Calendar year total question. Been killing it lately!

[Punatic]

Ok so ive been killing it on eBay lately and want to make sure I stay below the 200+$20000 threshold to avoid the tax man.

I can't seem to find an annual total on my seller dashboard. Is there an easy way or find my calendar year total or do I have to just track based on my monthly invoices?

Any help would be great guys thanks!

 

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[huntsman53]

I am pretty sure that with eBay, you can track the totals via the Monthly Invoices only! However, PayPal will give you the Monthly and Yearly totals of Sales, especially if all of your' payments go through them.


Frank

 

[trdhrdr007]

Keep in mind that threshold is where they send you a 10-99. You are still liable for taxes even if you don't hit the threshold & there is still a "paper" trail IF the IRS decides to take an interest in your sales activities.

 

[Beachkid23]

Don't forget on the $20,000 sales though you have to include what you paid for the items. So if you sold $20,000 that you paid $10,000 for all the stuff you bought you did not make $20,000. PayPal can still send you the form saying that you made $20,000 but if you keep receipts then you don't have to pay taxes on all of it.

 

[Punatic]

Oh that would be great in theory however I don't get many receipts and all transactions are made in cash. I do keep a ledger however not sure if that would count as an official way of keeping track of expenses