Last week Etsy held a community forum Q&A with a Tax expert from Intuit that answered tax questions from Etsy sellers.
Many of the questions involved sales tax, but there were also questions on how to get the necessary information from Etsy to properly account for revenues and expenses incurred on the marketplace. Some sellers also had questions on the 1099-K form and what to do with it.
The Q&A didn’t tackle any complicated tax issues, and for the most part, it provided a good starting point for new sellers.
Unfortunately, it is easy to get started selling on a marketplace, but come tax time, dealing with the income and expenses can become daunting, especially for first time sellers.
Here is the complete threat of this Q&A and if you are new to selling on Etsy, there is some valuable information here.
Etsy partners with Intuit to offer a version of Quickbooks that integrates with the marketplace and offers basic accounting for self-employed.
What do you think about the information provided in this Q&A from Etsy and Intuit?
Please use the comments section below or head over to our Facebook Group for Small Business Sellers and interact with other small business owners.