 Can i get in trouble for sending my taxes in late? |
| If I send my 2006 tax return in like september or october, can I get in any real trouble, or just get fines? What if all my income was self-employed, does that make it worse?... |
|
 IRS on trying to jack me? |
| Help me out ok. i'm a independent business man. i work for fedex ground. i file my taxes last year. I add my little brother to my claim, everything was good with the accountent who did my 1090. ... |
|
 What should a single person with no children claim on his W4 form to get the most money per pay? |
| I just started a new job, and I'm having trouble figuring out how to fill out my W4 form. I'm 25, single, no children, and my parents can not claim me. What number of allowances, if any, ... |
|
 Social Security tax for state employees? |
| I recently got a report for the history of my earnings in the mail from the Social Security administration and it lists no income for me in 2007 (towards social security). I was a state employee of M... |
|
 Is it true that if you own a business you can only write off a vechical if it is leased? |
Hello,
I am wanting to get a vechical for my businesss. But I was told by a friend that you can only do a tax write off on a vechical if it is leased? I find that a little ... |
|
 Moving out of the country to protect myself from the IRS? |
I love my country and I dont mind paying my taxes. But I do owe a lot of back taxes and I am having a hard time catching up.
I have nightmares about the IRS freezing my bank account. If ... |
|
 If i have two dependents and made only 5,865.00 do i have to file? |
| if i don't file will i get audited if someone else claims me on their taxes?... |
|
 If I rent my primary residence and don't make a profit, it is a wash from a tax standpoint? |
| I rented it for a few months for less than my mortgage payment. Seems like the tax accounting is profoundly complicated (depreciation, prorating of expenses and taxes, etc.) for not making any money.... |
|
 Will i have enough money? |
i am 13..... but when i turn 16, i plan on getting a ford mustang.
i could afford this if i got a job at lasertron. they pay 9.25$ an hour. if i work 5 days a week and 4 hours a day, i think i ... |
|
 Can I claim a step-child on my taxes?? |
| My husband and his ex wife have joint custody. She gets to claim one of the kids on her taxes and he gets to claim the other on his. He has back child support to pay on another child from a ... |
|
 What is VAT ? |
| What is Value Added T... |
|
|  |
nobody puts baby in the corner | Do I need to pay tax if I want to start selling things on ebay professionally? |
If so, how do I go about doing it?
Thank you x |
 |
 
crapaudblanc
|
That's a good question. Ebay does not report to the IRS the transactions. Howvere you are supposed to report to the IRS your income (or loss). Selling through Ebay or the Internet professionally is just like having your own business. What I would do is keep track of your expenses and costs (cost of computer, cost of goods, cost of internet connections, commissions to ebay/paypal,...etc...), you should also keep track of your revenue and the cash going into your bank. If you start having major revenues you shoudl start paying quarterly estimated taxes and then do your tax return at year end. If the revenue remain small, yes you have to declare in excess of $4K but it is your judgement call to decide to declare. The IRS will probably not come after you for $10K or $20K as the fee will not be worth their audit cost, but you will be in an illegal position. Lots of people trade on ebay and do not declare, it's at your own risk. Rememberthat at some point the IRS might catch up with you. On top of that their are words that congress might require Ebay to report transactions. Consult your tax advisor first. |
|
katt121
 |
Yes you will and even if you are under the tax limit you will still need to file a tax return. The authorities are cracking down on this - there was a big tax case earlier this year - so I would be careful if you try to get away with it. |
|
devonian2001
 |
You are allowed a personal allowance but if you need information approach your local tax Office they will be please to help you. I found my local tax office great when I set up a small business. Do not avoid paying or you may find yourself in deep water. |
|
M H
 |
If you are planning this as a small thing to start of with that has little capital outlay (money to set up) then I would recommend you start of as a 'sole trader'. You will need to register as self-employed with HM Revenue and Customs and complete a tax return once per year. They are downloadable from HMRC.gov.uk but you must fill them out yourself or pay someone else to do it. It's not that expensive to get a small business accountant to do it but many individuals just do it themselves. if it is on top of your regular income then chances are that you'll be eligible to pay tax right away. Ask HMRC on the phone what taxes you will need to pay for your specific circumstances but start off small and simple as a sole trader and if you get a fair bit bigger you can consider registering as a limited company. |
|
Onestep downfrom God
|
Yes you do.
Get an accountant.
See my other answers over many months for more info. |
|
Johnny
|
If you do it professionally, you will make a some what of a steady salary off of it. That salary will be your income, and there fore you need to pay, income tax, as well as all other federal and state taxes. Look on ebay for more on this I am sure they have stuff listed. |
|
ada7468
|
Only if the tax man catches you |
|
Princess B2B 29/11/08
 |
not until u make 4000 |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 25 minutes(s) ago
| | | |
8 | 54 minutes(s) ago
| | | |
8 | 2 hour(s) ago
| | | |
8 | 6 hour(s) ago
| | | |
7 | 11 hour(s) ago
| | | |
8 | 2 day(s) ago
| | | |
8 | 6 day(s) ago
| | | |
8 | 2 week(s) ago
| | | |
8 | 2 month(s) ago
| | | |
8 | 7 month(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
