Selling on eBay? Learn the tax rules for different types of sellers, whether you’re hosting an online garage sale or running a business. Understand when you need to report sales, how to track income and expenses, and the tax forms required by the IRS.
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PayPal, Venmo, and EBay – were supposed to issue 1099Ks for transaction totals exceeding $600, down from the previous $20,000+ and 200+ total transactions, but the IRS changed the1099-K form thresholdreporting requirement to $5,000 in 2024; more than $2,500 in 2025; and more than $...
06-27-2024 10:18 AM @kath.layn wrote: I try to buy items that I can mark up 4x. If, on average, I can do that, then I always at least double my money. My shipping costs are high because I ship a lot of heavy items. So I don’t look at gross sales too ...
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Before ARPA’s enactment, third-party settlement organizations, or TPSOs, — think PayPal, Venmo, CashApp, eBay, Etsy,... Read more → Posted on Sunday, December 08, 2024 at 03:54 PM in Filing, Finances, Forms, IRS, Recordkeeping, Tax evasion, Tax numbers, Tax Tip, Taxes, Work-...
Before ARPA’s enactment, third-party settlement organizations, or TPSOs, — think PayPal, Venmo, CashApp, eBay, Etsy,... Read more → Posted on Sunday, December 08, 2024 at 03:54 PM in Filing, Finances, Forms, IRS, Recordkeeping, Tax evasion, Tax numbers, Tax Tip, Taxes, Work-...
Most of the answers on this thread are applicable when the business is using accrual accounting. Ask your tax professional if you qualify for cash accounting where your inventory purchases may be exspensed as supplies. You must be under $25 million in sales. With cash accounting you can deduc...
Do you have an online platform on Etsy or eBay, or use a payment platform to sell through your website? Then you may have heard rumblings about the 1099-K form finally getting the $600 rule up and running. Well, it’s been delayed again. The rule is designed so that anyone who ...