Keeping track for Uncle Sam
Here are a few quick ideas I gleened from scanning the net with regard to eBay accounting… things you may not have thought of:
Keep track of what PayPal takes from you and what eBay takes from you. Neiher of these is part of your income. Mileage to the post office and to and from procuring product can also be deducted.
You need to keep track of all shipping charges and save all receipts. I scan them in and save them as soft copies.. but if you do this you have to be dilligent about backing up your hard drive.
And don’t forget your state and local state taxes.. In most states at least Business Taxes aren’t like individual taxes.. due in April. You have until the end of your company’s fiscal year to file your business taxes.
You need to keep careful track of everything you spend on buying products) and if the people at the garage sale don’t issue receipts, create your own ledger.. It is legally the same thing as keeping receipts as long as the date and costs are all logged.
You should also have some idea of what portion of your home you are using for your business so that you can take the home office deduction. You can also deduct a portion of your utility bills and your Internet connection fees. Just be careful that the space you are claiming is used solely for your business.
All receipts for computers, printers, software, paper, tape, mailers, office chairs, ink cartridges etc. need to be recorded. These too are business expenses.
So far the IRS has been easy on the eBayers but I think we all know it’s coming down the line sooner or later.. There is no way they are going to let a billion dollar industry just go unchecked…
Remember however that the old expression “innocent until proven guilty” does NOT hold true for the IRS. They operate quite the opposite… “guilty until proven innocent!”
Tom
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December 26th, 2006 at 6:10 am
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