I would like to know what tax form I have to use and if I have to file twice: Once as a business then again as an individual for the profits. I made $25,000 profit last year, but I brought in a lot more than that... only most of it went to cost of goods, Ebay fees, postage, etc.
123052
it goes on schedule c of the 1040 form
303076
You only file a return once a year, but you should probably make estimated tax payments every quarter.  You can deduct, with certain limitations expenses that are "necessary and proper" for the production of income.  However, some things, which will be used for a longer period of time must be capitalized and depreciated (you expense a portion of their value each year, rather than all at once).  \n\nIt might be a good idea to talk to an accountant to set up a bookkeeping system to get you started.  Or you could buy quickbooks, or a similar product to help keep track.\n\nIn any case, I'd recommend reading Pub. 334, "Tax Guide for Small Businesses" put out by the IRS.  It has a lot of useful information about how to fill out your forms, making estimated payments, what can and can't be deducted.
27903
Couple of issues.\n\n1. If you are aproaching these companies as an individual and they're wanting a company to "back you up", I would strongly suggest you either set yourself up with a business lic. under a fictitious name. This can be done through your county. The other alternative would be to set up a corporation through your state or a different state, Nevada being a popular choice. The corporation would give you tax benefits and personal asset protection but is more complicated and costly.\n\n2. Economies of scale. If you are importing 10 units per month the companies you aproach are importing 1000 units per month greatly lowering their cost.\n\nSuggestions:\n\n1. Try ebay you might be surprised at the results.\n\n2. Attend trade shows specificly related to the product you are selling.\n\nHope this helps.\n\nPS. ignore my spelling.\n\nRascal
162047
I use Turbo Tax every year.\nI do both our taxes separately and then I do them jointly.\n Whichever way works out best for us is the return I submit.
360906
Yes you can, you can even do both via the Internet by using a members only site.  Depending on the state your in will depend on how much information you need from the retailers that you sell to.  You will have to keep records of their tax numbers for sure but some states require more.  The retail site you will have to worry about sales tax for orders from your state only.  Yes it can be very profitable but you need to check and see how your prices compare to other wholesalers.
93621
Word to the wise ....If your company nets less than $150,000....stay a sole prop...if it is more, it is time to consider going inc. Keep in mind, there is more paperwork when it comes to all your taxes and you will need a great CPA. Also look at the profit margin for your last few years, How tight was it... Did you break even or make money. You will be slapped with a franchise tax but it will be over a year away because it is based on your previous years income. MORE TAXES....UGH! I would also complete a risk assessment. R U in a company or business that could very easily become victim to a lawsuit??? If so, INC is the way to go! Protect your personal assets! Good Luck and I hope this helped!!!
258470
Anyone who owns a business files additional schedules with their 1040 income tax form.  The income the individual receives from a business can be offset by the expenses it takes to make that income.  These expenses are described on the various schedules.  One of them is schedule C, for example. The business owner only needs to pay tax on the profit he  makes instead of all the income the business produces.\n\nThis tax break is available to everyone opening a business, not just immigrants. The IRS knows there are a lot of start up costs for a new business which make it difficult to make a profit.  But, after 3 years of losing money (and not paying taxes), the IRS can reclassify the business as a hobby. Then it is harder to write off expenses, and much more of the income received is taxed.\n\nCheck www.irs.gov and read through the publications available, especially publication 334.
99649
I really feel sorry for you. You made $272,000 and you want to reduce your taxes by claiming the clothing you donated?? First of all, you must have a receipt for any donations over $25 or over a total of $250 for small donations. That still isn't going to reduce your taxes by much. And it's too late to do anything about last year's income, anyway. Here's what to do this year. Give a lot more money to charity... and get a receipt.
151440
Yes, I operated a phone operation out of a persons home for two years.  You have to make sure the room you use is for business only.  You take the square footage of the room you are using for business only and divide that into total sqaure footage of your entire home and that is the percentage you can write off for business expenses.  Be sure to keep all records of rent, electricity, gas etc.  There is a separte form to fill out from the IRS for this and you will have to fill out the full blown 1040 to include this deduction.  If you start to make decent money at this, be sure to incorporate at some time. File with the IRS as a subchapter S corporation and pay yourself a small salary, otherwise under a Schedule C the entire amount you make is subject to 15.2% social security tax. Yuck.  Good Luck.  I had a friend who started in his home and now he has a storefront and does about a million in sales every year.
290256
Check at the library--they frequently hae access to that type of information. Also you probably don't have to file. You only have to file if your income is at a certain level. You may want to file though because you may be due a refund.
