Jeremiah Jiang
Reseller Jeremiah Jiang said that planning early is an important way to stay on top of taxes with tax season rolls around.
- Sneaker resellers in charge of their own businesses need to keep track of their sales and expenses in an organized system to ensure that they pay their taxes correctly.
- Many resellers use Excel spreadsheets to stay organized. Some also use other systems like QuickBooks or TurboTax.
- Business Insider spoke to three successful sneaker resellers who make thousands of dollars a month and compiled their best practices for paying their taxes.
- Visit Business Insider's homepage for more stories.
Sneaker resale isn't your typical nine-to-five job. But, even resellers are required to pay taxes, just like any other business owners.
Sneaker resellers can make thousands of dollars a month through independent businesses run out of their own homes. In order to keep track of their sales and profit, a lot of resellers document their numbers on an organized Excel spreadsheet.
"I know a lot of people who sell shoes, they're not paying taxes like they're supposed to and they're not keeping track of their inventory," Ryan Fresen, a sneaker reseller who said he brought in six figures in profit in 2019, told Business Insider. Fresen uses an Excel spreadsheet to track his personal progress and QuickBooks to take care of his taxes.
Business Insider spoke to three sneaker resellers, all of whom earned six figures in sales in 2019, about how they pay taxes each season. None of them use accountants, and each revealed their own methods for tackling tax season in the most painless and efficient way possible.
Here are five pointers to conquer tax season as a sneaker reseller, according to three successful resellers who made six figures in sales last year through their independent businesses: