Taxes

To be clear I am not a licensed CPA or financial advisor. I recommend you hire one to get a professional point of view. Everything I say here is from personal experience and may not benefit you in the same way as it has me.

So to start, taxes are a very complex topic and will be different for everyone. First if you are only making a couple thousand a year do not even worry about this yet. That is basically just money you make from a hobby because for the most part you are selling sneakers and clothing. After around $10,000 profit a year is when you need to start taking things seriously. Yes, taxes suck, but this is something everyone has to do. It is simply a part of life. Personally I would create an LLC and get a business bank account, card, etc. Make sure you separate business and personal expenses (that is the point of having a separate bank and card). Then leave the rest to an accountant. They will be able to give you advice on specific tax strategies in your state. It is very hard for me to give exact advice on taxes because every situation is different.

If you are doing higher numbers and are curious about what I personally do shoot Summit#0001 a message and I would love to talk to you.