Matt3o, is there a way to have the place/review order page show an uneditable list of what I ordered? I honestly don't exactly remember how many of what, and I was thinking of picking up some of the extras... assuming there are still some left to pick up...
We will do something to (a) show you what you ordered and if possible (b) let you add any extras we have after sorting. About 20% of the orders were either manual or manually-changed, so that has to be fed back into Matt3o's system or something.
You might want to try to structure it as an extremely low-margin home business.
$31,875 income, $31,860 cost of goods expense, or something like that. Thus declaring the income, but also clearly delineating that almost all of it goes right back the door.
So, not to be too precise about it, but after we pay another $4000 in postage out to the members, we estimate to be +/- $300 USD of zero net margin. My goal is to lose less than $100 USD so this is treated as a hobby and not a business by the tax men.
No one wants to lose around $1000 to PayPal twice, once is enough. What worries me about group buys of this magnitude is how does it effect your taxes?
It is income if you make money. If you lose money, but it is a hobby, no tax impact. If you lose money and it is a business, then you get to declare the deduction. Schedule C in the US.
(YMMV, consult your tax advisor, puppies are cute.) - Ron | samwisekoi
