For instance, if you work in construction and are required to wear steel-toed boots and a hard hat, you may be able to deduct those costs as a business expense. Even though a meeting or event is business-related, if you wear a suit, the suit is not deductible because it might be used for other purposes outside work.
To make sure you are accurately deducting only deductible items, it is crucial to keep thorough records and invoices of your wardrobe expenses. In addition, you will have to present evidence to back up your assertions if the IRS audits you.
Reselling is taxable, yes. You are regarded as a retailer and are in charge of collecting and remitting sales tax on things you buy with the intention of selling them. Researching and abiding by local regulations is crucial because each state has different criteria for collecting sales tax.
You can buy from Amazon and sell it later. However, as was previously indicated, if you buy products with the aim to sell them again, you are regarded as a retailer and are in charge of gathering and remitting sales tax on those items. Additionally, you must make sure that you abide by Amazon’s rules governing the resale of its products.
No, it is not against the law to sell something for more than you paid for it. This is known as markup and is a typical retail practice. However, you must take care to avoid indulging in price gouging, which happens when a merchant raises prices unduly in response to an emergency. How Can I Become an Aliexpress Reseller?
You must register for an account on the Alibaba website and go through the verification steps in order to become an authorized reseller. After being authenticated, you can look for and buy goods to resell. Regarding the resale of these products, it’s crucial to make sure you’re abiding by all applicable laws and rules. Additionally, you will need to investigate and abide by any particular standards or guidelines established by Alibaba.