auctions Akron, Ohio listings, estate sales Akron, Ohio, surplus liquidations Akron, Ohio
We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
When my column on paying income tax on eBay profits ran it brought a wave of emails on whether you were required to report income earned from eBay sales to the IRS sparked a number of additional questions and comments from eBay sellers who were hoping that I could somehow validate that their eBay activities were mere hobbies instead of actual businesses and therefore not susceptible to IRS taxation.
Several folks argued that just because their little eBay hobby generated a little cash, that didn't make it a full blown business. It seems they consider the income from their little hobby to be financial manna from Heaven and thereby not taxable by earthly tax collectors. I've always been amused by folks who try to impress me with talk about their "little side business" but when the subject turns to taxes they suddenly refer to it as "my little hobby."
All arguments aside, the conclusion that I came to after reading each of the emails was always the same: while you may think selling on eBay is just a fun pastime and the money you're making is not reportable as income, depending on the circumstances, the IRS would probably disagree with you.
It seems that everyone likes making money, but hates carving off a piece for good old Uncle Sam. Welcome to free enterprise, folks. If you're going to come to the dance you have to pay the fiddler.
The IRS rules are clear: you must pay taxes on all personal and business income and that includes money you make selling on eBay.
In its most basic sense, the IRS rules can be interpreted to mean that if you buy an old vase at a garage sale for $10 and sell it on eBay (or elsewhere) for $20 you made a $10 profit and therefore must report it as income and pay Uncle Sam his fair share.
In reality, if you are a casual seller who only sells a few items on eBay every now and then it's doubtful the IRS is going to let loose an army of agents to collect taxes on the few bucks you make. However, if you consistently sell on eBay the IRS may deem your activities to be business oriented and you will be required to file a Schedule C and claim the income.
As mentioned last week, the IRS uses a number of factors to determine if an eBay hobby that generates sales revenue is actually a business. These factors include:
· Do you carry on the hobby in a business-like manner?
· Do you spend considerable time working on the hobby?
· Do you depend on income from your hobby for your livelihood?
If the answer to any or all of these question is yes, you're running a business, not carrying on a hobby, and you are responsible for paying taxes on your income.
What's eBay's take on all this? Naturally eBay is vehemently opposed to anything that might rock the eBay boat. eBay does not issue 1099 tax forms to sellers, nor does it report seller's sales figures to the IRS.
eBay considers itself merely to be a facilitator, meaning that they provide a marketplace in which buyers and sellers come together to do business.
Furthermore, under its current system it would be impossible for eBay to issue accurate 1099s to sellers. eBay does not track if a seller actually gets paid by the buyer, so eBay has no idea how much money - if any - actually changes hands at the end of each transaction.
On the bright side, if you do sell on eBay as a business you can deduct a number of business expenses, including the cost of inventory, listing fees, shipping, envelopes, packing materials, etc.
You might also be able to deduct things like the purchase of a computer for business use, office space (even if it's a home office), office supplies, and more.
Talk to your accountant if there's any doubt as to whether you should or should not be paying taxes on your eBay earnings.
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
Bring home a piece of the Peabody; museum holding online auctions
The Yale Peabody Museum of Natural History is preparing to undergo a comprehensive renovation. In preparation for that transformation, the museum will hold several online auctions of items it can no longer use. The auctions are online only and will ...
Yuvraj, Gambhir, Unadkat Released Ahead of 2019 IPL Auctions
Delhi Daredevils expectedly released Gautam Gambhir, who stepped down as the team's in the middle of the 2018 season after a poor run of form. Yuvraj, who last played for India in June 2017, was bought by KXIP at a base price of Rs 2 crore at the mega ...
The Australian Financial Review
These 6 charts show what killed Australia's property boom
The Australian Financial Review
Clearance rates at Sydney auctions have plunged to 42 per cent, near levels last seen during the GFC. Fairfax Media. by Emily Cadman. A potent combination of nervous buyers, cautious lenders and retreating investors has turned the nation's housing boom ...
