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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...

Small Business ,eBay profits

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.

 

Tax Deduction for Alimony Payments? - Yes!

Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.

alimony, divorce, tax deduction

Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.

According to the IRS, alimony payments are taxable to the recipient in the year received. In turn, the person paying the alimony can claim a deduction for the payments if the following tests are met:

1. You and your spouse or former spouse do not file a joint return with each other,

2. You pay in cash (including checks or money orders),

3. The divorce or separation instrument does not say that the payment is not alimony,

4. If legally separated under a decree of divorce or separate maintenance, you and your former spouse are not members of the same household when you make the payment,

5. You have no liability to make any payment (in cash or property) after the death of your spouse or former spouse; and

6. Your payment is not treated as child support.

If you are receiving or paying alimony, you must use Form 1040 for your personal taxes. Regardless of income levels, deductions or miscellaneous tax issues, you cannot use Form 104A or Form 1040EZ.

In preparing your tax return, the person receiving alimony will report the information on line 11 of Form 1040. That person must also provide their social security number to their former spouse or face a fine of $50. The person paying the alimony can claim the deduction on line 34a of Form 1040.

 

Limousine Treasure Hunt – a Corporate Team-Building Event Worth Cherishing in Oxfordshire

Limousine treasure hunt is a magnificent corporate team-building event that makes you feel elated after tired monotonous days of constant work pressure. With the cool ambience of Oxfordshire laced with hints of pleasant rain, this corporate event evokes wonderful feelings of fun, interaction and imbues a team building spirit amidst all. In this hilarious activity, you can actually laugh together, enjoy together and know your colleagues better.

Limousine Treasure Hunt,corporate event,activity,multiactivity,team

Limousine treasure hunt is a magnificent corporate team-building event that makes you feel elated after tired monotonous days of constant work pressure. With the cool ambience of Oxfordshire laced with hints of pleasant rain, this corporate event evokes wonderful feelings of fun, interaction and imbues a team building spirit amidst all. In this hilarious activity, you can actually laugh together, enjoy together and know your colleagues better.

In the corporate world, the words “aspiration” and “integration” play magic on people inhabiting the world. As limousine treasure hunt is designed to test team’s corporate event planning, delegation, communication, team management and time organization skills in a hugely fun environment, this event is truly encouraging for corporate people.

Chillisauce is a fully bonded corporate tour event organizer that specializes in organizing corporate tour events for stag weekends, corporate clients and hen parties. With the growing importance of the company, you cannot simply ignore the wonderful activities that help to improve work environment as well as individual efficiency.

<b>The limousine treasure hunt – a great experience</b>

The team about to participate is given a detail outline of the objectives, scenarios and relevant clues for taking part in the hunt in Oxfordshire. You can experience a truly mysterious event - treasure hunt, with your team members. You have to form a group of 8 to 10 people and equip yourself with training notes, Polaroid camera, torch, compass and binoculars before you begin with the game.

The main aim of this treasure hunt in Oxfordshire is to evoke and test the team-building attitude within every corporate person. The game starts with simply searching out remarkable landmarks like pubs, bars and phone boxes along a chosen path way and take challenging and funny photographs that will not only evoke interests but offer you to indulge into fits of laughter. Another important factor is, you can go searching for the treasure relaxing luxuriously in the limousines.

Chillisauce also offers you to visit other interesting places like ancient churches, Gothic castles, royal museums and entertaining parks and take spectacular photographs that will impress all. As you are offered to indulge in to activities like clay pigeon shooting, archery wonders and Honda pilots, your evening becomes more and more interesting. This happening corporate event management culminates with a presentation where runners up and winners are awarded profusely with medals and treasure chests of prizes.

Limousine treasure hunt offers
-- To maintain team spirit
-- To know others better
-- To achieve personal satisfaction

A corporate event like limousine treasure hunt in Oxfordshire promises an instant break from the daily monotony to which corporate people often get succumbed. Participate in these corporate event ideas to feel special and relaxed after tired days.




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