The total spend from this list comes to $407,827.10. I’ve grouped the items into strategic categories to help assess allocation and impact.
🧾 Financial, Legal & Compliance – $12,202.99
- Bookkeeping & Tax Prep: $399.99
- Next Liability Insurance: $4,272.00
- Best Egg Loan Repayment: $11,664.00
- Sunbiz Filing Fee: $139.00
- Trademark Legal Fees: $0.00
- Triple Whale Tracking: $0.00
⚖️ Covers compliance, insurance, and debt servicing. No spend on trademark protection or analytics—potential areas to revisit.
🧪 Product & Inventory Development – $61,612.44
- Trilology stock production: $40,270.00
- Haning Kangyi Alibaba Socks: $8,537.88
- Vaginal Moisture Capsules: $3,304.56
- Probiotics Inventory: $6,500.00
- Sample requests for evaluation: $3,000.00
📦 Strong investment in physical goods and product expansion.
📦 Packaging, Fulfillment & Supplies – $10,268.00
- Sticker Mule labels/tape: $848.00
- Shipping supplies: $5,240.00
- New GS1 Barcodes: $180.00
- Misc. Office Supplies: $4,217.89
📦 Supports logistics and branded packaging.
📣 Marketing & Advertising – $226,373.32
- Google Ads: $56,100.00
- Google Ads Team: $17,500.00
- Meta Ads: $80,418.79
- Meta DK Ad Accounts: $10,931.03
- Meta Ads Team: $18,000.00
- Amazon fees & ad costs: $36,464.00
- Amazon product reviews: $720.00
- Vine reviews: $540.00
- Amazon listings: $1,600.00
- User Generated Content: $8,419.00
- Product photoshoots: $1,800.00
- Graphic Design & Freelance: $1,800.00
- Tradeshows: $267.50
- Business Lunch/Entertainment: $2,400.00
- Goodwill Donation: $3,198.00
📈 Over 55% of total spend—aggressive investment in paid media, creative, and conversion tools.
🧑💻 SaaS, CRM & Team Tools – $21,927.88
- Klaviyo: $4,800.00
- Klaviyo Team: $7,200.00
- Recart: $3,084.00
- Slack: $108.00
- Sellerise: $239.88
- Email Hosting (Zoho): $96.00
- Amazon Mastery UK: $490.00
🧠 Supports automation, segmentation, and platform-specific growth.
🏢 Operations & Overhead – $34,342.00
- Office/Warehouse Rent: $12,000.00
- Goods Pickup/Delivery: $9,000.00
- Cleaning Services: $3,120.00
- Phone/Internet/Communication: $3,720.00
- Transportation & Gas: $1,920.00
- UPS Address Box: $310.00
🏢 Keeps physical and digital infrastructure running smoothly.
🌍 Travel, Education & Development – $6,191.54
- Business Travel: $4,600.00
- Educational Classes: $791.54
- Web Development & Page Updates: $5,800.00
🚀 Supports skill-building and platform optimization.
🧮 Summary by Category
| Category | Total | % of Spend |
|---|---|---|
| Product & Inventory | $61,612.44 | 15.1% |
| Packaging & Supplies | $10,268.00 | 2.5% |
| Marketing & Advertising | $226,373.32 | 55.5% |
| SaaS & Team Tools | $21,927.88 | 5.4% |
| Operations & Overhead | $34,342.00 | 8.4% |
| Legal & Financial | $12,202.99 | 3.0% |
| Travel & Education | $6,191.54 | 1.5% |
| Total | $407,827.10 | 100% |
For education-related tax filing in the U.S., the school should provide you with Form 1098-T: Tuition Statement.
📄 What Is Form 1098-T?
- Issued by eligible educational institutions to students.
- Reports qualified tuition and related expenses paid during the tax year.
- Includes scholarships, grants, and adjustments from prior years.
