the business man with a plan.👍
SniperKicks thank you for always providing helpful information. Do you have any advice on starting a Sneaker business? What steps you should take, things to look out for, things you should do to be successful.
So I will definitely make more videos on that. But the keys for a successful sneaker business is consistency bro over period of time. I know it seems plain, but really that’s what it takes brotha
Let’s just say my car that I solely use on my shoe business starts breaking down. If I buy a new car that as a replacement it can technically be a tax write off ?
So talk to a CPA on that brotha. Cuz I’m not too sure if the new car is a write off or what you can write off brotha. But I know the miles you use on that car is a writeoff
man the information that you provide in your videos is amazing! I appreciate all the time and effort you put into giving your subscribers information they can use to better themselves, their lives, and their businesses! 💪🏽
Good content I've been waiting for you to to this video for a while now. Looks like the old local cash meet up is the only way around this. I knew this was going to happen all them IG photos with sneakers to the ceiling finally got the IRS attention. They have been missing out on millions of dollars and not just in sneaker reselling. This is going to open up the door for other things to. The economy is going through a big change rate now.
if you get audited and there is no receipt, you can only deduct the retail cost. tax, shipping other expense cannot be included. talk to a CPA to learn more
Is having some kind of software the only way to track your miles? Like will I have a harder time writing that off as an expense if I just log all my miles on my own personally?
Amazing content as always,watching you from los angeles! Question, I have been saving receipts on all my shoe purchases, so far this year,when I file at the end of the year,do those receipts count as proof? Would I need to send those in as well?
okay what about the taxes i paid for the item . for example say i pay for a PS5 retail box price is 499$ after taxes in my state the sale comes out to $544 at a best buy. I sell it on stock x for 650$ minus Stockx fees i pocket $600. I know i can write off the stockx seller fees but what about the $45 state sales tax i paid for the ps5 at the retailer ? can that be writting off to the $45 sales tax?
my full time W2 job i claim 0 so it taxes me more. I have not had to owe even though I usually get 6 or 7 1099's so my question is if I dont owe should I still be performing these deductions?
Hey so I’m 19 years old making about 1600 a month with this but I’m a dependent with my mom how does this work when your a dependent do I still have to do it Or do I even tell the IRS I’m making this type of money if I’m dependent like could I get away with this being a dependent?
Yes by the book, if you made income it has to be reported. Regarding dependency, if you are using platforms under your moms name and social then she will file for you. But if everything is under your name you will file bro
@@P0palot Yup. Otherwise you will end up writing your business as a net negative. It is possible to have a net negative business but you do have to prove it.
@@P0palot yes depending on situation. Talk to CPA as mentioned above because for instance if you buy a whole bunch of inventory that wasn’t sold- you can’t write off.
@@SniperKicks You can not write off a shoes or clothing that is worn for non work purpose. If I buy 100 shoes this year I can’t write off all of them for work, let alone just write them off.
Thanks for being the only CZcamsr to actually talk about this
I appreciate you watching!!
you the goat for this no 🧢
I appreciate you brotha!
You are the most underrated sneaker CZcamsr. Most youtubers don’t know about taxes or give us good sneaker information like you do. I watched all your videos. 💯
really a stand up guy..you put everything on the table..i appreciate everything u do for real
I appreciate your kind words. Thank you for watching video bro!
How bout doing a video on the benefits of making your business an LLC. Also with a how to portion in the video. Thanks for all the good info big homie. Keep it up, quickly became my favorite CZcamsr!!
That is, if u feel like IT IS beneficial.
Not a single dislike. Man, I'm still in high school, why I gotta do all this.
They having a new tax law that’s taking in effect so I want everyone to be safe!
@@SniperKicks thanks for having our back man. I’m also only in high school but I appreciate the information.
You got my sub for going in to depth depth of this
Sniper coming thru with the personal finance course much appreciated bro💪🏽
What if your shoes are 5+ yrs old, no receipts etc . How does that work?
This video was really educational, thank you
I appreciate you watching! Thank you
i have question do Canadian seller will be subject to get a 1099-k form from IRS or just US sellers?
What if you want to do taxes and you only do cash transactions. I’ve written down every cash transaction I just don’t have a legit receipt…. But I do know how much I’ve paid for each shoe and how much it resold for
This is amazing!!! First to really break it down thank you so much! 💪🏿💪🏿💪🏿
Yes thank you! I want to help!!
