Recording your sales data??17719
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jaysonslade private msg quote post Address this user | |
| Would anyone mind sharing a screenshot or two of exactly how they keep up with their eBay sales for tax purposes? I'd like to see a screenshot of a section of your spreadsheet? Or better yet, is there an "online sales friendly" software you use? What do you tally and how often do you tally it? Is it just a running total for the entire year... total money earned minus total money spent? Any specific info would be helpful. It's so easy to "not track enough" and even easier to get bogged down with all the unnecessary data. I want to keep accurate records for properly reporting taxes owed, so I'd like to see how others are doing it. I'm not much interested in simply winging it and just hoping not to be audited. | ||
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RonMob private msg quote post Address this user | |
| My columns are: A) title B) issue # C) purchase date D) order # E) purchase price F) Certification costs (or other costs,if any) G) sold date H) sold price I) commission fees J) shipping cost K) total profit I have a few additional columns that I use to help me evaluate the current value of my collection and columns that list condition and notes for if the book is a variant, newsstand etc Hope this helps you. |
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 Staple topics, nice.
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makahuka private msg quote post Address this user | |
| @RonMob do you have a type of census you use for fluctuating prices, old and new books? | ||
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RonMob private msg quote post Address this user | |
Quote:Originally Posted by makahuka I do not. I have columns for low and high value that I record when I buy a book or get it back from certification and I update it once every year or two. My collection isn’t too large. If my collection goes over a 1000 books I sell a bunch so the wife doesn’t b*tch. |
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 Feel free to use my post as a checklist.
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multi007 private msg quote post Address this user | |
| And dont forget deductions!! Here's a cut and paste from my post months ago... this can help you. "OK everybody, this is a very important post. I’m doing this while I’m sitting in the parking lot on my cell phone so there may be some typos that I’ll correct later on. But for the most part I just left my CPA office. And I had approximately $29,000 in sales (gross) in my online business. I also have a full-time job. He said next year it doesn’t matter whether it’s $700 or $30,000 in gross sales, we are all going to get a 1099 form. Here are several points that he made: 1 you are not paying taxes on $29,000. 2 since that is your gross, you need to drop that down to find your net. The net is the cost of the item that you paid for before you sold it at a profit. The net is also the fees associated for selling your item at a profit. Any losses you made can be deducted from the profit. 3. Now come the deductions. Cost of shipping supplies, cost of shipping fees, postage, mileage to and from the post office, mileage to and from to purchase your inventory, if you fly on a plane to get inventory the cost of the plane ticket) here are other deductions that he found for me. 35% of my home Square footage one particular room, is used strictly for inventory. (which means 35% of the monthly home property taxes, 35% of the home owners insurance, 35% of the water bill, 35% of the trash bill, 35% of the electric bill, 35% of the monthly exterminator, 35% of an air condition repair bill, and 35% of anything else related to the home. (Except for home improvements or home repairs), are all deductible from that $29,000 gross. One cell phone designated for the business, printer supplies, paper, tape, staples, stapler, toner, labels, bubble wrap, boxes, mailers, etc. any large dollar theft,(must have a police report). I think that’s about it. By the time I got out of there, my total taxable amount was approximately $3300. Down from $29,000. Therefore I had to pay taxes on $3300. So a couple hundred dollars. And this was all 100% legal with proper deductions. so from the $29,000, you deduct the cost of goods, that gives you your net, then you have business deductions, and that dropped it down to $3300. Which is the taxable amount. Also, the CPA fee is deductible. That was $325 for me. worth it." |
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 I'm waiting.... (tapping fingers).Splotches is gettin old! |
Nuffsaid111 private msg quote post Address this user | |
| My traceable online ledger stands at $67. I forgot to take an ebay item down on Jan 1. I'll be doing my 4th small convention this weekend as well as 2 yard sales this year. Can't imagine why I'm back to the dark ages |
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