turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

nate2426
New Member

I want to start selling on websites like mercari and Poshmark. I live in Texas and would like more information on all the things I need (license, resell license, sole proprietor, LLC) before I get sta

Or if anyone can point me in the right direction of where I can get all this info I’d greatly appreciate it!
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

I want to start selling on websites like mercari and Poshmark. I live in Texas and would like more information on all the things I need (license, resell license, sole proprietor, LLC) before I get sta

We can't tell you any of that here.  We can answer income tax questions. 

 

As a self-employed/small business person, you will report your income on schedule C. You can deduct ordinary and necessary business expenses (like listing fees, shipping charges, credit card service charges) and you pay income tax and self-employment tax on the net profit.  You will probably have to make quarterly estimated tax payments to the IRS to avoid late or underpayment penalties. 

Here is a list of links.

https://www.irs.gov/businesses/small-businesses-self-employed

 

If you have employees you must get an employer ID number from the IRS, you can get it online in a few minutes.  Even if you don't have a employees, if you get an EIN, then you can give it out to clients and vendors instead of your personal SSN. 

 

There is no tax reason to become an LLC or S-corp.  There may be other reasons but you would need to see a professional advisor, probably an attorney.   I don't know if you need a business license, you can check the Texas secretary of state's office.  You probably need to collect and remit Texas sales tax from customers in your home state, and maybe all 50 states (although that is not entirely clear at this point). 

 

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies