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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 Ta

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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 Ta Cover

 

Synopses & Reviews

Publisher Comments:

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.

Book News Annotation:

This guide for general readers offers a reader-friendly layout with b&w photos and illustrations, bullet points, and checklists. The book gives instructions and advice for establishing a business, record keeping, taxes that affect small businesses, business deductions, business use of your home, and how to value your inventory for taxes. There is also advice on self-employment taxes, quarterly estimated tax payments, sales and use tax, working with a spouse or family member, long-term tax breaks, and the ten biggest tax mistakes. An extensive appendix lists useful websites and references in many categories. A sample business plan and a glossary are also included. The CD-ROM contains IRS tax forms and a sample business plan for an Internet sales business. Annotation ©2012 Book News, Inc., Portland, OR (booknews.com)

Product Details

ISBN:
9781601381248
Author:
Forshee, Kelly
Publisher:
Atlantic Publishing Group (FL)
Subject:
Taxation - General
Subject:
E-Commerce - General
Subject:
Finance
Subject:
Small Business
Subject:
Electronic Commerce
Subject:
EBay (Firm)
Subject:
Internet auctions
Subject:
Business-Tax Guides
Publication Date:
20110931
Binding:
TRADE PAPER
Language:
English
Pages:
288

Related Subjects

Business » General
Business » Tax Guides
Business » Taxation » General
Business » Writing

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 Ta New Trade Paper
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$29.95 In Stock
Product details 288 pages Atlantic Publishing Group (FL) - English 9781601381248 Reviews:
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