If you sell products on eBay, knowing all the IRS tax obligations you have is a very important part of your business. You have sales tax to collect on product purchases, quarterly estimated taxes to pay and of course the traditional year-end tax forms to submit every April.
Top Rated Seller Webinars recently had a webinar focused on key tax laws, IRS forms and possible deductions for online sellers featuring financial-industry experts Laura Messerschmitt of Outright accounting software and Cliff Ennico, attorney and best selling author of numerous eBay books.
Topics in the webinar include:
- The whats, whens, and hows of income taxes for eBay sellers
- How to handle the 1099-K you received from PayPal
- Is selling on eBay a “business” or a “hobby”, and does it matter?
- Calculating your income from selling on eBay
- Common deductions that eBay sellers take