Etsy Income Report

My first year etsy income report.

Etsy income report. Additionally you may download a separate csv file with all of your etsy payments activity for the year. Im guessing that it is a similar equation to taxes and profit and loss versus income. The 1099 k form reports all the sales that have been made using etsy payments.

I also included the promoted listings info which accounted for roughly 8 of my sales. Since sales are not at all the same as income as there is the 15 20 etsy takes as well as cost of goods and overhead etc we should not be reporting the total sales amount as income because it is not a n. Some of this info may be specific to the us.

The photo above is my stats from etsy from april 6 2016 to april 6 2017. How to report income to the irs as an etsy seller etsy payments sales are tracked by etsy. The csv file is compatible with most spreadsheet applications including excel numbers and google spreadsheets.

Etsy reports your gross income to the irs on form 1099 k but even if you dont receive a 1099 k you must report etsy sales income on your tax return. Profit or loss from business. If your total income from self employment is 400 or more you must pay self employment tax in addition to income tax come tax time.

Etsy sends a third party network transaction payment card and 1099 k form to the seller and the irs. Etsy shops that meet the requirements for businesses are required to pay taxes on that income and may be subject some additional tax including the following. Gross sales includes all of your sales shipping refunds card processing fees sales tax applied using the sales tax tool and even canceled orders.

Etsy shop net income excel template online seller year end file salesexpenses tracker tax filling report small business self employed excel4u from shop excel4u. Youll file a schedule c annually to report profits or losses regardless of whether you have registered your etsy shop as a business. I am wondering how to figure out my income from my etsy sales and how to report that weekly.

Learn more about downloading your active listing information. You only pay self employment tax on your income after expenses. I average around 70 profit margins so after you take out all of the etsy fees and supplies i made around 37000 profit before taxes.

Income taxes gathering reports and data jump to solution. Etsy seller 01 30 2019 0326 pm. You will have the corresponding etsy fee for the tax to offset this income come tax time.