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Amazon Selling Income Tax Reports for 2024 + Business Tax Deductions, Write-offs, and more!

Amazon Selling Income Tax Reports for 2024 + Business Tax Deductions, Write-offs, and more!

March 17, 2024
Author: Big Y

**Income Tax for Amazon Sellers - 2024 Edition**


In this video, I'm going to be talking about income tax for Amazon sellers. We're going to cover everything from filing your taxes to deductions to hiring a bookkeeper. I'm also going to give you some tips on how to make the process as easy as possible.

**Filing Your Taxes**

If you're a sole proprietor or single member LLC, you can file your taxes yourself using TurboTax. TurboTax is a very user-friendly software that will walk you through the process step-by-step. If you have a partnership or an S corporation, you will need to file a different return.

The cost of filing your taxes will vary depending on the amount of income you make. For example, the cost of filing a 1040 with TurboTax is $200 for incomes up to $66,000.


There are a number of different deductions that you can take on your taxes as an Amazon seller. These include:

* Home office deduction

* Business meals

* Hiring people

* Tools and supplies

* Mileage

* Health insurance premiums

* Self-employment taxes

* Charitable contributions

* State and local taxes

**Hiring a Bookkeeper**

If you're not comfortable filing your own taxes, you may want to consider hiring a bookkeeper or CPA. A bookkeeper can help you with everything from tracking your expenses to preparing your taxes. The cost of hiring a bookkeeper will vary depending on the size of your business and the complexity of your taxes.

**Getting the Reports You Need**

There are a few different reports that you'll need to pull for your taxes. These include:

* 1099-K from Amazon

* Reports Repository report

* Inventory Ledger report

* Open Listings report


The 1099-K is a form that Amazon sends to sellers who have received payments of $20,000 or more. The 1099-K will show all of the money that Amazon has sent to you, as well as any fees that you paid.

**Reports Repository report**

The Reports Repository report is a snapshot of all of the money that Amazon has sent you, as well as all of the fees that you paid. This report is a must-have for anyone who is filing their own taxes.

**Inventory Ledger report**

The Inventory Ledger report shows how much inventory you have on hand at the end of the year. This report is important for calculating your cost of goods sold.

**Open Listings report**

The Open Listings report shows all of the items that you have listed for sale on Amazon. This report is only available for FBA sellers and can be used to calculate your cost of goods sold.


Mileage is another huge deduction that you can take on your taxes. You can deduct the cost of driving for business purposes, including driving to the post office, to the doctor, or to volunteer.

**Tools and Supplies**

You can also deduct the cost of any tools and supplies that you use for your business. This includes things like computers, software, and office supplies.

**Health insurance premiums**

If you have health insurance through your business, you can deduct the cost of your premiums.

**Self-employment taxes**

Self-employment taxes are taxes that you pay on your net income. The self-employment tax rate is 15.3%.

**State and local taxes**

You may also be able to deduct state and local taxes on your taxes.


I hope this video has helped you to understand income tax for Amazon sellers. If you have any questions, please leave them in the comments below.

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