Got me nervous asf for tax season but i think this video gonna help my pockets out so much😭😅😅
Thx for this content, I'm starting out n the sneaker game and these last two vids were on point, looking forward to the rest
I appreciate you watching my last 2 videos bro 🙏🏿
Definitely needed this video. I appreciate it
Great content as always. You are the realest.
Sound advice thanks again for all the information Sniper truly appreciate it 👍🏼✌️
I was waiting for this vid! Thanks man!
No problem. Thank you for your support bro
Sniperkicks is so under rated! Get this man to 15K🚀
So
When does
The law
Actually take affect ?
No reply ?
I respect it your giving out great information that is needed to be out there.....good karma 🙏💯💪
I appreciate you watching my videos bro!!
Yesssirrr!!! You told me you would talk about it, and you did! GOATED
That $600 threshold is gonna be a game changer and is going to get a lot of people in trouble that sell ANYTHING.
Love the content. I would like to see a video of how you label and organize your quickbooks self employed so I can get a better idea on how to use the app.
Thank u so much for the info. I just started my LLC sneaker business 💪🏼
I can get all my receipts from the Sneaker websites I've purchased from being that most stores like FootLocker don't even hand you a receipt and just have it on the website. Great!!! 💯💯💯
thank you brother for the info this will help out alot of people.
When setting up an account for quick books self employed, which industry did you select?
I will double check. I believe I put clothing and accessories etc. I will double check for you
hey man! I have a question, how can I write of an expense that happened in person with cash? I like to buy sneakers in person aswell, and like you said, when i sell it on ebay not every penny is profit. Any tips or tricks, or ways I can validify my in-person purchase for the IRS?
Taxes on my purchases after I buy them nah never heard of that ha ha.😜 Righting things off once you become a definite business is a great idea great advice man. Sniperkicks the business man with a plan.👍
Great video like always thank you
SniperKicks thank you for always providing helpful information. Do you have any advice on starting a Sneaker business? What steps you should take, things to look out for, things you should do to be successful.
So I will definitely make more videos on that. But the keys for a successful sneaker business is consistency bro over period of time. I know it seems plain, but really that’s what it takes brotha
Let’s just say my car that I solely use on my shoe business starts breaking down. If I buy a new car that as a replacement it can technically be a tax write off ?
So talk to a CPA on that brotha. Cuz I’m not too sure if the new car is a write off or what you can write off brotha. But I know the miles you use on that car is a writeoff
JMK also talked about this issue. But what if I’m dependent.
Love your content
I appreciate you watching my content
SNIPER GANG
do you use turbotax and quickbooks or just quickbooks?
TurboTax and quickbooks bro
What’s the video called that you mentioned about your boy and StockX?
1099's putting salt in the game...I'm here for it!! I want to be able to walk into a store again and buy a pair of launch day kicks...to wear!!
man the information that you provide in your videos is amazing! I appreciate all the time and effort you put into giving your subscribers information they can use to better themselves, their lives, and their businesses! 💪🏽
Great video!
I appreciate you watching bro
Good content I've been waiting for you to to this video for a while now. Looks like the old local cash meet up is the only way around this. I knew this was going to happen all them IG photos with sneakers to the ceiling finally got the IRS attention. They have been missing out on millions of dollars and not just in sneaker reselling. This is going to open up the door for other things to. The economy is going through a big change rate now.
Exactly! You are hitting it right on the nail bro
Nice 👍🏽 good info brother
I appreciate you watching the video bro
The GOAT 🐐
Yo, question. If I used a bot to get my shoes, can that bot be a deductible, and can my proxies be as well? I’m a sole proprietor as well.
Yes everything you use for your business is a deductible
What if we dont have receipts from purchases or trades?
Take in account of it. But remember if EVERYTHING is untraceable from receipts or bank statements- if audited irs won’t be in your favor
if you get audited and there is no receipt, you can only deduct the retail cost. tax, shipping other expense cannot be included. talk to a CPA to learn more
And another question, should I stop using excel spreadsheet to track all my expenses ?
I would recommend quick books self employed it’s easier. But excel is fine if you are diligent
@@SniperKicks got it thank you
Good info! Do you advise getting a separate business card and bank account?
Great video 😊 what about returns?
Is it true that you can write off all your meals for this year
Nice video. U got a new subscriber here.
I appreciate you watching!!! Thanks
Is it good to cop Jordan 1 mids and lows for FLX points?
