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Author Maeda, Martha, 1953-

Title The complete tax guide for E-commerce retailers including Amazon and eBay sellers : how online sellers can stay in compliance with the IRS and state tax laws / Martha Maeda.

Imprint Ocala, Fla. : Atlantic Pub. Group, c2012.


Location Call No. OPAC Message Status
 Axe 3rd Floor Stacks  343.068 M268c 2012    ---  Available
 Axe Compact Discs 1st Floor  343.068 M268c 2012    ---  Available
Description 288 p. : ill., forms ; 23 cm. + 1 CD-ROM (4 3/4 in.)
Bibliography Includes bibliographical references (p. [279]-281) and index.
Contents Introduction -- A hobby or a business? -- Recordkeeping : the basics -- Taxes that affect small businesses -- Business deductions : a lifeline for sole proprietors -- Business use of your home -- More deductions -- How to value your inventory for taxes -- Self-employment taxes -- Quarterly estimated tax payments -- Sales and use tax -- Working with a spouse or family member -- Long-term tax breaks : IRAs, Roth IRAs, and SEPs -- What to do when things go wrong -- Ten biggest tax mistakes -- Conclusion -- Appendixes. Useful websites and references -- Business plan example for Internet -- Glossary -- Bibliography -- Author biography.
Summary Fed up with the numerous violations of tax law by individuals and businesses selling goods on eBay and other Web sites, the IRS is pushing Congress to make online marketplaces responsible for reporting sales information to the IRS. eBay's own statistics suggest that there are 1.3 million people around the world who make their primary or secondary source of income through eBay, with just over 700,000 of those people in the United States. Last year, an IRS advisory committee recommended that online auction sites be required to file reports of sales transactions with the IRS. The committee also suggested requiring sellers to obtain taxpayer identification numbers, which would let the government track the transactions. If you are an eBay seller, you may be paying more than you have to in taxes because you have not focused on all that you can deduct. You will learn how to take advantage of the legal tax loopholes available and how to choose the proper, legal business structure. If you run your online selling business in a businesslike manner with intent to profit, you can take deductions for business use of your home and also many other deductions, even though they may produce a loss that reduces the taxes you owe on your day-job income. You will learn the categories of deductions on the Schedule C, which is the form most small independent businesses must file. You also will learn to use the complete list of deductions to see what kinds of items you should be tracking all year and how to set up your records using a system that tracks those categories, including how to computerize the bookkeeping process. This brand new, up-to-date book covers everything you will need to know to balance the books, including assets and liabilities, keeping track of transactions, payroll, sales tax, balance sheets, keeping a ledger and journal, financial statements, operating accounts, and complete up-to-date tax information. You will learn how to set up a simple, quick, and audit-proof recordkeeping system that works. All this will help you keep money in your pocket and prevent money from going to Uncle Sam. - Publisher.
Subject Electronic commerce -- Taxation -- Law and legislation -- United States.
Small business -- Taxation -- Law and legislation -- United States.
Electronic commerce -- Taxation -- United States.
Internet auctions.
eBay (Firm)
Internet auctions.
Electronic commerce -- Taxation.
Small business -- Taxation.
eBay (Firm) (Firm)
ISBN 9781601381248 (alk. paper)
1601381247 (alk. paper)

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