🧾 Why It Matters for Taxes
You’ll use Form 1098-T to determine eligibility for:
- American Opportunity Tax Credit (AOTC)
- Lifetime Learning Credit (LLC)
- Tuition and fees deduction (if applicable)
🧠 What to Check on the Form
- Box 1: Amounts paid for qualified tuition and expenses.
- Box 5: Scholarships or grants received.
- Box 7: Indicates if payments include amounts for the next calendar year.
Income
Here’s a full analysis of your 2024 Form 1099-K statements from Amazon, PayPal, Afterpay, and Shopify (two accounts), showing total gross sales, transaction volume, and monthly breakdowns. This gives you a clear view of your revenue streams across platforms for tax reporting and business strategy.
💰 Summary of Gross Sales by Platform
| Platform | Gross Sales (Box 1a) | Transactions | Notes |
|---|---|---|---|
| Amazon | $190,714.63 | 9,635 | Highest volume and December spike |
| PayPal | $36,635.76 | 509 | Steady monthly flow |
| Afterpay | $19,513.71 | 264 | Strong Q1 and Q2 |
| Shopify (Main) | $225,839.09 | 3,266 | Consistent growth, strong Q4 |
| Shopify (Dear Kitty) | $12,881.35 | 156 | Boutique-level sales |
| 🔢 Total | $485,584.54 | 13,830 | Across all platforms |
📆 Monthly Revenue Breakdown (All Platforms Combined)
| Month | Total Revenue |
|---|---|
| January | $38,586.09 |
| February | $37,845.81 |
| March | $46,938.70 |
| April | $52,556.74 |
| May | $41,623.50 |
| June | $41,590.72 |
| July | $34,635.95 |
| August | $32,611.98 |
| September | $26,837.88 |
| October | $24,241.61 |
| November | $21,176.35 |
| December | $83,639.21 |
📈 December was your strongest month by far, driven by Amazon and Shopify holiday sales.
🧾 Tax & Compliance Notes
- All platforms reported under Third Party Network transactions.
- No federal or state income tax was withheld on any form.
- All forms are Copy B for payee use—keep them for your tax records.
- TINs and account numbers are consistent across platforms, confirming unified reporting.
🧾 $407,827.10 → Your Total Expenses
This figure comes from your detailed 2024 expense list, which includes:
- Product inventory
- Marketing and ads
- SaaS tools
- Travel, rent, and supplies
| Category | Amount |
|---|---|
| Total Income (from 1099-Ks) | $485,584.54 |
| Total Expenses (your list) | $407,827.10 |
| Net Income (before taxes) | $77,757.44 |
To estimate your taxes on the $77,757.44 net profit, we need to consider:
🧾 1. Federal Income Tax
Assuming you’re filing as a sole proprietor or single-member LLC, your profit is taxed as personal income. For 2024, the federal tax brackets for a single filer are:
| Income Range | Tax Rate |
|---|---|
| $0 – $11,600 | 10% |
| $11,601 – $47,150 | 12% |
| $47,151 – $100,525 | 22% |
Your profit falls mostly in the 22% bracket, but only the portion above $47,150 is taxed at that rate. Here’s a rough estimate:
- First $11,600 → $1,160
- Next $35,550 → $4,266
- Remaining $30,607.44 → $6,733.64
- Estimated federal tax: ≈ $12,160.64
🧮 2. Self-Employment Tax
As a business owner, you’re also responsible for self-employment tax (Social Security + Medicare), which is 15.3% of net profit:
- $77,757.44 × 15.3% = $11,897.90
📊 3. Total Estimated Tax Liability
| Type | Amount |
|---|---|
| Federal Income Tax | ≈ $12,160.64 |
| Self-Employment Tax | ≈ $11,897.90 |
| Total Taxes Due | ≈ $24,058.54 |
✅ Notes
- This estimate assumes no deductions, credits, or other income.
- You may reduce your taxable income with business deductions, home office, health insurance, or retirement contributions.
- Consider quarterly estimated payments to avoid penalties.
