I run a cash business online selling used text books etc, how do I report cash earinings to IRS?
Nickels asked:
I sell mostly on Ebay and other auction sites, and I make about $20,000.00 per year after all business related bills are paid. Its not alot, but its a decent part time job. How do I turn this into a real business where it will be on the books, and my income can be varified for loans, lines of credit and mortgages.
Wendell
I sell mostly on Ebay and other auction sites, and I make about $20,000.00 per year after all business related bills are paid. Its not alot, but its a decent part time job. How do I turn this into a real business where it will be on the books, and my income can be varified for loans, lines of credit and mortgages.
Wendell
Simply file a Schedule C with your 1099 — this is the form for sole proprietorships
In this form, you will be able to declare your income as well as deduct any expenses you have incurred in running the business — e.g. ebay listing fees, paypal fees, shipping expenses, etc.