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February 27, 2013 · No comments

Make Online Business Tax Reporting Easier

What you need to know as you prep your tax returns.

Q: Any tips on how to make online business tax reporting easier? What forms do online sellers need to file, what should we have handy and what write-offs can we use?  A: Let’s start with the basics. While you certainly should check with a certified tax professional in your state about your specific tax situation, most online sellers are considered sole proprietors, or LLCs if they have registered as an LLC. Read More

February 22, 2013 · No comments

2013 Tax Change Impacts U.S. Buyers

Smaller take-home pay means shoppers will spend less.

A change in U.S. social security tax law that decreased Americans’ take-home pay is affecting how much people buy. That’s according to a recent survey by researcher BIGinsight. It finds that 73.3 percent of shoppers say their smaller paychecks are influencing their spending habits. Read More

November 7, 2012 · No comments

Plan to Hire an Assistant? Know the Employment Laws

Experts discuss the legal considerations of becoming an employer.

You may find that when your online business reaches a certain size, you can’t handle all the aspects of your operation—shipping, creating listings, packing, sourcing, etc.—on your own. You need help, so you decide to hire an assistant. You get the word out that you’re looking for help, you meet with applicants and you hire the right person. Read More

September 18, 2012 · No comments

Tax Write-Offs: Can I Deduct My Vacation?

Here's a rundown of what vacation expenses do and don't qualify as tax deductions.

I recently co-wrote my first book, Introduction to Tax Laws for Amazon Sellers. While this may not make me a tax “expert,” it does mean that I field tons of questions every day about tax laws and tax write-offs, and how they pertain to people’s businesses. Read More

June 7, 2012 · No comments

Reporting Deadline Nears for U.K. Sellers

Merchants are promised lower penalties if they report online earnings by June 14.

Sellers in the U.K. who sold regularly on online marketplaces and did not report the income these sales generated to the government have one more week to report their earnings to get “preferential treatment.” HM Revenue & Customs reminds sellers of this on its site, noting that merchants who report previously undisclosed income before June 14 will be able to pay lower tax penalties than those who don’t come forward by the deadline. Read More

May 21, 2012 · 2 Comments

A Few Minutes Can Save Hours

Why it's important to start preparing for tax season now

Technically, tax season is over. If you are like many online sellers, you just want to forget the month of April, completely. It was tough enough to pull together all of your records and get everything together for taxes. Many online sellers don’t worry about taxes at all until March or April, and then spend hours—if not days—pulling together records and receipts for tax time. Read More

May 1, 2012 · 5 Comments

Break Up with Your Spreadsheet

Why you'll be more fulfilled by switching to online bookkeeping tools

If you are like most online sellers, you have a spreadsheet that you update weekly—or maybe even daily—to track and manage your business finances. You probably have heard of all of these fancy schmancy cloud-based technologies that you can use to replace your spreadsheet, but you may be unsure why you should use them. Read More

April 16, 2012 · 6 Comments

Getting a Handle on Bookkeeping

Part 1 of a series that explains how you can take the work out of business accounting

Bookkeeping—yuck! Why should you even consider reading an article about bookkeeping? I’ll tell you why: Because ignoring your bookkeeping is the No. 1 mistake you can make to harm your business. At Outright, we see that most online sellers associate bookkeeping with preparing for taxes. Read More

April 5, 2012 · No comments

Federal Court Kills Amazon Tax Law

Ruling calls Colorado bill 'unconstitutional' and 'unfair.'

A federal court has thrown out a Colorado law that would require out-of-state online retailers to collect state sales taxes, sometimes called the “Amazon Tax.” The law was passed in 2010 in a package of bills that was intended to help balance the state budget. Read More

March 28, 2012 · No comments

Claim eBay Sales on Tax Return?

In response to Making Tax Prep for Online Sellers Easier: I inherited from my mother-in-law all the unsold inventory in the little retail doll store she had, plus her personal collection. She died in 2011. The law states that there is no limit on the amount you can inherit from someone during that year. Read More

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