Paying taxes for selling fish online?
I keep tropical fish as a hobby and was wondering how you would pay taxes on fish that you sell. I plan to sell online and ship to the buyer. How would I pay the taxes? Monthly or at the end of the year when I file for income tax? I know I will not need a business license or permit as I plan to only sell my fish offspring and it will not be my main income. I keep some expensive fish so their offspring will also be expensive. For example, I plan to sell some zebra plecos (L046). A group usually goes for over $300 so if I sell 2 groups, making $600 that month, then $100 or so the other months for other fishes I keep, how would I file my taxes (monthly or at the end of the year; income tax filing)? I guess it's like selling on Ebay where you would sell stuff you don't need anymore without starting a business.
When I sell online, do I need to pay taxes?
Generally yes....the liability depends on where you are and subject to what local state and federal jurisdictions apply.You probably have to collect and pay sales tax for consumers buying goods shipped to same state as you. Depending on sales you might have to collect sales tax for buyers outside your state.You merchant services processor will likely report gross receipts or your total sales as if it were income subject to certain thresholds so it will be in your best interest to keep good records and file you taxes so you are only paying tax on profits.Even if your sales are not reported you are required to pay taxes on income sources
How do you claim taxes on selling AVON??
You keep track of Avon sales the same way that you would keep track of sales on Ebay or flea markets. Track all income for products you sell. Track the cost of goods (what you have to pay back to Avon for the products you sell). The difference is your net profit. That is what you need to report to the IRS as income.
Selling stuff online on big cartel and etsy. Taxes?
If that's your only income, only joint income if you're married, and you don't file a return for any reason, then no you don't have any federal tax if you make under $400, and don't have to file. If you make over $400, or are filing a return for any other reason including a joint return, this income is reported on schedule C or C-EZ, you also use schedule SE, and for your main form you use 1040, not 1040A or EZ. Laws for state tax vary.
TAXES, Selling puppies as income?
I have 6 adult yorkies, sold 10 puppies in 2011 for a total of $10,775 and I was wondering how to file this on my taxes, I only worked for 1 month out of the year to recieve a W2 for and I sold dogs not thinking about taxes, I have no real records other than for supplies such as dog food, collars, shampoo, etc... I do have amounts that each dog sold for, I assume since it was more than a few hundred dollars that it would not be considered a hobby but actual income.... Will I get audited if I claim this and if so I have no records of to WHOM as far as contact info each dog/puppy was sold to just first and last names and selling price. I wanted to file using turbotax online... anyone have any knowledge of how to do this or any info regarding dog selling & taxes?? I do not consider my self a kennel considering I only own 6 adult doggies and they all live in doors as part of our family... Any ideas appreciated and any of you who want to talk about "Shelter Dogs" and such please save your comments for another post. Thanks!
Do I need to collect sales tax/file taxes if I sell clothes online?
Being "more of an online yard sale is not grounds to exempt you from sales tax, because technically garage sales are not exempt from sales tax (as a practical matter, almost no one ever bothers with tax at garage sales, but they should, because being a garage sale is not grounds to be exempt). How you sell the items (storenvy, facebook, or physical store) does not matter. If you sell the items for more than they cost you, then you must file and pay income tax. If you sell the items for less than they cost you (or the same amount), then you do not have to file and pay income tax.
Selling trading cards online, tax purposes?
you bought 100 cards for $5 means they cost you half a cent each, the market value of each one which might be different will be determined by the estimated value it has on the market a very popular one might be(as an example) $1000 where a less popular one might be only $1 but for what you paid for them, they very likely are of little real demand so it you even get $5 for them you will be lucky there might be places on search engines that will give you some idea of the value of the trading cards, or the organizations that deal with these cards probably have publications that will help you