Remember it is that time of the year also there is many changes like if your purchase any equipment for your business may be tax breaks call a bookkeeper get help Taxes changing alot be wise ASK SOMEONE who knows saves you time and money
WE OWE IT TO OUR SELF NOT TO PAY MORE THEN WE HAVE TO Take Time
Are you are ready and have everything together but if not here is a few helpful things to remember to get you started in the right direction
Have you had losses like items that have gotten broken, torn or lost in shipping or just turned bad on you then I hope you have kept track of them these can be wrote off.
Did you know even gambling losses are a write off it can off set your winnings lol if you had them?
ok back to Ebay sells and taxes yes Ebay and taxes selling on here is taxable did you know that well check it out remember it is income and good old Uncle Sam wants his part.
Clothing losses could be from lost in shipping, torn or moth items these are a loss if you listed them and not able to sale them the cost you spent to sell them can count if not sure check with your Tax Preparers.
Are you doing this from home also check with them what part of your house or expenses may be a write off as an expense it maybe. stuff like Expenses
Space where you work utilities,gas for shopping and mailing those items, wrapping them,postage,supplies like boxes to ship, computer and printers and advertisting, think of off sets to that money you made on it, no one will but you this stuff helps. Insurance and car expenses portions of this could be a write off. Did you borrow money that you have to pay interest on to buy those items? If so that interest may count depends on the rules in which you borrowed them under.
I think a person that does their own taxes is like
a man convicted of a crime being their own attorney NOT SMART
WHY you say because anytime you operate a business and other incomes come in the tax rules are changing all the time and to use them to help you you have to know them so I suggest get a bookkepper to look at your taxes, even if you prepare them have them look them over see if you missed something that could have saved you money.
GET ALL THE TAX BREAKS YOU CAN someone in the business can help there for sure but this may help some
Most important keep good records all year long and keep those records together in one place even if in a cardboard keep information together some of this stuff is like
Make sure you keep records that is important! car expenses, medical expenses, charity, your house,savings,income,investing,interest on items that are approved by the IRS rules, losses and expenses as we spoke before about and many more this is just to name a few. This is a good place where professionals come in hand they know what you need and what proof you need to get it to apply to the tax laws and rules.
TAKE YOUR TIME THIS STUFF MATTERS TO SAVE YOU MONEY
Remember Ebay stores are a business and taxes are there !!!!
COME VISIT US AT STORE4ANGELS OUR TAXES WILL BE DUE SOON LOL
SEE WHAT WE HAVE MANY SALES