You decided to sell some of those old pieces in your closet that you never wear anymore. And to your surprise, they sold pretty quickly on eBay! It motivated you to post a few more items, and your bank account numbers went even higher. Before you know it, you’re going on treasure hunts to thrift stores to find other items you can sell for a profit. Then you’re counting the days until you can quit your job and just sell stuff full time. 

This is a common experience among many of my reseller clients. It’s thrilling and satisfying to source and sell, but inevitably you will face the reality of paying your own taxes. It often opens a whole new world of things such as income tax, self employment tax, sales tax, deductions, etc. Where does one even start when it comes to tax preparation?

The good news is that it’s almost always simpler than you might imagine. In this post, I’ll cover the main things you need to do to get ready for and feel confident about how to do taxes as a reseller.