Try it out and let me know what you think? I honestly doubt one can ever replace their income with something like this, but it can’t hurt to spend a little time and get some of the initial welcome bonuses.
So you’ve seen a post on Twitter with a “In Store Discount” tag and you’ve clicked on the link and you’re now confused.
No big deal – I’m here to guide you through it.
Any time you see something listed as In Store Deal or Discount, it is just that – a price available in store only. Now – what you need to know, is that it is not at every Walmart store location, it’s likely going to take some effort to find it, and your mileage may vary (YMMV) aka there’s no guarantee.
Here are the steps that I use when trying to score an in store deal:
Check Walmart.com price – specifically after changing the zip code on the site to reflect your local code. You would be surprised how often sale prices actually come up here. This makes life easier if it does, and even opens up some possibilities to price match stores like BestBuy or Target.
Download and check in store price via Walmart app – this also often will get you some really valuable info
Use provided SKU and an inventory checker website to verify in store price and availability – the two most popular are Brickseek and WMScan
Once you have done all of those, you should have a decent idea of what the information is telling you, and it’s now time to make a decision on driving to the store and attempting to find the item or skipping it.
Some notes regarding that decision
If it says Limited Stock – I would skip it. Many followers have had luck, but in my personal opinion and experience, limited stock is usually not a positive result
The information you are seeing is correct. Whether or not the store has the item is a different story. Theft, return to vendors, UPC changes – all of these things can happen and throw inventory off
NEVER be rude to employees. If you are going to seek their assistance, do so nicely.
Calling ahead of time is not recommended. This can alert employees to great deals and encourage them to purchase the items themselve
If the item is ringing up at the desired price, the store should sell it to you. There are instances where they will fight you on this – ask for a manager or stay in the store while calling customer service
I am not a CPA. I am offering you advice from the point of someone who has been self-employed for 7 years.
Any advice provided here is strictly just that, general advice, and any tax or legal issues should be addressed with an appropriate person
This probably isn’t the best format for something like this; perhaps I’ll put together a podcast or video later on.
End of January / early February usually means if you are due to receive an IRS form 1099-MISC from a payment processor, such as PayPal or Stripe, among others, you should be receiving it soon.
With that said, the first thing I need to instill is that all income should be claimed. Just because you did not receive a form, does not mean you do not have to pay taxes on that income.
Often, persons engaging in reselling talk about the $20,000 and 200 threshold – which is the point at which PayPal specifically triggers a form 1099-MISC to be issued on your behalf. This typically means that for accounts that process a minimum of $20,000 in sales AND 200 individual transactions, you will be provided with 1099 form that is found within the Tax Documents section of PayPal. While I have heard of people being issued a form without having both of those thresholds, I personally have not experienced that, so I can’t speak to every situation. But again – regardless of if you receive a form or not – you should still be filing taxes with resell income attached.
What has become evident to me over the years of being on Twitter is that a lot of those in the reselling community don’t even really understand income taxes, let alone know how to implement them. Recently there was someone talking about StockX charging sales tax, and he was incorrectly flipping out about who should be collecting tax. Please don’t be that person – and hopefully this section will help clear that up a little
Income taxes when it comes to reselling is the portion of your PROFITS that is due to be provided to the Federal Government. The specific amount is based on a personal tax rate.
Let’s say you bought a pair of shoes for $100 and turned around and sold them on GOAT for a net of $200 after fees. This means your profit is $100, and the amount of taxes you will pay is based on $100, the profit, and not the $200 sale price. In a perfect world, you would be conducting some sort of tracking that shows total purchases and total sales, without having to do this on an individual basis.
Ask around on Twitter, plenty of users will share a sales tracking spreadsheet with you. I had one years ago but stopped caring, so ask someone else.
Please note – sales tax has NOTHING to do with income tax. This was a source of confusion a while back. Business collect and remit sales tax to local governments. Just because you paid sales tax on an item doesn’t mean taxes have been paid and therefore you shouldn’t be paying taxes again. As stupid as it is for someone to have to explain that, plenty of people clearly do not understand that.
When April comes around and tax filing day is here – I really wouldn’t spend money with a CPA or anyone else to file your taxes. Online based programs like H&R Block, Turbo Tax, Tax Slayer, or Tax Act can take care of everything you need, usually for under $100. All of these programs are really self explanatory and guide you through the process the entire way, making it pretty easy and convenient. You will essentially just be asked to enter 1099 information if you received one. If you didn’t, again, you should still be reporting and paying taxes. If you enter in your net sales via a 1099, then all you will need to enter are your expenses.
Those expenses could and should include:
Amount you purchased shoes for
Any amount you paid for advice from someone
Shipping boxes and supplies
Returns / Fraud issues
Miles driven to and from post office or meetups
These can often add up to a pretty decent amount, limiting your overall tax liability.
Now, let’s say you spent the last year selling shoes and not caring about taxes. It’s honestly not that big of a deal, especially if you set yourself up for taxation and financial success going forward. A lot of folks are scared of the IRS, but they’re a pretty helpful organization – if you have an outstanding tax liability, pick up the phone and set up a payment plan. They will usually let you spread that out over 5-7 years without a problem.
Hopefully this answers some questions, and maybe even inspires more. Hit me up on twitter and I’ll be more than happy to answer anything else that I feel qualified to answer. As it gets closer to tax filing deadline, perhaps I’ll revisit this in a different format.