posted on January 27, 2005 09:12:18 PM
I've seen the ole' tax time chatter about spreadsheets and have finally gotten down to creating one for myself. The category headers are as follows:
Date
Ebay ID
Email
Total Purchase
Shipping charged
actual shipping cost
sales tax collected
My question is about the cost of the items and the packing materials. Should I just subtract cost of inventory from total sales at the end of the year? Same with packing supplies~ Add those onto actual shipping and subtract from shipping charged?
I sell only store items and average 12 items per buyer if this makes a difference.
Also, can I search through an Excel spreadsheet by email or Ebay ID, for example or is that a completely different program I should be using?
posted on January 28, 2005 07:39:50 AM
My advise is to see a tax professional. I worked for a CPA for years and the biggest problems resulted from people who listened to friends or took bad advise. Then when things were in a big mess, decided to find a CPA.
Every situation is different. Good advise is based on your whole financial picture. If you start out right you can go with an accountant or tax preparer. Once you get things in a mess, you have to shell out the big bucks to fix it.
Asking those questions here will get you a dozen different answers. And based on your questions, you need to sit down with someone face to face and let them explain some basics.
Be kind. Everyone is fighting their own secret battles.
...Author Unknown
posted on January 28, 2005 09:39:44 PM
Keep the costs of shipping, supplies, listing fees and so on separate from our income. You adviser will explain why. Also be sure to keep accurate monthly records of them.
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Alive in 2005
