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Don't forget about the use tax side of this too! If you're paying sales tax on the cameras you buy from eBay but those cameras are inventory for resale, you might be eligible to use a resale certificate for THOSE purchases too. In most states, you can provide your resale certificate to avoid paying sales tax on items you're buying specifically for resale. This is possibly costing you money unnecessarily.
But how do you use a resale certificate on eBay? They don't exactly have a place to upload that during checkout. Is there some special process for marketplace platforms?
You're right that eBay doesn't have a standard way to upload resale certificates during checkout. For marketplace platforms like eBay, you typically have a few options: 1. Contact individual sellers directly after purchase to request a refund of the sales tax portion (providing your resale certificate) 2. Some states allow you to claim a credit on your sales tax return for tax paid on items purchased for resale 3. Look for sellers who specifically mention they can handle resale certificates in their listings The easiest approach is usually option 2 - just keep good records of what you paid in sales tax on inventory purchases and claim it as a credit when you file your sales tax returns. Your state's department of revenue can tell you the specific process for your state. It's definitely worth pursuing since those small amounts add up quickly when you're buying inventory regularly!
This thread has been super helpful! I'm in a similar situation with my small reselling business. One thing I'd add is that it's really important to get the resale certificate from mpb.com BEFORE you make any more sales to them. I made the mistake of continuing to sell without proper documentation for months, thinking I could get it retroactively. When I finally got my state's sales tax registration sorted out, they told me I was technically liable for the uncollected tax on all those previous sales until I could prove they were legitimate resale transactions. Also, make sure you understand your state's registration requirements. Some states require you to register for sales tax collection even if most of your sales are exempt. The registration is usually free or very cheap, but the penalties for not registering when required can be significant. @Chris King - definitely reach out to mpb.com one more time specifically asking for their "resale certificate" or "sales tax exemption certificate" rather than just asking about sales tax in general. Sometimes using the exact terminology makes all the difference in getting the right response from their accounting department.
This is really valuable advice about getting the documentation before continuing sales. I'm actually dealing with a similar situation right now with another buyer who purchases my refurbished electronics. They keep telling me they'll "get back to me" about the resale certificate but it's been weeks. Should I stop selling to them until I get the proper documentation? I'm worried about losing the business relationship, but I'm also getting nervous about the potential tax liability. How strict are most states about this kind of thing during audits? @RaΓΊl Mora - when you say technically "liable for uncollected tax, does" that mean you had to pay that amount out of pocket, or were you able to resolve it once you got the proper certificates?
@Keisha Williams I was able to resolve it once I got the proper certificates, but it was definitely stressful for a few weeks. The state accepted the resale certificates as proof that those were legitimate wholesale transactions, even though I got them after the fact. However, I wouldn t'recommend continuing to sell without the documentation. Most states are pretty reasonable during audits if you have proper records, but selling without resale certificates puts you in a much weaker position. I d'suggest giving your buyer a deadline - maybe 2 weeks - to provide the certificate, and if they can t,'either start collecting sales tax from them or pause that business relationship. The reality is that any legitimate reseller should be able to provide their resale certificate immediately - it s'a standard business document they need for all their wholesale purchases. If they re'having trouble producing it, that might be a red flag that they re'not actually buying for resale purposes.
Has anyone integrated OneSource with SAP? We're considering the same move from Excel but concerned about the ERP connection. Our IT department is already overloaded.
We implemented OneSource Tax Provision about 18 months ago and it's been a game changer for our global operations. Like you, we were drowning in Excel with 12 entities across 6 countries. A few things I wish someone had told me before we started: 1. **Data mapping is everything** - Spend extra time upfront getting your chart of accounts mapping right. We rushed this part and had to redo it 6 months later, which was painful. 2. **Training budget** - Don't skimp on user training. The system is powerful but not intuitive if you're coming from Excel. We sent our entire team to Thomson's training courses and it was worth every penny. 3. **Phased rollout** - We tried to go live with all entities at once and it was chaos. If I did it again, I'd start with 2-3 entities and add the rest quarterly. For costs, we're paying about $75k annually for licensing plus maintenance. Implementation was around $45k but that included some custom reporting we requested. One unexpected benefit: our external auditors love the system. The documentation and audit trail features have cut our year-end audit time significantly. Our audit fees actually went down in year two because the auditors can trace everything so easily now. Happy to answer specific questions about our experience if it would help with your evaluation.
JG Wentworth entered the chat π€£
Still waiting here too! Filed early January and been approved for weeks. Oklahoma really needs to get their timing more consistent - some people got theirs at 6am, others are still waiting past noon. At least knowing they're releasing in waves throughout the day helps with the anxiety a bit!
Just for my own clarity on this gift tax thing - so if someone gives me $20,000 cash as a gift in 2025, they would have to report that to the IRS since it's over the $18,000 limit, but I still don't pay any taxes on it as the recipient? Is that right?
That's exactly right. If someone gives you $20,000 in 2025, they would need to file a gift tax form (Form 709) to report the $2,000 that exceeds the annual exclusion. But even then, they probably wouldn't actually pay any gift tax because it would just count against their lifetime gift/estate tax exemption (which is currently over $13 million per person). And yes, you as the recipient never pay taxes on gifts regardless of the amount. The gift tax system is designed to prevent wealthy people from avoiding estate taxes by giving away all their money before death.
This is such a smart way to save money over the years! You're absolutely right not to worry about taxes on this. As others have mentioned, gift recipients don't pay taxes on the money they receive - that responsibility falls on the gift giver, and since these were small amounts given over many years by different family members, they were almost certainly all under the annual exclusion limits. Just wanted to add one practical tip for your bank deposit: consider calling ahead to let them know you'll be making a large cash deposit. Some banks appreciate the heads up, and you can briefly explain it's accumulated gift money you've been saving. This can make the process smoother and shows you're being transparent about the source. Good luck with your car repairs - it must feel great to have that emergency fund paying off exactly when you need it!
Ava Rodriguez
Been using Credit Karma for 2 years now and its great for regular direct deposits but tax refunds come whenever the IRS releases them no matter what bank you use tbh
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Miguel Diaz
β’facts π― the irs gonna do what the irs gonna do lol
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Ava Thompson
I was hoping for the same thing! Filed with Credit Karma last week and was excited about potentially getting my refund early. But after reading these comments, sounds like that's just wishful thinking. The early deposit feature only works for regular paychecks, not tax refunds. Guess we're all at the mercy of the IRS timeline regardless of which bank we use. Thanks everyone for setting realistic expectations!
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