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Taxing Your eBay Profits
As a small business person-slash-advice columnist I dread the
first quarter of the new year. Not because in my mind my own
business fortunes start at zero again every January or because I
have already dismissed every New Year's resolution I made when
the clock rang out the New Year.
No, the reason I dread the first quarter of the new year is
that my email box floods with questions about business taxes and
the IRS, my two least favorite subjects on earth. It's not that I
am opposed to paying my fair share of business taxes. It's that I
consider the IRS to be a little like Beetlejuice, the movie demon
who appeared only after his name was called three times in a row.
My fear is if I write too many IRS columns their dark agents may
appear on my doorstep, ready to drag me away to an uncertain
fate.
Oh well, one must do his duty no matter the consequences, so
here we go?.
Q: I am starting a small retail business. While talking to a
potential supplier last week he asked for my EIN number. I had no
idea what he was talking about, so I told him I would have to get
back with him because I didn't have the number handy. What is an
EIN number and why do I need one? -- Robert P.
A: Robert, do you remember the old Johnny Rivers song "Secret
Agent Man?" There was a line that said, "They're giving you a
number and taking away your name." An EIN isn't as cool as a
secret agent number, but it works much the same way when it comes
to your business' relationship with the IRS. Instead of
identifying your business by name, the IRS identifies your
business by EIN.
EIN stands for Employer Identification Number and is also
known as a federal tax ID number. The EIN is a nine-digit number
that the IRS assigns to businesses and is used to identify
taxpayers that are required to file various business tax
returns.
Does your business need an EIN? According to the IRS the
answer is yes if:
· Your business has employees
· Your business is a corporation or partnership
· You file returns for Employment, Excise, or Alcohol,
Tobacco and Firearms tax
· You withhold taxes on income (other than wages) paid to
a non-resident alien.
· Your business has a Keogh plan
· Your business involves trust, estate, real estate
mortgage investment conduits, non-profit, farmers' cooperatives,
or plan administrators.
Applying for an EIN is a relatively painless task. You can
apply online at the IRS website (irs.gov), apply by mail or
telephone, or if you do business in a state that participates in
the Federal Employer Identification Number project you can apply
through you local IRS office (sorry, Alabama is not one of
them).
You will need an EIN number prior to filing business returns
with the IRS, so make sure you give yourself plenty of time to
obtain one. For more information on EINs and your business,
consult your accountant.
And while we're on the subject ?
Q: I made extra money selling things on eBay last year. These
were items I picked up at yardsales mostly. My husband says I am
responsible for paying income tax on the money I made, but I
disagree. This is just my hobby, not a business. What do you
think? -- Gladys A.
A: With so many people selling on eBay these days this is a
question I get quite a bit. In fact, I have plans for a future
"eBay and taxes" column, but I believe your question is more, "is
it a hobby or is it a business?"
Again, I went to the horse's mouth (at least I think it was
the mouth) for the answer. According to the IRS there are a
number of factors that help determine if your hobby can be
considered a business and thereby make you susceptible to the IRS
tax rules governing business.
Do you carry on the activity in a business-like manner? If you
conduct your eBay activities like a business, i.e. you keep
business records, track your profit and loss, keep a separate
checking account, etc. then whether you think so or not, your
hobby is considered a business.
If you put considerable time and effort into your venture, the
IRS may contend that you do so for profit and not fun. It seems
the folks at the IRS don't believe in doing things strictly for
pleasure. My guess is, neither do you. If you weren't making
money selling on eBay I doubt you'd be bothering getting up at
4am to hit all those yardsales. Then again, maybe you would?
If you depend on income from your eBay activities for your
livelihood, it's a business, not a hobby.
There are a number of other factors the IRS considers to
determine if a hobby is really a business, but in your case I
think that covers the basics.
For detailed answers to any tax question you should consult a
qualified accountant or tax attorney. God forbid you rely on a
guy who is afraid to mumble the letters "IRS" three times in a
row.
Small Business Q&A is written by veteran entrepreneur and
syndicated columnist, Tim Knox. Tim's latest books include "Small
Business Success Secrets" and "The 30 Day Blueprint For Success!"
Related Links: http://www.smallbusinessqa.com http://www.dropshipwholesale.net
 MORE RESOURCES updated Sat. July / 31 / 2010
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