Since you’re operating as a business owner (likely sole proprietor or LLC), you can claim a wide range of deductions to reduce your taxable income. These deductions lower your net profit, which in turn reduces both income tax and self-employment tax.
🧾 Common Deductions You Can Claim (Based on Your 2024 Expenses)
🔧 Business Operations
- Office & Warehouse Rent: $12,000
- Cleaning Services: $3,120
- Phone, Internet & Communication: $3,720
- UPS Address Box: $310
- Transportation & Gas: $1,920
- Goods Pickup/Delivery: $9,000
📦 Inventory & Supplies
- Product Inventory & Samples: $61,612.44
- Shipping Supplies: $5,240
- Sticker Mule Labels & Tape: $848
- Misc. Office Supplies: $4,217.89
📣 Marketing & Advertising
- Google Ads: $56,100
- Meta Ads: $80,418.79
- Amazon Ads & Fees: $36,464
- User Generated Content: $8,419
- Product Photoshoots: $1,800
- Graphic Design & Freelance: $1,800
- Amazon Reviews & Listings: $2,860
- Tradeshows & Entertainment: $2,667.50
🧑💻 Software & SaaS
- Klaviyo + Team: $12,000
- Recart, Slack, Sellerise, Zoho: ~$3,528
🧠 Education & Professional Development
- Educational Classes: $791.54
- Amazon Mastery UK: $490
🧾 Financial & Legal
- Bookkeeping & Tax Prep: $399.99
- Liability Insurance: $4,272
- Sunbiz Filing Fee: $139
- Best Egg Loan Interest Portion: (only interest is deductible)
🏠 Optional Deductions (If Applicable)
- Home Office Deduction: If you work from home, you may deduct a portion of rent, utilities, and internet.
- Health Insurance Premiums: If you’re self-employed and pay for your own coverage.
- Retirement Contributions: SEP IRA, Solo 401(k), etc.
📊 Why It Matters
Claiming these deductions could reduce your taxable income from $77,757.44 to something closer to $30K–$40K, depending on how much is deductible. That could cut your tax bill by thousands.
Standard deduction
The standard deduction is a fixed amount the IRS lets you subtract from your income before calculating your federal taxes. It’s available to individuals, but not typically used by business owners to offset business income.
🧾 Standard Deduction (2024)
For a single filer, the standard deduction is:
- $14,600 (2024 tax year)
If you’re married filing jointly, it’s $29,200.
🧠 How It Applies to You
Since your business income is reported on Schedule C, and you pay self-employment tax, here’s how deductions work:
- Business expenses (like ads, inventory, rent) reduce your net profit on Schedule C.
- The standard deduction applies to your personal income on Form 1040, after business profit is calculated.
- So if your net profit is $77,757.44, and you have no other income, you’d subtract:
- $14,600 standard deduction
- → Taxable income becomes $63,157.44
This lowers your federal income tax, but does not affect self-employment tax, which is still based on the full $77,757.44.
To estimate your taxes on $63,157.44 of taxable income (after applying the standard deduction), here’s how it breaks down for a single filer in 2024:
🧾 1. Federal Income Tax
Using 2024 tax brackets:
| Bracket Range | Rate | Tax on This Portion |
|---|---|---|
| $0 – $11,600 | 10% | $1,160.00 |
| $11,601 – $47,150 | 12% | $4,266.00 |
| $47,151 – $63,157.44 | 22% | $3,532.64 |
Estimated Federal Income Tax: ≈ $8,958.64
🧮 2. Self-Employment Tax
This applies to your net business profit before the standard deduction, which was $77,757.44. The rate is 15.3%:
- $77,757.44 × 15.3% = $11,897.90
⚠️ Self-employment tax is calculated on business profit, not adjusted taxable income.
📊 Total Estimated Tax Liability
| Tax Type | Amount |
|---|---|
| Federal Income Tax | ≈ $8,958.64 |
| Self-Employment Tax | ≈ $11,897.90 |
| Total Taxes Due | ≈ $20,856.54 |
