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Do You Need to Make Estimated Tax Payments?
The second quarter estimated tax payment is due in less than two weeks (June 15). Do you know if you need to make estimated tax payments? The federal income tax system is a pay-as-you-go tax system. That means you pay taxes as you earn income throughout the year.
What Taxes You are Responsible for as an eBay Seller?
There are three types of tax that you will be responsible for when you start your eBay business. They are 1) sales and use tax, 2) payroll tax and 3) income tax.
How to Value Your eBay Inventory for Tax Purposes
One of the questions I hear most often from eBay sellers is how to value inventory for purposes of preparing their tax return, especially if it was purchased at a garage sale, or if you used the item before you sold it on eBay.
Are You Required to Report Your eBay Earnings?
Many people sell items on eBay, either as a hobby, a way to clean out the house, or to earn some extra income during retirement. The number one question I hear from these people is are they are required to report the profits they earn on items they sell on eBay. The answer is "yes".
Is your eBay activity a business or a hobby?
Many eBay sellers start out as a hobby, or just to clean out their closets. Many times, this hobby can lead to a profitable business. A hobby is an activity that you do simply because you love doing it, but it may also earn you some income. That income must be reported on your tax return, even if it is just a hobby.
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