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What do you use to keep up with your Ebay sales for reporting?
I have been an Ebay seller on and off for a few years now. I've gone through a few usernames (only one at a time) over that time because I would get into&selling certain things that I had personally&and then get back out of it and delete my account after they had been sold.
It was only about 6 months ago when I went to an estate sale for the first time and bought a bunch of things that I really got focused on re-selling on Ebay. It appears that now the government requires places like Paypal to send you some type of documentation at the end of the year stating how much you have sold for reporting purposes, taxes, government laws, etc.
I'm basically a re-seller. I have gone to some estate sales, but I lost interest in them for the most part. Nearly all of my sales come from simple items that I buy from local thrift stores. They sell them for $2, but I simply have a knack for knowing what certain&items tend to really sell for. So I buy a $2 item at the thrift store and it ends up selling on Ebay auction for $50-$75 because nobody at the thrift store knew that it was no longer made and quite collectible. So yeah, that's basically what I do. I work a full-time job and I sell on Ebay on the side for a little extra income. However, when I establish my new username on here and got interested in selling about 5 or 6 months ago...I didn't do any recordkeeping. I never did any in years past and Paypal never sent anything (I think it the law may not have been in effect yet or not as serious or something). Then I started looking around after reading an article on it.&I seriously had no idea that I am now required by law to pay state taxes on sales to people in my own state (Georgia). So in short, I sold like $1,500 to $2,000 worth of stuff this year with no record keeping. I don't know what I paid for the items specifically. Ebay feedback does a good job of keeping up with what the item sells for and shows me my original title description and the date, which helps. But should I be keeping my receipts in addition to record keeping, from when I initially buy something from a thrift store? That thermal receipt paper doesn't stay visible for too long.
So I basically have all of these sales in my feedback...and the final selling value, but no idea what I paid for each of those items to determine the total profit. Sometimes they were bulk items that I bought together at a yard sale and yet it sold in 20 or 30 different sales. But I would only pay like $50 bucks for a whole box of something and sell them in groupsl. That gets really complicated fast.&I'd quite frankly be fine with having the entire amount taxed when I do my taxes at the beginning of next year (since I can't prove the "just profit only" part to compare to the final sale price with my original purchase price...since I have no idea what I paid for the items). Will that be okay?
Also...do I need to get an online selling license or a business license? How would I find out for sure.&Am I correct that my city's&Department Of&Revenue should be able to tell me this? I'd love to go ahead and get a license if I need it and learn how to do it right. But the government makes it SO hard&and confusing. How do I know what feels, licenses, etc. I need to list up simple Ebay auctions? How do I also go about&paying my state the taxes?
What do YOU&use to keep up with your sales? Do you keep all purchase receipts? Do you use a&book (general ledger)? Computer software? I'm trying to figure out how to best do this as it's a lot to keep up with. I get my payments through Paypal&only and transfer them directly to my&bank account.
Exactly what data do I need to log? The date, the original purchase price, the final selling price...do I need to log the Ebay/Paypal fees, as well?& I've been looking up information online. Some sites call it a re-seller certificate...some say it needs to be an online business license. Some say I need an auction house license. All of my sales are done at home from my bedroom, using a simple postal scale and a thermal label printer compatible with the USPS.
What can you seasoned sellers tell me that will help? If I did have to get a license....should I want until the beginning of next year? What about the next two months? Thank you for the help.
(1,749 Views)
Adventurer
Re: What do you use to keep up with your Ebay sales for reporting?
in reply to
As a retired tax preparer,& I use the basic schedule C which you can down load from IRS.gov...and I set up a spread sheet naming the colums after the line items on the form.& Then, at the end of the year all you have to do is add across imput on the Schedule C (Sole Proprietorship).& Hope this helps!
(1,749 Views)
Adventurer
Re: What do you use to keep up with your Ebay sales for reporting?
in reply to
Oh... and you may want to order pub. 334, also free at IRS.gov.& You can order it online.& They won't have the 2013 version yet, but go ahead and get the one for 2012.& It doesn't change much from year to year. Then, after Jan 1, you will be able to get the 2013 version.
(1,749 Views)
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What do you fo every day?We clean -----------What do you fo every day?We clean ----------- the classroom.A.have to B.need C.has to D.can
为什么不是b？
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what do you do every day? we have to clean the classroom 你们每天做什么， 我们不得不打扫教室
怎么感觉这个题目真的有点问题 但是我觉得答案应该没错 因为很多人不想打扫教室 但是不得不这么做
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