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Kristine McKinley's Articles in Taxes

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Do You Have To Pay Tax On Your Online Income? Q: I just started my home based business this year and expect to just break even this year. Do I still need to report my income, even if I don't actually make a profit? Also, what expenses can I deduct? A: You must report all income earned. It's a common misconception that if you don't earn over a certain amount or if you're just doing it as a hobby that it's not reportable or taxable. That's not true. All income is reportable from the first dollar earned. It doesn't ma... Tax Issues For Ebay Sellers And Online Businesses If you sell on eBay, or if you have an online business, listen up. There are several tax issues in the news right now that could have a huge impact on the way you do business. The first issue, and the one that is getting the most attention, is Congress's push to get the IRS to force brokers (companies such as eBay and Amazon) to report personal data on their customers. In this proposal, brokers (such as Amazon and eBay) would be required to report names, addresses, and ... Do You Need To Make Estimated Tax Payments? The second quarter estimated tax payment is due in less than two weeks (June 15). Do you know if you need to make estimated tax payments? The federal income tax system is a pay-as-you-go tax system. That means you pay taxes as you earn income throughout the year. If you are an employee of a company, you pay taxes through withholding from your paycheck. If you are self employed, you pay taxes by making estimated tax payments. The general rule is that you must make estima... Year End Tax Tips For Home Businesses Someone recently asked me what they could do now to make tax time easier for this upcoming tax season. The best thing you can do is to think about taxes before then year ends. Most people wait until the tax filing deadline before they ask how they can reduce their income taxes. Unfortunately, once 2007 ends, there's very little you can do to minimize your taxes for 2007. To start your tax planning, you should review your income, deductions and withholdings before the ye... How To Value Your Ebay Inventory For Tax Purposes One of the questions I hear most often from eBay sellers is how to value inventory for purposes of preparing their tax return, especially if it was purchased at a garage sale, or if you used the item before you sold it on eBay. For new items that you purchase for inventory, make sure you keep all of your receipts. In addition, you might want to keep a spreadsheet with a description of the item purchased, date, and the purchase price, including shipping costs. For items ... Are You Required To Report Your Ebay Earnings? Many people ask me if they are required to report the profits they earn on items they sell on eBay on their income tax return. In short, yes. If you sell items on eBay for a profit, then you should report your eBay sales on your income tax return, and you may owe income taxes on any profits. It doesn't matter if it's just a hobby or if you are trying to build a business - if you earned a profit it's taxable income. Generally, any income you receive from all sources is s...

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