Library Catalogue
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
Maeda Marha
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
- Florida Atlantic Publishing Group 2008 - 288p
Table of Contents
Introduction 13
Taxes and the Online Marketplace - What This Means for You 15
Chapter 1 A Hobby or a Business? 21
The Difference Between a Hobby and a Business 23
Establish Yourself as a Business 27
State Licenses 35
Select a Name for Your Business 37
Design a Logo for Your Business 39
Open a Bank Account 40
Get a Federal Tax ID Number 41
Get a Post Office Box 42
Online Marketplace Rules 42
Chapter 2 Recordkeeping - The Basics 47
Benefits of Recordkeeping 48
Type of Information to Record 51
Examples of Supporting Documentation 58
How Long to Keep Records 60
Organizing Receipts 61
Creating a Filing System 62
Bookkeeping 63
Online Marketplace Tools 70
Updating Your Books 72
Reconciling Your Account Statements 75
Protecting Your Business Records 75
Chapter 3 Taxes That Affect Small Businesses 79
Levels of Taxation 79
Types of Taxes 80
Tax ID Number (TIN) 87
Do You Need an Accountant? 88
Filing Your Taxes 89
Accounting Periods 95
Accounting Methods 96
Gains and Losses 105
Barter Income 106
Chapter 4 Business Deductions -A Lifeline for Sole Proprietors 109
Types of Income 110
Income Tax Brackets 114
Tax Deductions and Exemptions 116
Business Expenses 119
What You Cannot Deduct 120
What You Can Deduct 122
Finding Hidden Business Deductions 136
Chapter 5 Business Use of Your Home 139
Compliance With Local Zoning Regulations 141
How to Qualify 141
Figuring the Deduction 143
Deducting Your Expenses 145
Depreciating Your Home 147
Making the Most of Your Home-Office Deductions 151
Chapter 6 More Deductions 153
Phantom Losses 154
Alternative Motor Vehicle Credit (Form 8910) 155
Year-End Tax Deductions 156
Section 179 deduction 158
Vehicles 160
Homeowner Credits and Exemptions 161
Chapter 7 How to Value Your Inventory for Taxes 165
Cost of Goods Sold 166
Methods for Valuing Inventory 169
Garage Sales, Thrift Stores, Flea Markets, and Auctions 171
Personal Items and Collectibles 172
Chapter 8 Self-Employment Taxes 175
Who Pays Self-Employment Tax 177
How to Pay Self-Employment Tax 178
Calculating Your Net Earnings 178
Reducing Your Self-Employment Tax 180
Chapter 9 Quarterly Estimated Tax Payments 181
How to Calculate Your Quarterly Estimated Taxes 183
How to Pay Quarterly Estimated Taxes 184
Calculating Penalties for Underpayments and Late Payments 186
State Income Tax 186
Chapter 10 Sales and Use Tax 187
Federal and State Sales Tax Legislation 188
Nexus 190
Use Tax 192
Getting a Sales Tax Number 193
How to Collect Sales Tax 194
Sales Tax Service Providers 197
Chapter 11 Working with a Spouse or Family Member 199
Qualified Joint Venture 200
Employer/Employee Relationship 203
Family Members as Employees 203
Family Tax Breaks 205
Chapter 12 Long-Term Tax Breaks: IRAS, Roth IRAs, and SEPs 209
Contribution Limits 211
Contribution Deadlines 212
Traditional IRA 214
Roth IRA 216
Beneficiaries 220
Simplified Employee Pension (SEP) IRAs 221
How to Set Up an IRA 224
Investing in Your Online Sales Business with a Self-Directed IRA 227
Chapter 13 What to Do When Things Go Wrong 237
Avoid Trouble by Timely Reporting 238
If You Have Not Filed a Tax Return 239
If You Have Not Paid Your Taxes 239
Requesting a Waiver for Estimated Quarterly Tax Penalties 241
Taxpayer Advocate Service 242
If You Are Selected for an Audit 242
Free Tax Help 245
Unpaid Sales Tax 246
Chapter 14 Ten Biggest Tax Mistakes 247
Conclusion 251
Appendix A: Useful Websites and References 253
Bookkeeping 253
Data Storage 253
Business Plans 254
Family Business 254
Inventory 254
Licenses and Permits 255
Logo Design 255
Online Marketplaces 255
Sales Tax 255
Self-Employment Tax 256
Shipping 256
Social Security and Retirement 257
State Taxes 257
Taxes 257
Taxes: IRS Publications and Articles 260
Tax Forms 262
Trading Assistants 264
Troubleshooting Taxes 264
Websites and Domain Names 264
Appendix B Business Plan Example for Internet 265
Appendix C Glossary 271
Bibliography 279
Author Biography 283
Index 285
9781601381248
1. Electronic Comerce - Taxation - Law & Legislation - U S A 2. Small Business - Taxation 3. Internet Auction
