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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


TODAYS NEWS BY OFFICEJAX FREE ADVERTISING AND AD EXCHANGE SOLUTIONSMORE RESOURCES updated Sat. August / 13 / 2022

Sullivan Auctioneers and BigIron Auctions together allow for growth in online auction market - Geneseo Republic
Sullivan Auctioneers and BigIron Auctions together allow for growth in online auction market  Geneseo Republic

DNR to hold 2 online confiscated equipment auctions : Aug 8, 2022 | News release - MN DNR
DNR to hold 2 online confiscated equipment auctions : Aug 8, 2022 | News release  MN DNR

ACV Auctions Inc. (NASDAQ:ACVA) Just Reported Earnings, And Analysts Cut Their Target Price - Nasdaq
ACV Auctions Inc. (NASDAQ:ACVA) Just Reported Earnings, And Analysts Cut Their Target Price  Nasdaq

DNR plans two auctions of confiscated equipment | News Brief | crowrivermedia.com - Crow River Media
DNR plans two auctions of confiscated equipment | News Brief | crowrivermedia.com  Crow River Media

Miles Burks Auctions Webtoon Comic Encore! To HarperAlley - Bleeding Cool News
Miles Burks Auctions Webtoon Comic Encore! To HarperAlley  Bleeding Cool News

Grand Prix Tampa auctions off memorabilia - Bay News 9
Grand Prix Tampa auctions off memorabilia  Bay News 9

Student-housing complex up for auction | News, Sports, Jobs - Youngstown Vindicator
Student-housing complex up for auction | News, Sports, Jobs  Youngstown Vindicator

Kentucky’s Distillers Are Auctioning Off Vintage Bourbons to Benefit the State’s Flood Victims - Robb Report
Kentucky’s Distillers Are Auctioning Off Vintage Bourbons to Benefit the State’s Flood Victims  Robb Report

Author Joan Didion’s Estate Is Heading to Auction - Architectural Digest
Author Joan Didion’s Estate Is Heading to Auction  Architectural Digest

The Monterey Car Week Auctions Could Bring in a Record $398 Million in Sales - Robb Report
The Monterey Car Week Auctions Could Bring in a Record $398 Million in Sales  Robb Report

Detroit police auctioning off cars, trucks, RV, and more -- See the auction schedule here - FOX 2 Detroit
Detroit police auctioning off cars, trucks, RV, and more -- See the auction schedule here  FOX 2 Detroit

Auction Partnerships - Artsy
Auction Partnerships  Artsy

Online Watch Auctions Go Deeper Into Luxury Territory - The New York Times
Online Watch Auctions Go Deeper Into Luxury Territory  The New York Times

ICE to Host Auctions of Nature Based Carbon Removal Credits for GreenTrees - Business Wire
ICE to Host Auctions of Nature Based Carbon Removal Credits for GreenTrees  Business Wire

Ace's Dr. Fate, Flash Lightning in Sure-Fire Comics #1, Up for Auction - Bleeding Cool News
Ace's Dr. Fate, Flash Lightning in Sure-Fire Comics #1, Up for Auction  Bleeding Cool News

Bid On a Piece of Racing History: The Newman/Haas IndyCar Collection Is Slated For Auction - Jalopnik
Bid On a Piece of Racing History: The Newman/Haas IndyCar Collection Is Slated For Auction  Jalopnik

China auctions 6k mt of soybeans at low 1.3% clearance rate - AgriCensus
China auctions 6k mt of soybeans at low 1.3% clearance rate  AgriCensus

Hitler's watch sells for $1.1 million at Alexander Historical Auctions - The Washington Post
Hitler's watch sells for $1.1 million at Alexander Historical Auctions  The Washington Post

Bobby Bonilla's famous deferred contract agreement with Mets sells at auction for $180000 - CBS Sports
Bobby Bonilla's famous deferred contract agreement with Mets sells at auction for $180000  CBS Sports

America's Auto Auction seeks to serve clients on a broader geographic basis - Auto Remarketing
America's Auto Auction seeks to serve clients on a broader geographic basis  Auto Remarketing

What to Know About a Car Auction | Chase - Chase News & Stories
What to Know About a Car Auction | Chase  Chase News & Stories

CORRECTION to Terms for Nykredit's and Totalkredit's auctions - GlobeNewswire
CORRECTION to Terms for Nykredit's and Totalkredit's auctions  GlobeNewswire

AUCTION PREVIEWS Sun., Aug. 14th Commercial Lake front Real Estate - NNY360
AUCTION PREVIEWS Sun., Aug. 14th Commercial Lake front Real Estate  NNY360

Rare documents signed by presidents, historic figures hit auction block - FOX 29 Philadelphia
Rare documents signed by presidents, historic figures hit auction block  FOX 29 Philadelphia

