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anyone run a ebay/online business?
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Razorguns
Well-known member
Considering i'm not a tax lawyer -- take my advice accordingly...
end of the year, all those profits are treated as "income".
So if it's pretty "neglible" -- you can just conveniently negate it, or tack it on as income. Of cousre you'll have to pay taxes on it. But thena gain -- you can start deducting expenses related to it too.
Most 99% of ebayers make insignificant amounts of profits on it -- and never disclose it. Taxes are miniscule so IRS doesn't even bother. Tracking that info from the individiaul would be a pain, so IRS couldn't care less.
Now start bringing in $5k/month in profits -- now the ballgame changes.
end of the year, all those profits are treated as "income".
So if it's pretty "neglible" -- you can just conveniently negate it, or tack it on as income. Of cousre you'll have to pay taxes on it. But thena gain -- you can start deducting expenses related to it too.
Most 99% of ebayers make insignificant amounts of profits on it -- and never disclose it. Taxes are miniscule so IRS doesn't even bother. Tracking that info from the individiaul would be a pain, so IRS couldn't care less.
Now start bringing in $5k/month in profits -- now the ballgame changes.
Board
New member
thanks for the tips. Ive been doing this for the past month and at the rate its going, it will be a prety sizable profit. I know that people who are self employed have to make some estimated tax paymetns every quarter, so I was just wondering if its teh same thing. Maybe I should just go talk to an accountant.
chewyxrage
New member
Board said:
write off your ISP, cell phone, partial utility bills, with a home business there are all kinds of tax benefits, and you can use these expenses to keep your taxable profits down (on paper)
I made about 5k a year with a home MLM business in highschool but never showed a profit to the IRS
