As an online seller, you can deduct the cost of the following expenses from your taxes:
Home office
Rent
Business insurance
Bank fees
Inventory costs
Platform commissions
Photography equipment
Email software
Shipping & packaging
Advertising
Car & Mileage
Do I have to pay taxes if I sell online?
Yes, you are required to taxes if you conduct your sales business online. As an online seller, you are responsible for paying self-employment taxes. You must pay quarterly taxes using Form 1040.
How do taxes work when selling online?
As an online seller, the same tax rules apply to you as for any other business. You are required to pay 1099 taxes along with quarterly taxes. You can report your expenses on Schedule C of Form 1040 where you can deduct your expenses related to your work such as car and mileage, inventory costs, home office, and etc.
How can I file taxes with FlyFin?
With FlyFin, you can file your state and federal income tax directly with the help of our CPAs at just $99. You can schedule a free 30-minute zoom call with a tax assistant from our CPA team. During the call, the tax assistants will discuss any relevant information that CPAs may require for your tax filing. Thereafter, just submit relevant documents (W2 or 1099 form) and pay taxes online.
How FlyFin finds deductions?
FlyFin is powered by A.I. that works around the clock and scans all your expenses to provide you with the most accurate deductions based on your filing status and profession. The A.I. automatically scans through your transactions and classifies all the expenses under the following categories:
Deductions
Non-Deductions
Possible Deductions
Will I get CPA help with FlyFin?
Yes, with FlyFin you can get your taxes reviewed by CPAs. Moreover, you get a detailed tax report prepared by CPAs, which includes all category-wise expenses and an in-depth summary of your deductions. You can even file your taxes directly through FlyFin with the help of the CPAs or you can export data in the IRS format to file elsewhere.