Mike Ditka's Super Bowl sweater up for auction - CBS Chicago
Mike Ditka's Super Bowl sweater up for auction  CBS Chicago

STORAGE AUCTIONS - Columbia Star
STORAGE AUCTIONS  Columbia Star

Unclaimed collectibles for auction at WV State Fair - WBOY.com
Unclaimed collectibles for auction at WV State Fair  WBOY.com

Senators’ new bill expands meat processing to auctions - AGDAILY
Senators’ new bill expands meat processing to auctions  AGDAILY

Paintings by college-age Andy Warhol put on auction block by Warhola family - MarketWatch
Paintings by college-age Andy Warhol put on auction block by Warhola family  MarketWatch

Skeleton of a Gorgosaurus Sells at Auction for $6.1 Million - The New York Times
Skeleton of a Gorgosaurus Sells at Auction for $6.1 Million  The New York Times

Brooklyn's Weekly Foreclosure Auctions: Who Goes and Why? - Curbed
Brooklyn's Weekly Foreclosure Auctions: Who Goes and Why?  Curbed

BigIron Auctions to acquire Sullivan Auctioneers - Successful Farming
BigIron Auctions to acquire Sullivan Auctioneers  Successful Farming

Former NBA player Slava Medvedenko auctions championship rings for Ukraine - NBA.com
Former NBA player Slava Medvedenko auctions championship rings for Ukraine  NBA.com

Large Animal Auctions and Showmanship Sweepstakes highlight Friday at the Fair - WTVB
Large Animal Auctions and Showmanship Sweepstakes highlight Friday at the Fair  WTVB

Oakland, Macomb county foreclosure auctions move online - Crain's Detroit Business
Oakland, Macomb county foreclosure auctions move online  Crain's Detroit Business

Gala auction helps fund next 50 years at Alabama Shakespeare Festival - Montgomery Advertiser
Gala auction helps fund next 50 years at Alabama Shakespeare Festival  Montgomery Advertiser

Porsche 911 Sally Special Heads to Monterey Auction - autoweek.com
Porsche 911 Sally Special Heads to Monterey Auction  autoweek.com

Rose Bowl Commemorates Saturday's Centennial Celebration With Silent and Live Auctions - Pasadena Now
Rose Bowl Commemorates Saturday's Centennial Celebration With Silent and Live Auctions  Pasadena Now

More than 200 collectables up for auction from North Tampa's vintage village 'Gallopsville' - FOX 13 Tampa
More than 200 collectables up for auction from North Tampa's vintage village 'Gallopsville'  FOX 13 Tampa

Rare Apple-1 computer up for auction ‘could have been’ the one from historic moment - The Mercury News
Rare Apple-1 computer up for auction ‘could have been’ the one from historic moment  The Mercury News

5 Top Cars And Bids Auctions Of The Week (August 1) - HotCars
5 Top Cars And Bids Auctions Of The Week (August 1)  HotCars

Machinery Pete: Avalanche of Auction Price Records - Agweb Powered by Farm Journal
Machinery Pete: Avalanche of Auction Price Records  Agweb Powered by Farm Journal

Mecum Auctions sets new record for event in Harrisburg - WGAL Susquehanna Valley Pa.
Mecum Auctions sets new record for event in Harrisburg  WGAL Susquehanna Valley Pa.

REPLAYS: All the action from today’s auctions - Courier Mail
REPLAYS: All the action from today’s auctions  Courier Mail

ELITE AUCTIONS Announces August 19 Auction of Historic Mansion & Local Landmark in Suffolk, VA - PR Web
ELITE AUCTIONS Announces August 19 Auction of Historic Mansion & Local Landmark in Suffolk, VA  PR Web

Hartselle Police Department hosting silent auction for injured Sergeant - WHNT News 19
Hartselle Police Department hosting silent auction for injured Sergeant  WHNT News 19

Kenny Rogers memorabilia from estate to hit the auction block: It ‘represents his incredible legacy and life' - Fox Business
Kenny Rogers memorabilia from estate to hit the auction block: It ‘represents his incredible legacy and life'  Fox Business

Michael Jordan 1998 NBA Finals jersey could go for $5 million at auction - CNN
Michael Jordan 1998 NBA Finals jersey could go for $5 million at auction  CNN

10 must-try food stands at Root's Country Market and Auction - LNP | LancasterOnline
10 must-try food stands at Root's Country Market and Auction  LNP | LancasterOnline

Anacortes Towing Abandoned Vehicle | Auctions | goskagit.com - goskagit.com
Anacortes Towing Abandoned Vehicle | Auctions | goskagit.com  goskagit.com

Supreme Auctions To Offer Texas Hill Country CW Ranch at Auction August 30th – September 1st - EIN News
Supreme Auctions To Offer Texas Hill Country CW Ranch at Auction August 30th – September 1st  EIN News

