Hi have a blog and wanted to launch a store on the website. I would be selling baseball cards.
Some of the cards I own but I also want to entertain the ability to sell on consignment.
One person I might be dealing with has some high priced items, but I would not take inventory. He would ship the items.
I'm just trying to plan it out in order to make sure I don't overlook anything.
I live in Massachusetts. How would I handle any sales on my site (likely via Shopify). Do I need to charg sales tax to Mass residents?
I believe Shopify issues a 1099 on any credit card transactions--so how do i handle that for my tax purposes, since I would only be earning a small amount of the proceeds of the sale?
Do i need to issue anything to the consignor?
Thanks!
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One smart thing you're doing here, is researching before doing anything. With an online business I *highly* suggest you seek professional help in getting things set up for that first year, as well as for that first year's tax return. Especially if your state taxes personal income. One area that *MUST* be addressed with any online business, is that if you sell product to those in other states, you may have a legal liability to collect and pay any sales tax imposed by that state, to that state.
Things can get really complicated, really fast. So one-on-one face-to-face professional help for "at least" the first year of business will be the smartest move you can make. When dealing with a local tax pro, your four most spoken words needs to be "show me in writing".
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