I have a reselling business on eBay and on an external site through paypal. I gross maybe $30K or $40K / year in revenue, minus reselling expenses
I know what my total profit was for 2024, and my total expenses were for the whole business (not for each individual site - but that information is calculatable but I would need to spend hours doing it )
how do I report my expenses / total profits if I only know the totals for 2024? and how do I better track expenses / revenue in preparation for my 2025 taxes and 1099Ks ?? This is my first year dealing with the 1099-K situation
I don't have an excel spreadsheet totaling up the total shipping costs for the year along with any other fees. That is just so much work and copy -> pasting to document. There are a lot of expenses associated with reselling - platform fees ( ebay / paypal charge selling fees ), shipping labels ( USPS ), shipping materials, original cost of the products. I sell hundreds or thousands of products per year so I don't have all the individual prices of each product sold.
How can I easily enter in my 1099-K income and then deduct the total expenses ( I have totaled for the year ) into turbo tax 2024 against the 1099-K income in turbo tax? Is there a way I can enter in the number I calculated for the profits of my business into turbo tax? PLEASE HELP! I'm considering stopping reselling because this is such a nightmare. Or hiring an accountant to do it all for me which substantially eats away at my profits ( which are already really, really slim - I work HARD for my money )
