Poshmark reports your gross sales on a 1099-K, and tracking what you paid for each item keeps your profit accurate.
Poshmark sellers report on Schedule C when reselling for profit, and the 1099-K reflects gross sales before Poshmark's commission.
Cost of goods sold is central, especially for thrifted and bundled inventory, so a simple per-item cost log makes the numbers defensible at tax time.
Income you’ll report on: 1099-K.
Most people in this line of work leave money on the table. Here's what we make sure to capture:
If you earn as an independent contractor, yes — self-employment tax is 15.3% (Social Security and Medicare) on your net profit, on top of regular income tax. You deduct half of it, and every business deduction lowers what you owe. We handle the calculation on Schedule SE.
Common write-offs include cost of goods sold for items bought to resell, poshmark selling commission, shipping supplies and packaging materials, mileage to thrift, source, and ship, plus a share of your phone and any home-office use. We go through your year line by line so nothing legitimate gets missed.
If you expect to owe $1,000 or more for the year, the IRS generally wants quarterly estimated payments to avoid an underpayment penalty. We calculate them so next April isn't a surprise.
Yes. Your income is taxable whether or not a client or platform sent a 1099. We report it correctly and offset it with every deduction you qualify for.
Tell us what you've got and we'll come back within one business day with the plan and the price · from a preparer who knows your line of work.
Tell us what you’ve got