When you are new to ebay selling, you may wonder if these people ever pay taxes. The answer depends on whether you are having an ebay business where you pay for the items to sell on ebay. Then you are required to pay taxes. Just like any ordinary business, you are require to pay your taxes. But when you are not into ebay business and just selling stuff that you want to get rid of from your own home, then you don’t have to pay taxes since this is not considered as a business but a loss. As an individual, you need to apply for a sole proprietorship using your SSS ID under the self-employed category. For sales tax, get a tax ID from your state for collecting and submitting taxes from buyers who live in your state. Online business requires taxes but you may reduce taxes by stating necessary expenses with your transactions. Some of these include, office supplies, office and equipment, phone charges, car gasoline used for business, online advertising, inventories, shipping fees and even ebay fees. These are tax deductible expenses.
0 comments:
Post a Comment