Chapter 43. Keeping Up with Your Taxes
In This Practice
Letting eBay help you collect sales tax
Getting ID numbers for your business
Finding out what licenses you need
Every once in a while I get an e-mail from an eBay seller who's been selling on eBay for a couple of years and wants to know, "Do I need to pay taxes?" Do you need to pay taxes? Are you kidding me? By selling online you are running a business â no matter how small it may be. That means (among many other things) paying taxes.
If you're earning money or selling anything in the United States, there's a plethora of taxes not only to pay, but also to pay attention to. In this practice, I discuss the basic tax information I've learned from professionals. And as I've said before, you need to consult with a tax professional to get the details of your situation properly handled.
At the end of this practice is a state-by-state directory of Web links to taxrelated sites for each state. Each of these sites will lead you to the proper place to file for your specific state requirements. In most cases, there are online forms you can fill out to apply for your various permits, licenses, and taxes.
The IRS recognizes that eBay sellers are making money. As a matter of fact, it plans to crack down on those online sellers who avoid their required taxes. It's in the news almost every month. To keep us informed on the changes and regulations, the IRS set up a page on its Web site just for online sellers â aren't we the lucky ones? Just ...
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