The Best Places To Buy Old Games
You probably already know that there are two major ways to sell something on eBay: auction or Buy It Now. Auctions can be where the rarest of the rare stuff goes for exorbitant, record-breaking prices. But more common games that are put up for auction ...
Craven Cattle Mart's Monday auctions round-up
Craven Cattle Mart's Monday auctions round-up. By Viv Mason. Skipton Auction Mart. ANOTHER busy Monday prime sale day at Skipton saw 23 under 30-month clean cattle trade to a per head high of £1,485, or 247.5p/kg. 0 comment. This was hammered ...
Original 'Jerusalem of Gold' Lyrics, Declaration of Independence Draft Sold in Special Public Auction
Pages with the lyrics and sheet music of the song "Yerushalayim Shel Zahav” ("Jerusalem of Gold”), in the handwriting of Naomi Shemer, fetched $67,650 at an auction in Jerusalem Tuesday. Many other historical items were also sold off at the auction, ...
Yahoo News Canada (blog)
FCC launches first US high-band 5G spectrum auction
Yahoo News Canada (blog)
By David Shepardson. (Reuters) - The Federal Communications Commission on Wednesday launched the agency's first high-band 5G spectrum auction as it works to clear space for next-generation faster networks. Bidding is beginning on Wednesday on ...
Kings XI Punjab release Yuvraj Singh; Rajasthan Royals retain Steve Smith ahead of IPL 2019 auctions
New Delhi: Yuvraj Singh was on Thursday released by Kings XI Punjab ahead of the Indian Premier League auction next month while Rajasthan Royals let go left-arm pacer Jaydev Unadkat after paying a whopping Rs 11.5 crore for his services earlier this ...
Egypt finance ministry auctions off EGP 18.7 bln T-bonds
Egypt's Ministry of Finance auctioned off on Thursday treasury bonds at a total value of EGP 18.75 billion. In an online statement, the ministry said it auctioned off 182-day T-bonds worth EGP 9.5 billion, with an average yield of 19.814 percent. It ...
IPL Auction 2019: KXIP's decision to release Manzoor Dar does not surprise JKCA
Kings XI Punjab have released Jammu & Kashmir all-rounder Manzoor Dar along with ten other players ahead of the IPL auctions, which are expected to take place during December. The Punjab franchise have left out eleven players including star cricketers ...
RELATED AUCTION INFORMATION ARTICLES:
Auction and Its Benefits
An auction is basically a public sale wherein any object is sold to the highest bidder. It can be defined as a process of purchasing and selling things by offering them up for bid, taking bids and selling the things out to the highest bidder.
eBay - Profiting With Books By Janette Oke
Janette Oke is a Christian writer whose books about life, love, values and faith have a huge following among women today. Each of her Christian books for adults falls into one of six different series she wrote.
eBay Feedback, 5 Key Things All eBayers Should Know
eBay's user feedback system is one of the site's most important components. Without the conscientious comments recorded by both buyers and sellers, there would be no way for anyone to build up a trustworthy reputation in the nearly anonymous realm of cyberspace.
How I Was Nearly Conned On eBay
I am not sure how many people have had bad experiences on eBay, I hope not too many. I was having a great time on there until some man tried to defraud me out of £170.
Are You an eBay Shopper?
As I write this article, I am keeping an eye on an item on eBay. Do I have to keep an eye on it? No.
Game Theory, Nobel Prize, & Auctions - Auction Primer Series - Part 1
William Vickrey, highly regarded as the founder of auction theory, was an economics professor at Columbia University when he published two papers outlining his views on auctions:"Counterspeculation, Auctions, and Competitive Sealed Tenders", 1961, Journal of Finance"Auction and Bidding Games", 1962, Recent Advances in Game TheoryIn 1996 he received a Nobel Prize "for fundamental contributions to the economic theory of incentives under asymmetric information." It's important to understand that asymmetric information is an essential component of auctions, where potential buyers have varying levels of knowledge about the value of the item.
