Episode 32: Let's Talk Taxes (w/ Mark Tew from Not Your Dad's CPA)

Reselling taxes are simpler than most people think - but a few costly myths trip up almost every new seller. CPA and reseller-tax specialist Mark breaks down exactly what to do so you can stop guessing, avoid IRS surprises, and keep more of what you make. Mark explains why you do not need to overcomplicate things on day one, when an LLC actually matters, and why an S-corp can become a real tax-saver once your profits grow. He also clears up the biggest confusion around the 1099-K threshold, estimated quarterly taxes, and what the IRS actually expects you to report. You’ll discover: The biggest first-year tax mistakes resellers make The real difference between sole proprietor, LLC, and S-corp When it makes sense to start thinking about an S-corp Why the 1099-K is not the same thing as your reporting threshold What expenses resellers often forget to deduct, including mileage, phone, internet, and home office How to think about receipts, returns, inventory, and personal items you later resell

Mark also explains the difference between cash and accrual methods in plain English, including how inventory gets handled and whether you can switch methods later. If bookkeeping feels overwhelming, this conversation will help you simplify fast and build a system that actually works. Mark is a CPA who specializes in taxes for resellers, content creators, and YouTubers, and he shares practical advice shaped by years of working with small businesses in this space. His YouTube channel, Not Your Dad’s CPA, has become a go-to resource for sellers who want clear answers without the jargon. Essential listening for anyone selling on eBay, Poshmark, Depop, Whatnot, or anywhere else online. If you’ve ever wondered whether you’re doing taxes “right,” this episode gives you the confidence and clarity to move forward.