Forum

Taxes
 

How many of you have already paid your taxes?
For the ones that haven't, i'd like to hear how you go about doing them?

I only added an EIN to two stealth accounts last year with about 8 stealths selling but none of those i added the EIN to since i didn't go over.

Of course you can find out what you sold by going to the paypal's of each account but how do you calculate your costs? Do you keep a monthly excel sheet of what you sold each month and the cost of each item and do that for all accounts?
How about returns?
And for my 2 accounts that I added the EIN too that is obvious that I need to pay and add them together but how about the other 8. I have to add all those together and add it to the 2 accounts total or is there a special line to put these 8 account profits on on the tax form?

And what do you add in your deductions for costs of the business? Gas to get to the post office, Internet service? besides the obvious, paper/labels, evelopes, boxes...

First time doing Taxes.

Re: Taxes
 

Different people will tell you different things about the way they do their taxes.
Your best bet is to talk to a professional - i.e. an accountant - who knows all the tricks to minimize the amount youll need to pay and do so in a legit way. My accountant saved me quite a bit of money over the last few years. Well worth the expense and time to get it done.

Re: Taxes
 

You will need to talk to an accountant about any tax related issues :thumb: They are the best guys to help you

Re: Taxes
 

If you're selling more than $20,000 remember that PayPal will ask for your tax info as well