Arlington International Racecourse to Hold a Series of Auctions - NBC Chicago
Arlington International Racecourse to Hold a Series of Auctions  NBC Chicago

Popular toy auction, based in Lancaster County, begins two-day bidding war - WPMT FOX 43
Popular toy auction, based in Lancaster County, begins two-day bidding war  WPMT FOX 43

Aug. 12, 2022: Auction Calendar - Wisconsin State Farmer
Aug. 12, 2022: Auction Calendar  Wisconsin State Farmer

Bobby Witt Jr. Prospect and Rookie Card Picks, Hottest Auctions - Sports Collectors Daily
Bobby Witt Jr. Prospect and Rookie Card Picks, Hottest Auctions  Sports Collectors Daily

Explore Three Standout Works by Charles Csuri, a Pioneer of Digital Art, Live Now on Artnet Auctions - artnet News
Explore Three Standout Works by Charles Csuri, a Pioneer of Digital Art, Live Now on Artnet Auctions  artnet News

Hunt Auctions Holds Glittery Event During Baseball’s All-Star Week In Los Angeles - Forbes
Hunt Auctions Holds Glittery Event During Baseball’s All-Star Week In Los Angeles  Forbes

Unusual Jewelry Finds Eager Buyers In Online Auctions - National Jeweler
Unusual Jewelry Finds Eager Buyers In Online Auctions  National Jeweler

Why Mecum Auctions at the Pa. Farm Show Complex is a ‘rock concert’ for car collectors - PennLive
Why Mecum Auctions at the Pa. Farm Show Complex is a ‘rock concert’ for car collectors  PennLive

Harrison Ford’s original Han Solo blaster ‘to fetch $500,000 at auction’ - The Guardian
Harrison Ford’s original Han Solo blaster ‘to fetch $500,000 at auction’  The Guardian

Freshly-Stickered CAC Coins in Stack's Bowers Summer Auction - CoinWeek
Freshly-Stickered CAC Coins in Stack's Bowers Summer Auction  CoinWeek

Rowley Auctions accepting consignments for upcoming auction - upnorthvoice.com - Up North Voice
Rowley Auctions accepting consignments for upcoming auction - upnorthvoice.com  Up North Voice

UFC Fighter Auctions Off Used Weigh-In Underwear - MMA News
UFC Fighter Auctions Off Used Weigh-In Underwear  MMA News

2005 Cadillac CTS-V Is Our Bring a Trailer Auction Pick of the Day - Car and Driver
2005 Cadillac CTS-V Is Our Bring a Trailer Auction Pick of the Day  Car and Driver

Savannah Mall sold in online auction for $8.5 million - Savannah Morning News
Savannah Mall sold in online auction for $8.5 million  Savannah Morning News

SOLAS: Rescued Twice Auction proceeds benefit SOLAS | Pets | nonpareilonline.com - The Daily Nonpareil
SOLAS: Rescued Twice Auction proceeds benefit SOLAS | Pets | nonpareilonline.com  The Daily Nonpareil

Hotels Continue to Lead CMBS Loan Auctions - Commercial Observer
Hotels Continue to Lead CMBS Loan Auctions  Commercial Observer

July 22, 2022: Auction Calendar - Wisconsin State Farmer
July 22, 2022: Auction Calendar  Wisconsin State Farmer

1994 Jaguar XJS 2+2 Is Our Bring a Trailer Auction Pick of the Day - Car and Driver
1994 Jaguar XJS 2+2 Is Our Bring a Trailer Auction Pick of the Day  Car and Driver

HiBid.com Auctions Approach $40M in Sales Last Week; Bidding Now Open for Coins, Furniture, Antiques, Collectibles, and More - PR Newswire
HiBid.com Auctions Approach $40M in Sales Last Week; Bidding Now Open for Coins, Furniture, Antiques, Collectibles, and More  PR Newswire

Body found in trunk of car sold at Lynnwood auction - KING5.com
Body found in trunk of car sold at Lynnwood auction  KING5.com

HiBid.com Auctions Range from Vintage Comic Books to Gold Bullion Following a $33.4 Million Week - PR Newswire
HiBid.com Auctions Range from Vintage Comic Books to Gold Bullion Following a $33.4 Million Week  PR Newswire

2.5 GHz auction hits $170.9M in round 15 - FierceWireless
2.5 GHz auction hits $170.9M in round 15  FierceWireless

IRS auctions off Sherwood house on 20 acres Monday with bids starting at $482,818 - OregonLive
IRS auctions off Sherwood house on 20 acres Monday with bids starting at $482,818  OregonLive

Family-run Wheeler Livestock Auction stays up-to-date but true to its roots - AgUpdate
Family-run Wheeler Livestock Auction stays up-to-date but true to its roots  AgUpdate

