Before you’re able to sell ANY items, you must have a resale license from the Texas Comptroller (external link). This is FREE, and IMMEDIATE, so there’s no excuse!
DONT GET FINED! – The Comptroller wants your taxes Quarterly. You DO NOT have to pay at the time you file! As long as you file for that quarter (even if it’s 0 sales), you WILL NOT GET FINED. Periods are as follows:
1Q / Jan 1 – March 31 : Filed April 1 – 20
2Q / April 1 – June 30 : Filed July 1 – 20
3Q / July 1 – September 31 : Filed October 1 – 20
Q4 / October 1 – December 31 : Filed January 1 – 20
As long as you pay your Retail Taxes with your Annual Income and Annual Profit/Loss, you’re gucci (or some other popular phrase… bet, say less) xD
Buying Wholesale
wholesale references, idk we’ll figure it out and populate later
put the 4x table image, it’s a common infogram saying Cost, wholesale price, add labor, then essentially you charge 4x the amount you paid
‘Flipping’ , or Buying and Reselling for Profit
This is like Facebook Market place. Once you make $600/yr, then you MUST include it in your annual taxes, so you might as well have a business license and get the tax deductions on it.
Build Your Own – VAT Tax Explained
What is VAT? Define and external link for reference. Basically, its the tax you paid to build on an existing product. This is only for B2B , Business to Business.
Essentially, this is buying something like a T Shirt, redecorating it to ‘make it yours’, then selling it for profit.