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Old 08-27-2009
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Default Paying taxes with a merchant account?

So I have got a merchant account and if for example I do $80,000 a year in sales and then if $30,000 of that is profit how can I prove this?
How can I prove when I do my taxes that I paid taxes,vat and duty fees on my inventory since they come from china?
How can I prove what is profit and what is not profit?
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When you do your taxes you deduct your cost as in your inventory, services you needed, products, etc.. you only pay on what your profit is.
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If you can not work out what to do correctly, see an accountant to file taxes. That way you stay sweet with the IRS
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Originally Posted by aspkin View Post
When you do your taxes you deduct your cost as in your inventory, services you needed, products, etc.. you only pay on what your profit is.
yep....add more expenses!
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Old 08-28-2009
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Thanks for the advice I will just go talk to a tax guy over at H&R block and see how much in taxes I will owe.

Last edited by spookycloud; 08-28-2009 at 01:58 PM.
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Old 09-20-2009
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Originally Posted by spookycloud View Post
Thanks for the advice I will just go talk to a tax guy over at H&R block and see how much in taxes I will owe.
any update
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