1971 Fiat 500F Jolly Clone Is Our Bring a Trailer Auction Pick of the Day - Car and Driver
1971 Fiat 500F Jolly Clone Is Our Bring a Trailer Auction Pick of the Day  Car and Driver

Mickey Mantle baseball card shatters record after bidding hits $7.62m - Daily Mail
Mickey Mantle baseball card shatters record after bidding hits $7.62m  Daily Mail

Morrison's Cove Livestock Auction | Dairy Market Reports | lancasterfarming.com - Lancaster Farming
Morrison's Cove Livestock Auction | Dairy Market Reports | lancasterfarming.com  Lancaster Farming

Siskiyou Junior Livestock Auction continues despite McKinney Fire - KOBI-TV NBC5 / KOTI-TV NBC2
Siskiyou Junior Livestock Auction continues despite McKinney Fire  KOBI-TV NBC5 / KOTI-TV NBC2

Historic Riverdale Tavern to be sold in online auction - The Morning Sun
Historic Riverdale Tavern to be sold in online auction  The Morning Sun

Adventure Sports Surplus On-Line Auction Announced - Board of Commissioners - garrettcounty.org
Adventure Sports Surplus On-Line Auction Announced - Board of Commissioners  garrettcounty.org

‘Realistic’ sellers cut reserve for Marrickville house by $95,000 at auction - Sydney Morning Herald
‘Realistic’ sellers cut reserve for Marrickville house by $95,000 at auction  Sydney Morning Herald

Unique Cartier ‘Cheich’ Watch Could Fetch $400,000 In Sotheby’s Paris Auction - Forbes
Unique Cartier ‘Cheich’ Watch Could Fetch $400,000 In Sotheby’s Paris Auction  Forbes

OpenSea Removes ENS Domain Auctions Following RIAA Complaints - Blockworks
OpenSea Removes ENS Domain Auctions Following RIAA Complaints  Blockworks

Stunning 1969 Chevy COPO Camaro Headed To Auction Block - GM Authority
Stunning 1969 Chevy COPO Camaro Headed To Auction Block  GM Authority

Dale Evers Studio donates to Redwings live auction - Paso Robles Daily News
Dale Evers Studio donates to Redwings live auction  Paso Robles Daily News

Local News Roundup: Auction at the Epicentre; CMS teacher vacancies; Airline cancellations; Optimist Hall paid parking - WFAE
Local News Roundup: Auction at the Epicentre; CMS teacher vacancies; Airline cancellations; Optimist Hall paid parking  WFAE

1949 Mercury Convertible Connected To Olivia Newton-John Heads To Auction - Yahoo Sports
1949 Mercury Convertible Connected To Olivia Newton-John Heads To Auction  Yahoo Sports

SOLD! Jr. Livestock Auction is back | News | ojaivalleynews.com - Ojai Valley News
SOLD! Jr. Livestock Auction is back | News | ojaivalleynews.com  Ojai Valley News

Gillioz Theatre hosting auction for its collection of artists’ posters - KY3
Gillioz Theatre hosting auction for its collection of artists’ posters  KY3

19th Annual Rotary-Chamber Benefit Auction to be held online Aug. 16-18 – The Claxton Enterprise - Claxton Enterprise
19th Annual Rotary-Chamber Benefit Auction to be held online Aug. 16-18 – The Claxton Enterprise  Claxton Enterprise

IDL Now Offering Opportunity to Participate in Property Sale Auctions Virtually - bigcountrynewsconnection.com
IDL Now Offering Opportunity to Participate in Property Sale Auctions Virtually  bigcountrynewsconnection.com

Missouri auctions off unclaimed property in Kansas City - WDAF FOX4 Kansas City
Missouri auctions off unclaimed property in Kansas City  WDAF FOX4 Kansas City

Rare WW2 Luftwaffe watch to be sold at auction - BBC
Rare WW2 Luftwaffe watch to be sold at auction  BBC

Ingham, Eaton counties to auction off about 80 foreclosed properties - Lansing State Journal
Ingham, Eaton counties to auction off about 80 foreclosed properties  Lansing State Journal

Idaho plans to expand auctions, adding remote bidding - KTVB.com
Idaho plans to expand auctions, adding remote bidding  KTVB.com

10-acre Bay Area estate can't find buyer, heads to auction - SFGATE
10-acre Bay Area estate can't find buyer, heads to auction  SFGATE

Hitler’s watch sells at Maryland auction for $1.1M - PennLive
Hitler’s watch sells at Maryland auction for $1.1M  PennLive

Collector Auctions-Off Eleven Like-New Rolex Submariner Hulks - HYPEBEAST
Collector Auctions-Off Eleven Like-New Rolex Submariner Hulks  HYPEBEAST

MSU auctions Spartan football memorabilia - WKAR
MSU auctions Spartan football memorabilia  WKAR

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