eBay Tax And Legal Issues: 5 Things Ebay Sellers Need To Know
If you sell on eBay, its imperative that you keep up with the laws and guidelines that affect your online business. According to E-Biz attorney Cliff Ennico (http://CliffEnnico.com), author of The eBay Sellers Tax and Legal Answer Book, staying informed and up-to-date on your legal responsibilities as an eBay seller can spare you many unnecessary problems. The following are a few of the most common issues that new eBayers often mishandle:
EBay income taxes. Many sellers regard eBay as a hobby, but there are considerable advantages to treating your online selling as a business and filing a Schedule C. It qualifies you to take all the tax deductions to which self-employed people are entitled. And even if you lose money on eBay, youre able to apply that business loss against other income, such as your day job. Advises Ennico, When in doubt, file Schedule C.
Unlike most nine to five jobs, when you sell online, youre responsible for withholding your own taxes. That means you need to get used to living on about two-thirds of your gross income and setting the rest aside. When you start receiving checks...
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