To generate a tax report, go to Tools > Import/Export > Export, select the tax year, and choose Tax Report format. The export includes everything your accountant needs.
What's in the Tax Report
Section | What It Includes |
Total Revenue | Gross sales from all platforms |
Cost of Goods Sold (COGS) | What you paid for all items sold |
Expenses by Category | Organized for Schedule C filing |
Mileage Deduction | Total business miles and calculated deduction |
Net Profit | Your taxable business income |
Step-by-Step
Go to Tools > Import/Export > Export
Select the tax year
Choose Tax Report format
The export includes:
Sales summary by month
Expense totals by category
Mileage log with deduction calculation
Receipt images (if included)
Send the file to your accountant
Schedule C Category Mapping (US)
Your expense categories are mapped to specific lines on IRS Schedule C (Form 1040), so the report comes out organized the way your accountant expects -- for example, Platform Fees on line 10 (Commissions and fees) and Inventory Purchases as Cost of goods sold. Built-in categories are pre-mapped, and you can change any mapping in Reports > settings gear > Schedule C Categories. See How do I map my expense categories to IRS Schedule C lines?.
Good to Know
Flippd is not tax software and doesn't file taxes for you -- always consult a tax professional
The more consistently you track expenses, receipts, and mileage throughout the year, the easier tax time is
You can export at any time -- you don't have to wait for year end
Keep your receipt photos attached to expenses for complete records
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