Hello everyone,
Hope everything is fine with you.
Me and a friend started a dropshipping store on October testing some products, learning and seeing what we could do and at the moment we're doing about 200$ in profit per day.
At the start it was not a problem but now the money is becoming "too much" to handle. The money is going to my paypal and bank account and at some point I'm might be asked to justify when the money is coming from. And I don't want to be accused of tax evasion and I want to do everything withing the law.
We ship from china to the US, Canada, UK and NZ.
We want to start scaling and we're expecting to achieve 10K in profit until the end of the month.
I live in Europe and he lives in Asia.
We want to be able to handle the money without any problems.
I've talked with some people but most accountants don't understand the concept of dropshipping stores.
Can someone recommend and give us some tips on what we should do within the law in order to avoid problems with the IRS ?
Thank you very much.
Hope everything is fine with you.
Me and a friend started a dropshipping store on October testing some products, learning and seeing what we could do and at the moment we're doing about 200$ in profit per day.
At the start it was not a problem but now the money is becoming "too much" to handle. The money is going to my paypal and bank account and at some point I'm might be asked to justify when the money is coming from. And I don't want to be accused of tax evasion and I want to do everything withing the law.
We ship from china to the US, Canada, UK and NZ.
We want to start scaling and we're expecting to achieve 10K in profit until the end of the month.
I live in Europe and he lives in Asia.
We want to be able to handle the money without any problems.
I've talked with some people but most accountants don't understand the concept of dropshipping stores.
Can someone recommend and give us some tips on what we should do within the law in order to avoid problems with the IRS ?
Thank you very much.
