February was not an ideal month. Profits were made, but life got in the way of listing new inventory. It’ll get better next month…. right? RIGHT?!?!
For any new readers, I (mostly) post my numbers every month. I try to keep myself grounded. If you’re interested in my older monthly update posts, check them out here.
February 2015 vs. February 2016
|Feb-15||Feb-16||2015 YTD||2016 YTD|
|Sales Tax Collected||0.00||0.00||0.00||3.00|
|Cost of Goods Sold||14.12||0.00*||184.62||0.00|
|Taxes and Licenses||0.00||34.98***||0.00||34.98|
|Profit / Loss||572.65||184.70||621.77||572.41****|
OK, those numbers aren’t too great. Let’s dig a little deeper.
* I’m going to take credit where I can. I still haven’t bought anything new in 2016. So that tells you something. I’ve made just under $600 in 2016 all from material bought last year, and I’m still listing things from that bunch!
It’s tough. These are the things that I put to the side for some reason, whether they need repair, cleaning, or some other TLC. Getting through those piles isn’t just as easy as taking pictures and storing. I need to do some work on them and that just makes it a little bit more of a lift when I’m going to list them.
**Credit Card Fees – I use a Chase Ink Plus for Business credit card for some of my business expenses. They give some good cash back on office related discounts. It’s enough where it makes sense, but it comes at a cost. The first year was free, the second year was $25, and now this year was $95. I don’t know if I’ll continue with the card next year, and I have to do some calculations to see if it’s worth it. If you’re interested in it, I have a referral through Chase that I can e-mail you. Just shoot me an email and I can send you the link: dollarflipper AT gmail DOT com.
*** Taxes! All done. I use Taxact.com Yes, I report my income from eBay to the IRS. No, eBay didn’t notify them. That’s OK. I know I’m doing the right thing. The tax code is definitely not made for eBay sellers, but if you’re stressing out about it, head on over to Scavenger Life’s interview with a CPA.
It made me feel a lot more comfortable with my taxes. From a risk perspective, I’m on the low end for chance of an audit just because of the numbers. The IRS only has so many people, and it’s going to need to focus on the big companies if it wants to get the most bang for its buck. On top of that, in person audit’s aren’t common at all. Most likely it would be a line item audit through e-mail. I can handle that!
**** Year-to-date profits are slightly behind last year, but considering that I’ve had $600 less in sales to start out, that tells you that I’m being much more conscious of my spending this year, which is a good thing. If I’m making less, I need to ensure that I’m not wasting any of that income.
So that’s it. February was slow as hell, and March doesn’t look to be starting any better. This isn’t the best way for me to prepare for the spring time and garage sale season, but then again, maybe it is. I’m focusing on old inventory, and I’m finally getting it up on eBay, albeit slower than I’d hope thanks to the sick kids. Now that everyone’s feeling better, I’ll hopefully get back into a routine and knock out some of more of my backlog!
Side note: LIGO confirmed the existence of gravitational waves in February! For any astronomy geeks, this is huge. Gravitational waves aren’t affected by matter like light is, so as we hone our skills with this new information, we will be able to see further and further out into the universe. Maybe the gravitational waves are slowing down sales on eBay? Wouldn’t be the craziest conspiracy I’ve heard!
Image Credit: Maher Najm