Saturday, February 7, 2009
Selling on Ebay? Fear be gone!
Thanks so much for the business expenses list!
I started selling on eBay in December, trying to make some extra money to pay off some bills. I still have a full-time (45-50 hr/wk) "W-2" job.
Since I began to consider selling on eBay, the IRS has never been far from my thoughts! My Dad (now retired) had his own business for as long as I can remember, and my Mom handled the bookkeeping. Everything went well for many years, then in about 1969 some of the paperwork was done incorrectly, and we were audited. This was in the time before the "kinder, gentler IRS", and it didn't end well for us. I was only about 10 years old at the time, but I can still clearly remember what a horrible time this was! I remember that my Dad had bought a brand new 1968 VW Beatle for my Mom for her birthday in December, and shortly after that came the audit. Needless to say, the Beatle was lost. A very difficult time for my family!
I follow several personal finance blogs and sent in a question to one blog (Moolanomy) concerning eBay and taxes, and they recommended your book. I immediately went to the library and found the book. It is excellent!
Thanks so much! It has really put my mind at ease. I had been saving all my receipts, but really didn't know what else to do. And now I know!
Thank you so much for giving me a peek into your indie world. I find that the real experiences of real indies help other self-employed get a better perspective on their solo ventures.
40 years is a long time to have the black-cloud fear of the IRS hanging over you! Time to clear the sky. That is what I hope my writing and seminars accomplish: Give clear and simple explanation of complex tax rules and regs. By giving indies a basic understanding of taxes and money they will have the confidence to push away fear of audits and the IRS.
All the best,