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The Complete Tax Guide for E-commerce Retailers inlcuding Amazon and eBay Sellers: How Online Sellers Can Stay in Compliance with the IRS and State Tax Laws [NOOK Book]

Overview

Fed up with the numerous violations of tax law by individuals and businesses selling goods on eBay, Amazon, and other websites, the IRS is pushing Congress to make online marketplaces responsible for reporting sales information. EBay’s own statistics suggest there are 1.3 million people around the world who make their primary or secondary source of income through eBay, with just over 700,000 of those people in the United States. Today, about 29 million people in over 160 countries use Amazon.com. Last year, an ...
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The Complete Tax Guide for E-commerce Retailers inlcuding Amazon and eBay Sellers: How Online Sellers Can Stay in Compliance with the IRS and State Tax Laws

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Overview

Fed up with the numerous violations of tax law by individuals and businesses selling goods on eBay, Amazon, and other websites, the IRS is pushing Congress to make online marketplaces responsible for reporting sales information. EBay’s own statistics suggest there are 1.3 million people around the world who make their primary or secondary source of income through eBay, with just over 700,000 of those people in the United States. Today, about 29 million people in over 160 countries use Amazon.com. Last year, an IRS advisory committee recommended that online auction sites be required to file reports of sales transactions with the IRS. The committee also suggested requiring sellers to obtain taxpayer identification numbers, which would let the government track the transactions.

If you are an eBay or Amazon seller, you might be paying more than you have to in taxes because you have not focused on all that you can deduct. You will learn how to take advantage of the legal tax loopholes available and how to choose the proper, legal business structure. If you run your online selling business in a businesslike manner with intent to profit, you can take deductions for business use of your home and also many other deductions, even though they might produce a loss that reduces the taxes you owe on your day-job income. The companion CD-ROM contains all the IRS tax forms you will find within the book, as well as a sample business plan you can adapt for your own use in your online business.

You will learn the categories of deductions on the Schedule C, which is the form most small independent businesses must file. You also will learn to use the complete list of deductions to see what kinds of items you should be tracking all year and how to set up your records using a system that tracks those categories, including how to computerize the bookkeeping process. This guide will teach you what business expenses you cannot deduct as well.

This brand new, up-to-date book covers everything you need to know to balance the books, including assets and liabilities, keeping track of transactions, payroll, sales tax, balance sheets, keeping a ledger and journal, financial statements, operating accounts, and complete up-to-date tax information. You will learn how to set up a simple, quick, and audit-proof recordkeeping system that works. The Complete Tax Guide for E-commerce Retailers including Amazon and eBay Sellers: How Online Sellers Can Stay in Compliance with the IRS and State Tax Laws explains the ten biggest tax mistakes and how you can avoid them. All this will help you keep money in your pocket and cut down the amount of money going to Uncle Sam. The companion CD-ROM is not available for download with this electronic version of the book but it may be purchased separately by contacting Atlantic Publishing Group at sales@atlantic-pub.com.
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Product Details

  • BN ID: 2940013749924
  • Publisher: Atlantic Publishing Group, Inc.
  • Publication date: 1/16/2012
  • Sold by: Barnes & Noble
  • Format: eBook
  • Pages: 288
  • Sales rank: 1,224,459
  • File size: 4 MB

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Sort by: Showing 1 Customer Reviews
  • Posted August 3, 2012

    more from this reviewer

    With the economy continuing to get worse every week, more and mo

    With the economy continuing to get worse every week, more and more people are finding a second income by becoming an online seller on popular sites like Amazon, eBay and Etsy. Even television is getting into making money by selling used items such as Pawn Stars, American Pickers, and Storage Wars. Of course Amazon and eBay have been available to the public for many years before these shows existed. Some people may find it as a hobby selling collectables, antiques, old books, used items, or handmade crafts online, while others are making a small if not large income from having an online store.

        Just as bloggers now have to have a disclaimer on what review copies they receive, the government is now cracking down on e-Sellers. When the Housing and Economic Recovery Act of 2008 went into effect in 2011, e-Sellers now have to turn in your newfound income to the IRS, especially if you are bringing in at least $20,000 from your e-Selling.

        The Atlantic Publishing Group has released a new book by Martha Maeda titled The Complete Tax Guide to E-commerce Retailers that touches on this very subject.

        I didn’t realize that starting an online shop wasn’t exactly that easy, especially when it is more than just a hobby. You have get a state license, create a name for your shop, get a logo, open a separate bank account, get a Federal Tax ID Number, and get a post box. And that’s just getting you started. You have to keep records on literally everything related to your business. This book explains in Laymen terms on how to get all the right paper work for your business, and what the correct tax forms you should use. There’s a bonus CD-ROM contains all the IRS tax forms that are within the book and a few sample business plans to get you started.

        If you are interested in becoming an online seller or if you already are one, I recommend that you read The Complete Tax Guide to E-commerce Retailers. 
     
    *Disclaimer: I received a free review copy from the Atlantic Publishing Group.

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