Fed up with the numerous violations of tax law by individuals and businesses selling goods on eBay and other Web sites, the IRS is pushing Congress to make online marketplaces responsible for reporting sales information to the IRS. eBay's own statistics suggest that there are 1.3 million people around the world who make their primary or secondary source of income through eBay, with just over 700,000 of those people in the United States. Last year, an IRS advisory committee recommended that online auction sites be required to file reports of sales transactions with the IRS. The committee also suggested requiring sellers to obtain taxpayer identification numbers, which would let the government track the transactions.
If you are an eBay seller, you may be paying more than you have to in taxes because you have not focused on all that you can deduct. You will learn how to take advantage of the legal tax loopholes available and how to choose the proper, legal business structure. If you run your online selling business in a businesslike manner with intent to profit, you can take deductions for business use of your home and also many other deductions, even though they may produce a loss that reduces the taxes you owe on your day-job income.
You will learn the categories of deductions on the Schedule C, which is the form most small independent businesses must file. You also will learn to use the complete list of deductions to see what kinds of items you should be tracking all year and how to set up your records using a system that tracks those categories, including how to computerize the bookkeeping process. This brand new, up-to-date book covers everything you will need to know to balance the books, including assets and liabilities, keeping track of transactions, payroll, sales tax, balance sheets, keeping a ledger and journal, financial statements, operating accounts, and complete up-to-date tax information. You will learn how to set up a simple, quick, and audit-proof recordkeeping system that works. All this will help you keep money in your pocket and prevent money from going to Uncle Sam.

lgli/TheCompleteTaxGuidef_9781601387097_1425027.epub

lgrsnf/TheCompleteTaxGuidef_9781601387097_1425027.epub

zlib/Jurisprudence & Law/Business, Commercial & Financial Law/Martha Maeda/The Complete Tax Guide for E-Commerce Retailers including Amazon and eBay Sellers: How Online Sellers Can Stay in Compliance with the IRS and State Tax Laws_23555561.epub

The Complete Tax Guide for eBay Sellers: Insider Secrets Your Need to Know

Atlantic Publishing Company

by Kelly Forshee

Maeda, Martha

Atlantic Publishing Company

United States, United States of America

Pap/Cdr, Illustrated, FR, 2010

Ocala, Fla., January 20, 2008

Ocala, Fla, Florida, 2008

Ocala, Fla, ©2012. +

Vearsa, Ocala, 2011

Ocala, Fla, c2012

2013

{"edition":"1","isbns":["1601381247","2008015657","9781601381248"],"publisher":"Atlantic Publishing Group Inc."}

Includes bibliographical references and index.

Fed up with the numerous violations of tax law by individuals and businesses selling goods on eBay and other Web sites, the IRS is now making online marketplaces responsible for reporting sales information to the IRS. eBay's own statistics suggest that there are 1.3 million people around the world who make their primary or secondary source of income through eBay, with just over 700,000 of those people in the United States. If you are an eBay seller, you may be paying more than you have to in taxes because you have not focused on all that you can deduct. You will learn how to take advantage of the legal tax loopholes available and how to choose the proper, legal business structure. If you run your online selling business in a businesslike manner with intent to profit, you can take deductions for business use of your home and also many other deductions, even though they may produce a loss that reduces the taxes you owe on your day-job income. You will learn the categories of deductions on the Schedule C. This brand new book covers everything you will need to know to balance the books, including assets and liabilities, keeping track of transactions, payroll, sales tax, financial statements, operating accounts, and complete up-to-date tax information. You will learn how to set up a simple, quick, and audit-proof recordkeeping system that works. All this will help you keep money in your pocket and prevent money from going to Uncle Sam. Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president's garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice. Every book has resources, contact information, and web sites of the products or companies discussed. This Atlantic Publishing eBook was professionally written, edited, fact checked, proofed and designed. You receive exactly the same content as the print version of this book. Over the years our books have won dozens of book awards for content, cover design and interior design including the prestigious Benjamin Franklin award for excellence in publishing. We are proud of the high quality of our books and hope you will enjoy this eBook version.

Fed up with the numerous violations of tax law by individuals and businesses selling goods on eBay and other Web sites, the IRS is pushing Congress to make online marketplaces responsible for reporting sales information to the IRS. eBay's own statistics suggest that there are 1.3 million people around the world who make their primary or secondary source of income through eBay, with just over 700,000 of those people in the United States. Last year, an IRS advisory committee recommended that online auction sites be required to file reports of sales transactions with the IRS. The committee also suggested requiring sellers to obtain taxpayer identification numbers, which would let the government track the transactions. If you are an eBay seller, you may be paying more than you have to in taxes because you have not focused on all that you can deduct. You will learn how to take advantage of the legal tax loopholes available and how to choose the proper, legal business structure. If you run your online selling business in a businesslike manner with intent to profit, you can take deductions for business use of your home and also many other deductions, even though they may produce a loss that reduces the taxes you owe on your day-job income. You will learn the categories of deductions on the Schedule C, which is the form most small independent businesses must file. You also will learn to use the complete list of deductions to see what kinds of items you should be tracking all year and how to set up your records using a system that tracks those categories, including how to computerize the bookkeeping process. This brand new, up-to-date book covers everything you will need to know to balance the books, including assets and liabilities, keeping track of transactions, payroll, sales tax, balance sheets, keeping a ledger and journal, financial statements, operating accounts, and complete up-to-date tax information. You will learn how to set up a simple, quick, and audit-proof recordkeeping system that works. All this will help you keep money in your pocket and prevent money from going to Uncle Sam. - Publisher.

Introduction
A hobby or a business?
Recordkeeping : the basics
Taxes that affect small businesses
Business deductions : a lifeline for sole proprietors
Business use of your home
More deductions
How to value your inventory for taxes
Self-employment taxes
Quarterly estimated tax payments
Sales and use tax
Working with a spouse or family member
Long-term tax breaks : IRAs, Roth IRAs, and SEPs
What to do when things go wrong
Ten biggest tax mistakes
Conclusion
Appendixes. Useful websites and references
Business plan example for Internet
Glossary
Bibliography
Author biography

2022-11-04