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Yearly IRS taxes on eBay
 

So I got an eBay business and half of it is selling replica gaming controllers from china, I plan on paying taxes yearly to the IRS, how would I make sure this process is smooth. I have no idea where to start, any advice would help.

Re: Yearly IRS taxes on eBay
 

It's easy. Add up all payments, add up all inventory/supplies, subtract expenses from total payments received, report your profits, pay taxes on your profits.

IRS could not care less what you are selling they literally just 1/3 of any money you made.

Re: Yearly IRS taxes on eBay
 

Can file online for free with H&R Block. Has some stuff to guide you through it the first time like how to claim your car, house as place of business, rent/mortgage, bills, etc. Super helpful my first time.

You'll most likely need Schedule SE and C.

Re: Yearly IRS taxes on eBay
 

For a first timer I seriously recommend spending the $100-150 to have a real-life professional help you, so you can make sure you get all the credits and deductions you're entitled to. Depending on how much you sold it could potentially save you thousands of $'s.

Re: Yearly IRS taxes on eBay
 

I 's'pose... Remember spending 2+ months going thru invoices and inventory year 1 cause I didn't know if what I was doing would become a legit biz lol. Then reading all the fine print when learning what can be claimed as a deductible. What a nightmare....

For faster filing prob pay someone to do it yr 1. After that dont be a bum and DIY.

You'll need to pay estimated taxes this yr 2019 if you'll owe IRS 1k+ . Greedy bass turds want your money all year round.

Re: Yearly IRS taxes on eBay
 

Will add tho that H&R Block is all automated and will calculate credits in for you. Deductibles you just input your expenses and it spits it out for you. Really nice.