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You are here: Home / Business / Watch This *BEFORE* Starting an Etsy Shop

Watch This *BEFORE* Starting an Etsy Shop

March 25, 2022 by Jennifer Moore Leave a Comment

Opening an Etsy shop to sell your handmade crafts for money can be very exciting, but there’s a lot you should know before starting a small online business…

From business structure, tax implications, legal issues, intellectual property, to understanding Etsy policies & fees – there’s so much to know and it can be confusing.

As an Etsy seller myself, I wanted to offer general recommendations to others on aspects I feel are important to have a grasp on when you’re getting started. Plus, we’re going over the official Etsy Seller Handbook to answer common questions.

*Disclaimer: I am NOT an Etsy expert, and the information presented in this video does not constitute business, legal, or financial advice. Seek out qualified professionals to help you with specific situations.*

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Etsy Seller Handbook 
https://www.etsy.com/seller-handbook

LEGAL – Demystifying intellectual property law, legal structures for your business and more
https://www.etsy.com/seller-handbook/category/legal

How to Open an Etsy Shop
https://help.etsy.com/hc/en-us/articles/115015672808-How-to-Open-an-Etsy-Shop?segment=selling

Etsy Minors Policy
https://www.etsy.com/legal/minors

There still seems to be a lot of confusion around the new IRS tax reporting threshold of $600 starting in 2022.

No, the actual IRS tax law has not changed, only the IRS reporting requirements for online payment platforms. Anyone who generated a profit from selling anything online is expected to report income and pay income taxes regardless of whether or not they received a 1099-K. This includes popular online third-party payment processors Etsy, eBay, PayPal, Venmo, Facebook Marketplace, and Cash App.

Prior to this year, the old threshold was $20,000 per year and at least 200 transactions.

According to Zelle, this platform is actually exempt from the IRS reporting law
https://www.zellepay.com/faq/does-zelle-report-how-much-money-i-receive-irs

Previously, the threshold was $20,000 and at least 200 transactions. This rule is part of the American Rescue Plan Act of 2021, applying to anyone who receives payments for goods/services processed by third-party payment networks. Income should be reported on an individual or business’s tax return.

Joining me in this episode is Mark Tew, CPA – known as Not Your Dad’s CPA – to clarify some of these items, answer questions, and help you tackle small business finances.

Connect with Mark – Not Your Dad’s CPA online!
https://www.youtube.com/c/NotYourDadsCPA
Accounting for Online Sellers free Facebook group:
https://www.facebook.com/groups/accountingforsellers/
Reseller Tax Academy: https://www.resellertaxacademy.com/
Mark’s website: https://notyourdadscpa.com/
https://www.instagram.com/notyourdadscpa/

Disclaimer: this video is for informational purposes only and does not constitute financial, accounting, legal or tax advice. Please consult a licensed professional about your own specific situation and small business needs.

The IRS Is Cracking Down on Small-Time eBay and Etsy Sellers
https://money.com/tax-1099-k-600-ebay-etsy/
It’s going to become harder to avoid telling the IRS about income from selling stuff online. Here’s what to know
https://www.cnbc.com/2021/03/26/its-going-to-get-harder-to-avoid-telling-the-irs-about-income-from-online-sales.html

Etsy Shop – Ready to sew beginner kits + curated supplies featured in this video
https://www.etsy.com/shop/sewingreport

Support via Patreon
https://www.patreon.com/sewingreport?fan_landing=true

If you enjoy these videos and find value in what I’m doing, you’re welcome to add to the digital Tip Jar: https://www.paypal.com/paypalme/jentalks

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@sewingroom

DISCLAIMER: This video and description contains affiliate links for several different programs. As an Amazon Associate I earn from qualifying purchases.

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Shop Sulky Thread & Embroidery products:
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ABOUT SEWING REPORT:
Helping you discover your love of sewing at sewingreport.com through videos, articles, and tutorials. I’m Jennifer Moore – obsessed with sewing, and want you to be if you’re not already. Come on in!

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Filed Under: Business, Etsy Tagged With: etsy basics, etsy business, etsy copyright, etsy fees, etsy for beginners, etsy intellectual property, etsy legal, etsy policies, etsy sales tax, etsy seller, etsy seller handbook, etsy shop, etsy shop owner, etsy trademark, handmade business, how to sell on etsy, how to start an etsy shop, selling crafts online, selling handmade crafts, selling on etsy, sewing report, start an etsy shop, starting an etsy shop

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