Etsy customers now have the ability to leave video reviews from the Etsy app on iOS devices (Apple).
Reviews can be up to 30 seconds in length and include audio. While Etsy touts this feature as a benefit to both buyers & sellers, many sellers are questioning the potential for customer abuse via online forums such as r/EtsySellers.
Etsy states that “inappropriate video content” can be reported, reviewed by staff, and removed – but states that content could take up to 7-10 business days to remove if found to violate Etsy policies.
Shop owners also *no longer* have the ability to hide photo/video reviews from customers.
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.*
Etsy Seller Handbook
LEGAL – Demystifying intellectual property law, legal structures for your business and more
How to Open an Etsy Shop
Etsy Minors Policy
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
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!
Accounting for Online Sellers free Facebook group:
Reseller Tax Academy: https://www.resellertaxacademy.com/
Mark’s website: https://notyourdadscpa.com/
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
It’s going to become harder to avoid telling the IRS about income from selling stuff online. Here’s what to know
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