How much money do u think your deductions actually save u per year?
Wow thousands!! It’s truly I blessing to have
School is in session bro💯💯💯
Is having some kind of software the only way to track your miles? Like will I have a harder time writing that off as an expense if I just log all my miles on my own personally?
Yes it’ll be harder but I believe you do it yourself. Talk to a CPA about that bro
Do we still have to file for taxes for 2021 StockX? I didn't receive any type of form from StockX.
Is it sales now or starting 2022?
Amazing content as always,watching you from los angeles! Question, I have been saving receipts on all my shoe purchases, so far this year,when I file at the end of the year,do those receipts count as proof? Would I need to send those in as well?
They count as proof bro. You don’t need to send it in. Keep the receipts just in case you get audited
What if I work a 9-5 and I made 20,000 what will I have to do when I go on turbo tax
Thanks Joe Biden for making us file for taxes time to impeach him and get trump back in office
okay what about the taxes i paid for the item . for example say i pay for a PS5 retail box price is 499$ after taxes in my state the sale comes out to $544 at a best buy. I sell it on stock x for 650$ minus Stockx fees i pocket $600. I know i can write off the stockx seller fees but what about the $45 state sales tax i paid for the ps5 at the retailer ? can that be writting off to the $45 sales tax?
Heck, I'll say up to 90% of resellers don't know.
you interested in a ma maniere size 8.5M?
What’s up brotha! Thanks for offer but I am good on those
Is there a exact date that this law will take in affect
December 31 2021
I believe it’s December 2021 but I will double check for you bro
my full time W2 job i claim 0 so it taxes me more. I have not had to owe even though I usually get 6 or 7 1099's so my question is if I dont owe should I still be performing these deductions?
Handing out 💎
If you want to take reselling on a serious level do you have to file for an LLC? And do you need a business bank account?
I will break that down in video soon brother: I would recommend LLC if you’re trying take your business to a new level
You don’t need buainess bank account but it’s beneficial once you have LLC and I will make a video
@@SniperKicks Thanks Man, These videos are Extremely helpful. No one in this community ever talks about this subject.
hey sniperkicks, do you think scout app is worth it for inventory/sales tracking?
Free tax usa is free! Turbotax and h and r block costs money
Can you file as self employed for free? If so, that’s awesome
@@SniperKicks yes that's the software I used this year since turbotax was charging me around 70
So if I make less than 20k$ this year through paypal, will it be tax free money?
It’s not tax free money. It’s just not reported to the IRS so they won’t know you made that much.
If I’m 16 do I still pay taxes?
Watch the entire video brotha
What if you are a minor ?
Your parents will file on your behalf brotha especially if using their SSN
Hey so I’m 19 years old making about 1600 a month with this but I’m a dependent with my mom how does this work when your a dependent do I still have to do it
Or do I even tell the IRS I’m making this type of money if I’m dependent like could I get away with this being a dependent?
If its income made, it has to be reported.
Yes by the book, if you made income it has to be reported. Regarding dependency, if you are using platforms under your moms name and social then she will file for you. But if everything is under your name you will file bro
Wear your shoes kids
🐐🐐
I appreciate you brotha
🤣 all them people and bots flippin kicks about to owe some money back
yo...
When does the new law start? Which taxyear?
I believe next yr
Dec 31
Good info good loox cuzzo #grownmanshit #Kixoholix413Salute
I appreciate you Cuzzo!!
@@SniperKicks i put a couple people up on game after ur other vid too glo
Question, can current unsold inventory count as a write off?
It depends: talk to CPA as mentioned below. But usually you can’t write off shoes that aren’t sold.
talk to a CPA. I dont think sniper gave the right answer
I agree with Herbs Lee, talk to your CPA. Unsold goods is considered an asset so you I do not believe you can write it off.
@@P0palot Yup. Otherwise you will end up writing your business as a net negative. It is possible to have a net negative business but you do have to prove it.
@@P0palot yes depending on situation. Talk to CPA as mentioned above because for instance if you buy a whole bunch of inventory that wasn’t sold- you can’t write off.
Umm this isn’t totally accurate sir.
What isn’t accurate?
@@SniperKicks You can not write off a shoes or clothing that is worn for non work purpose. If I buy 100 shoes this year I can’t write off all of them for work, let alone just write them off.
Yes that is correct, you can write off cost of goods sold. Not inventory.
I never said you write off clothing and shoes for non work purposes in video
💪🏿
First