463729
Here's a few hints for you:\n\nTo make it easy: write a single Procedure that can be called multiple times from anywhere in the form. 1) to Calculate the total, and 2) to calculate the total with tax. Then you can call that from multiple places.\n\nYou know the prices for the items are fixed, so you have those numbers already. You just need to make sure the qty fields are valid. And you already learned how to validate a field, right?\n\nEach field has a "depart" event, which is triggered when the cursor leaves that field. Each of the QTY field's "depart" should trigger the recalculation. \n\nYou can't multiply a string.
174866
You still have to file a tax form because you actually did earn money.  Sad, but true.  Since you don't want to pay e-file, do a written one and since it's miniscule the math is simple.  Remember, the 17th is the absolute final day to get those returns postmarked in the post office.  So grab a form and get to it.
635834
I haven't done this in forever, but I'll try.  If I get something egregiously wrong, let me know via email.\n\nIn the interests of laziness, I used M instead of MM for million.\n\nIn time 0, there's\n-15M\n-150k\nSum = -15.15M\n\nIn year 1,\nthere's\n-1M from fixed costs\n-5.65M from change in NWC (58M in sales -> 5.8M total)\n+8M from (sales - VC)\n-2.8M in tax\n+1.5M from deprecation tax shield\nSum = .05M\n\nIn year 2,\n-1M in fixed costs\n-2.9M from change in NWC (87M in sales)\n+12M from (sales - VC)\n-4.4M in tax\n+1.5 from depr\nSum = 5.2M\n\nIn year 3,\n-1M in fixed\n+4.35M (43.5M in sales)\n+6M from (sales - VC)\n-2M in tax\n+1.5 from depr\nSum = 8.85M\n\nAt the end (still year 3),\nthere's\n+4.35M from recovered NWC\n+3.75M in salvage value (might be less if the book value is less than 3.75...I don't exactly remember how to handle this, but it might be 60% depending on if the sale is taxed from whatever cost basis)\nSum = 8.1M\n\nSo, -15.15M + (.05M/1.2) + (5.2M/1.2^2) + (8.85/1.2^3) + (8.1M/1.2^3) = -1.69M\n\nThe IRR is relatively trivial from here.\n\nHm, so it's looking negative.  I'm not sure.  There's definitely something off in my calculations somewhere.  *shrug*
246685
There's no hard and fast rule on this. Certainly small amounts of selling your used stuff is totally fine and you won't get any income tax liability. Basically, they already taxed you for the money you used to buy it, and you won't get as much for it as you paid in the first place. However, if you sell enough stuff that it moves from hobby to business, and you sell things online in order to make a profit, particularly if you buy wholesale things and sell them, you are running a business and need to declare the profits.
129475
Well whatever you do, don't ask an accountant.  Ask a financial advisor.\n\nBut in general, the selling price of a business is usually based on the amount of income or cashflow it generates.  A buyer will typically pay a multiple of that amount.  Whether that multiple is 5, 10 or 20 times depends a bit on what kind of business it is.  \n\nIf it's a great business with high profit margins and is growing at a fast pace and you're selling a product or service that's in high demand, a buyer may pay 20 times your earnings or cashflow.  (Ex., if it generates $100,000 per year in net income, the buyer may pay $2 million for it)\n\nIf it's a much slower growing business or is in any financial distress or is not as attractive, than the multiple will obviously be a lot less.\n\nThese multiples may be somewhat arbitrary, but keep this in mind:  Buying a business is like any other investment.  The buyer needs to earn an adequate return on that investment (with adequate being a different measure for different people).  If I require at least a 10% return per year on my investments, than I may not pay more than $1 million for your business that generates $100,000 in income.  And if there's risk that your business may not last more than a few years, than I certainly will not want to pay you more than the total cummulative amount of income it will generate over its remaining life.  So if your $100,000 annual income business will only be around for another 5 years, than I certainly won't pay more than $500,000 for it (although it will probably be much less than $500,000 after I adjust for the time value of money).\n\nAll of these factors combined are what go into this decision.  Again, it's all a bit arbitrary and there's no exact science for it, but hopefully this will at least serve as a guide.
36533
I filed anyway one year, when I only made like $6,000-$7,000 and I got back over $600. I was very surprised. You might do it online for kicks just to see if you have anything coming to you. If not just leave it unfiled. Good luck !
194935
If this is a regular business activity then you should apply for a resale certificate (basically a permit) which you can provide to your supplier so they don't charge you tax on the purchase. When you sell the item you would charge the buyer sales tax and remit the collected taxes to the state.\n\nIf this is a one shot deal then just pay the sales tax on the purchase and don't bother with any tax on the sale. You need a permit to collect and remit sales taxes.\n\nAlso, bear in mind that requirements for out of State or on-line transactions may vary as well.