posted on September 1, 2002 12:18:38 PM new
We have sold PT for awhile and want to do FT as a business....we have plenty of inventory and make good money on what we sell...anywho,what do we need to do as far as taxes go?
We want to do our own taxes....so is just a schedule c what you use or what?
any help appreciated.
posted on September 1, 2002 01:06:43 PM new
I dont FT eBay but I imagine it falls under Schedule C. If your forming a partnership, LLC or corporation then i imagine you would need an accountant.
For a schedule C business you will probably need to arrange quarterly deposits of estimated taxes with the IRS.
posted on September 1, 2002 06:21:16 PM new
If you aren't claiming business income from the business PT, why does going FT now cause you to worry about taxes ? Whether you're FT or PT, the IRS requires you to file and claim income for any income from any source whatsoever.
In any event, a schedule C is what you'll need. But be forewarned, schedule C is somewhat complicated, especially for depreciation of equipment. If you're not too saavy on business expenses as deductions etc., a good accountant may be the way to go.
posted on September 2, 2002 06:37:19 AM new
Get an accountant. They more than pay for themselves in the money they save you on taxes AND the headache of filing.
A business without an accountant is like a person trying to do thier own dental work with a mirror and a flashlight.
posted on September 3, 2002 06:43:18 AM new
Get "Small Time Operator" by Bernie Kamaroff. Has saved me many, many times the purchase price of the book.
It explains the ins and outs of bookkeeping and taxes in a clear, easy, folksy way. Pay particular attention to the section on deductions. Odds are you are cheating yourself massively right now by NOT reporting your income.
