UPDATE: PLEASE READ. New TAX Requirements If You Sell >$600/Yr

**2.22.24 UPDATE: Old threshold of $20k/200 transactions for 2023. $5K for 2024. However, some states may have lower thresholds inc AR, DC, IL, MA, MD, MT, NJ, VA, VT. Thank you @izeandirie! Get a 1099-K & Aren’t Self-Employed/Small Business: https://rb.gy/5tofky ** Beginning January 1, 2022, online marketplaces, such as Poshmark, will be requiring all sellers who sell more than $600 in one tax year, to report all sales to the IRS via a Form 1099-K. This means that I will be required to submit my personal info (SSN, etc.) to Poshmark & pay taxes on my sales. I will have to track all of my expenses & purchase prices for everything I sell for deduction purposes so I do not overpay Uncle Sam. This converts an already time-intensive hobby into a full time business. I'm a mom of 2 toddlers & work a FT job. Selling is meant to cover lost income during the pandemic, re-home unused goods & just have fun. This requirement will increase workload & costs & I have to make that up. This is a small-scale example of why price of goods increase when the government increases taxes on business. 🤷‍♀️ ‼️ CANCELED ORDERS DO COUNT TOWARDS YOUR TAXABLE INCOME‼️ Canceled orders count as an expense that you may deduct at tax time. In other words, instead of the IRS factoring it in for you, they leave everything up to you in hopes that you don’t…& they collect more $$. WRITE TO YOUR CONGRESSMAN to change the law!! If you have any questions or concerns, please message me or leave a comment below.