For anyone that sells on TCG Player and does the direct deposit into your checking account have you had any issues?
I’m curious because I was reading on the TCG Player site that when the deposit comes through it goes through as your store name. So I’m curious if I need to open a separate business checking account in the name of the store. Part of me thinks this won’t be much of an issue, and that it would just go through like any credit, just as if you were getting a credit from Walmart. I realize I can call my bank, but just thought I’d ask here first before I wait on hold for while.
On a side note, I probably should open a separate account just for keeping track of sales and expenses for tax purposes. Has anyone else done this just to keep it simple?
If you plan on doing a lot of business you should open up a new account for your store and do some sort of incorporation. Gotta protect your assets if something goes wrong
From the UK so we do our taxes slightly different, but I opened a new account purely for pokemon and it made it 10x easier to see income/expenses. When you’re buying sleeves or packaging stuff off amazon with your main bank account its hard to remember to track those expenses. Make a new account, link it to some automatic expense/accounting software and its a dream
It should be a non-issue going to your personal account. The business name you put on TCG Player isn’t official by itself, it’s more like a username. If you wanted to open up a separate account to make tax easier, especially next year, then that is up to you.