Tracking Income and Expenses for Taxes

NinaBargins

9 months ago

Do not forget FBMP income is taxable! I use a simple spreadsheet tracking purchase price, sale price, fees, and profit. Keep all receipts. Anyone using specific apps for flipping accounting?

2 replies

Replies (2)

TonyDeals·9 months ago

I use an app called Reseller Spreadsheet. Tracks everything including ROI per item, best sourcing locations, and profit by category. Really opened my eyes to what is actually making money.

MarcusResells·9 months ago

Keep EVERY receipt from sourcing. Take photos of them with your phone. At tax time you will thank yourself. Also track mileage if you are driving to pickups and sources.