Are you one of the millions of people who started selling stuff on eBay to make a few extra dollars? Are your neighbors hiring you now to help them get rid of the clutter in their garages, basements, and attics?
Have you become a regular on the estate sale circuit, snapping up bargains and reselling enough to be a Power Seller?
Do you realize that you’re required to take the income you make from your eBay sales and report it on your tax return? Yes, even if you consider it a hobby.
If you want to deduct the amount you spend to produce your sales, then you’ll have to start acting like a real business—and that means keeping detailed records of income and expense. Don’t freak out just yet. It’s not as hard as it sounds.
There’s a new QuickBooks training product for sale over at my bookkeeping web site.
Note: While this material would help any small business who needs to set up QuickBooks and learn the essentials of using it, this particular edition (we have several others planned) is especially well-suited for those in the retail trade who need to track inventory and cost of goods sold.
We spend a fair amount of time focusing on those two areas and we discuss strategies for entering sales (both in detail and in summary form) and dealing with 3rd party providers to get the required data.
This product would be helpful to brick-and-mortar stores with an online presence or a plan to get online.
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