How do you compose your tax records?

[hazy]

So how do those of you who pay taxes for your stealth accounts actually organize your records? What records do you keep?

[slim jim]

the question is not specific enough to answer. most people i would think using accounting software. you must have some basic bookkeeping skills to use this method. as far as what records do you keep, the answer is just about everything.

[Ebayorbust]

As you will shortly be told, we do not give tax advice on the forum. See a tax professional if you need help.

Aside from that, keep some sort of record of all your income and expenses. It will help said tax professional to figure out how much tax you have to pay.

[GrannyT]

None of us are qualified to advise on tax matters

Fairy stories - now that we are good at

[jeffweico]

I don't think this is really TAX advice. More like what to keep for the tax professional.

Very simple. You need records and receipts for all of your income, and all of your expenses.

Receipts are not filed with your tax return, but if you ever get audited, you WILL need them to prove your deductions.

As far as WHAT EXACTLY you can deduct, THAT you need to speak with a professional tax adviser about.

[GreenBean]

Originally Posted by hazy

So how do those of you who pay taxes for your stealth accounts actually organize your records? What records do you keep?

You appear to be confusing yourself. Using the term 'stealth' is irrelevant.


Most of us have ebay accounts that earn money.

We keep the usual gambit of records, invoices and/or computer programs.

I, for one, also seek professional advice to make sure everything is in order.

That is what you should do too.

The End

[GreenBean]

Some threads that should help you on your quest too, hazy

http://www.aspkin.com/forums/ebay-di...-software.html


http://www.aspkin.com/forums/subscri...-outright.html

http://www.aspkin.com/forums/paypal-...20k-limit.html