posted on February 4, 2005 05:59:02 PM new
Hey All-
I have a tax question for you?Obviously if your selling fulltime on Ebay, and your GMS Gross income is over $2,500, a month then you file either online with (EFTPS), or you pay taxes via Snail Mail, every month.
Does anybody add up all thier deductions, Ebay Fees, Paypal Fees, Gas Reciepts, Business Supplies, etc every month before paying monthly, or do you guys do it at the end of the year. Naturally when your in business for yourself you need to pay either every month or three months depending on how much "Cha Ching", your making right?
I want to make sure I'm doing everything correctly any suggestions would be greatly appreciated.
Thanks,
RC
posted on February 4, 2005 07:21:47 PM new
$2500 a month gross is not all that high, especially with an ebay business. Check your figures, I just checked out the website (EFTPS) and they say minimum gross is $200,000/year
posted on February 4, 2005 07:57:23 PM new
I'm not sure I follow you $200,000 a year? How do take care of your taxes do you pay online etc? If you make more then $2,500 gross a month then you are supposed to pay monthly
posted on February 4, 2005 08:18:00 PM new
Please show me exactly where it says you are supposed to pay monthly taxes if you gross $30,000 a year. I know about quarterly payments, but have never heard about monthly payments for the IRS. I have grossed more than $30,000 per year for the past 10 years, and have never been asked to do this. If this is true, you should be able to point it out on the IRS website.
posted on February 4, 2005 08:42:57 PM new
I am not going into the how much argument, but as far as the expenses go, you should keep a monthly record of those. Then at the end of the year, you will only have 12 figures to calculate for each expense catagory instead of hundreds or even thousands. Basically it will be a time saver to keep monthly records. Also by keeping monthly records, you can also determine which time periods might be list or not list.
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Alive in 2005
posted on February 5, 2005 09:33:39 AM new
On Self-Employment tax you only have to make quartly payments if you think you will owe over $1,000 at the end of the year.
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