343.099800 / MAE
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
- Florida Atlantic Publishing Group 2008 - 288p
Table of Contents
Introduction 13
Taxes and the Online Marketplace - What This Means for You 15
Chapter 1 A Hobby or a Business? 21
The Difference Between a Hobby and a Business 23
Establish Yourself as a Business 27
State Licenses 35
Select a Name for Your Business 37
Design a Logo for Your Business 39
Open a Bank Account 40
Get a Federal Tax ID Number 41
Get a Post Office Box 42
Online Marketplace Rules 42
Chapter 2 Recordkeeping - The Basics 47
Benefits of Recordkeeping 48
Type of Information to Record 51
Examples of Supporting Documentation 58
How Long to Keep Records 60
Organizing Receipts 61
Creating a Filing System 62
Bookkeeping 63
Online Marketplace Tools 70
Updating Your Books 72
Reconciling Your Account Statements 75
Protecting Your Business Records 75
Chapter 3 Taxes That Affect Small Businesses 79
Levels of Taxation 79
Types of Taxes 80
Tax ID Number (TIN) 87
Do You Need an Accountant? 88
Filing Your Taxes 89
Accounting Periods 95
Accounting Methods 96
Gains and Losses 105
Barter Income 106
Chapter 4 Business Deductions -A Lifeline for Sole Proprietors 109
Types of Income 110
Income Tax Brackets 114
Tax Deductions and Exemptions 116
Business Expenses 119
What You Cannot Deduct 120
What You Can Deduct 122
Finding Hidden Business Deductions 136
Chapter 5 Business Use of Your Home 139
Compliance With Local Zoning Regulations 141
How to Qualify 141
Figuring the Deduction 143
Deducting Your Expenses 145
Depreciating Your Home 147
Making the Most of Your Home-Office Deductions 151
Chapter 6 More Deductions 153
Phantom Losses 154
Alternative Motor Vehicle Credit (Form 8910) 155
Year-End Tax Deductions 156
Section 179 deduction 158
Vehicles 160
Homeowner Credits and Exemptions 161
Chapter 7 How to Value Your Inventory for Taxes 165
Cost of Goods Sold 166
Methods for Valuing Inventory 169
Garage Sales, Thrift Stores, Flea Markets, and Auctions 171
Personal Items and Collectibles 172
Chapter 8 Self-Employment Taxes 175
Who Pays Self-Employment Tax 177
How to Pay Self-Employment Tax 178
Calculating Your Net Earnings 178
Reducing Your Self-Employment Tax 180
Chapter 9 Quarterly Estimated Tax Payments 181
How to Calculate Your Quarterly Estimated Taxes 183
How to Pay Quarterly Estimated Taxes 184
Calculating Penalties for Underpayments and Late Payments 186
State Income Tax 186
Chapter 10 Sales and Use Tax 187
Federal and State Sales Tax Legislation 188
Nexus 190
Use Tax 192
Getting a Sales Tax Number 193
How to Collect Sales Tax 194
Sales Tax Service Providers 197
Chapter 11 Working with a Spouse or Family Member 199
Qualified Joint Venture 200
Employer/Employee Relationship 203
Family Members as Employees 203
Family Tax Breaks 205
Chapter 12 Long-Term Tax Breaks: IRAS, Roth IRAs, and SEPs 209
Contribution Limits 211
Contribution Deadlines 212
Traditional IRA 214
Roth IRA 216
Beneficiaries 220
Simplified Employee Pension (SEP) IRAs 221
How to Set Up an IRA 224
Investing in Your Online Sales Business with a Self-Directed IRA 227
Chapter 13 What to Do When Things Go Wrong 237
Avoid Trouble by Timely Reporting 238
If You Have Not Filed a Tax Return 239
If You Have Not Paid Your Taxes 239
Requesting a Waiver for Estimated Quarterly Tax Penalties 241
Taxpayer Advocate Service 242
If You Are Selected for an Audit 242
Free Tax Help 245
Unpaid Sales Tax 246
Chapter 14 Ten Biggest Tax Mistakes 247
Conclusion 251
Appendix A: Useful Websites and References 253
Bookkeeping 253
Data Storage 253
Business Plans 254
Family Business 254
Inventory 254
Licenses and Permits 255
Logo Design 255
Online Marketplaces 255
Sales Tax 255
Self-Employment Tax 256
Shipping 256
Social Security and Retirement 257
State Taxes 257
Taxes 257
Taxes: IRS Publications and Articles 260
Tax Forms 262
Trading Assistants 264
Troubleshooting Taxes 264
Websites and Domain Names 264
Appendix B Business Plan Example for Internet 265
Appendix C Glossary 271
Bibliography 279
Author Biography 283
Index 285
9781601381248
1. Electronic Comerce - Taxation - Law & Legislation - U S A 2. Small Business - Taxation 3. Internet Auction
343.099800 / MAE