Mistakes to Avoid in your eBay Auctions
Online auctions continue to grow in popularity as an easy and efficient way to make money on everything from unwanted household items to rare and expensive collectables and even to bulky items like cars.Log on to eBay and you will see countless auctions on any item you can imagine.
eBay - Getting More Bids Using An Auction Preview
If you sell in small niches as I recommend and are organized enough that you know what you will be listing on eBay 1 to 2 weeks ahead of time, you should give serious thought to previewing your upcoming auctions for your customers. The result can be increased sales and higher final bids.
Five Ways To Detect Shill Bidders On eBay So That You Don't Pay Absurd Prices
There is as a lot of buzz about shill bidders on the eBay forums. But in actuality, shrill bidding isn't that common and is rather easily detected.
Drop Shipping Increases Profits
You would like to increase your income by selling other peoples` products but you just don't have the money to stock inventory.On the other hand, perhaps you have lots of your own product and would like to increase your sales, but you don't have a lot of money for advertising.
Taxing eBay Part Deux
When my column on paying income tax on eBay profits ran it brought a wave of emails on whether you were required to report income earned from eBay sales to the IRS sparked a number of additional questions and comments from eBay sellers who were hoping that I could somehow validate that their eBay activities were mere hobbies instead of actual businesses and therefore not susceptible to IRS taxation.Several folks argued that just because their little eBay hobby generated a little cash, that didn't make it a full blown business.
Top Secret eBay Powerseller Technique: Classifieds Produce Auction Power
I was browsing through all of the classified sections, and stumbled on Wanted to Buy. I noticed that people were placing ads for items they wanted to purchase.
The Number 1 Biggest Secret to Selling on eBay
eBay is a Tool.
Do You Sell Tires By Mail? Maybe You Should eBay
I just received an interesting email from eBay and it got me thinking..
What eBay Can Teach Us About Success
I flew back to New York from Atlanta a few weeks ago and picked up 'Business 2.0' magazine for the flight.
Just The Ticket - How To Make Hundreds Per Day As A Ticket Broker On eBay!
It should be simple - your favorite team/band/theatre play is just about to perform in a couple of weeks. You've waited months for this, now you're going to log on, book the tickets for yourself and your best buddy and bingo? you'll be at the event of the decade for a night to remember.
Earn Money Now from Selling Childrens Items on eBay
Kids Items You Can SellClothes, toys and videos are good money makers on eBay.Go to eBay and look up a "lot" of size six girl's cloths.
How To Sell On eBay: Using Store Policies To Cement Your Credibility
In your quest to build credibility as an eBay seller, few things are more important than creating and following consistent store policies. Doing so will provide your customers with an attractive buying atmosphere, where they will feel safe making any transaction.
When is Wholesale Really Wholesale
You've finally found the wholesale source for the high demand widget that is selling like hotcakes on the Internet. Thoughts of watching the money pouring in and celebrating the new found success selling widgets has you so excited that you can't wait to buy 5 widgets at wholesale and double the investment.
How Do You Find A Reliable Dropshipping Source?
A Dropshipper is someone who will anonymously send the goods you order to your customer! There are no markings on the box and no invoices enclosed! Finding a reliable dropshipper can prove to be a strenuous task. When selecting a Dropshipper you want to be sure to find someone that has a large inventory and quickly replenishes items that become sold out! You also want to find someone that is helpful and knowledgeable about the products they are selling! Make sure to contact them before you consider reselling their items, see how quickly you get a response and how helpful the response is! Remember this is the same service you can expect once you are in business with them! If it is less than your standards consider using someone else! How do you find a Dropshipper? There are several ways to find a Dropshipper perhaps the easiest is to purchase a list from an online auction! Thoroughly read the context of the ad and ask questions if need be.
Find used office equipment in Ohio at www.OfficeJax.Has.It
Find the best fleamarkets at www.FleaMarketWorld.Has.It
Find electric powered vehicles at www.NoGas.Drives.It
Surplus Outlet Directory
5th Avenue Flea market
Find homes for rent
|[Back to Top]
Triplet jeweler's loop's
auction Akron Ohio
auctions Akron Ohio