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View Full Version : More Questions Regarding Selling
Tee1026
01-06-2007, 08:45 AM
I would like to be able to make a few bucks every now and then for some extra money.
1. Is it necessary to keep track of what I am buying wholesale? (I understand that I need a delivery vendor's license in order to buy wholesale items tax free)
2. Is there a certain amount of money I can make selling on ebay before I would need to claim it at the end of the year? (I am located in Ohio.)
3. Will there be any other legal stuff I will need to do before I get started?
If you would be more comfortable PM-ing me, rather than posting here,please feel free to do so.
Thanks everyone!
1. Is it necessary to keep track of what I am buying wholesale? (I understand that I need a delivery vendor's license in order to buy wholesale items tax free)
2. Is there a certain amount of money I can make selling on ebay before I would need to claim it at the end of the year? (I am located in Ohio.)
3. Will there be any other legal stuff I will need to do before I get started?
If you would be more comfortable PM-ing me, rather than posting here,please feel free to do so.
Thanks everyone!
Annnoura
01-09-2007, 06:51 PM
Hello. Disclaimer! I am by no means an expert.
1. a) I have all my purchase and sale records neatly filed. In case uncle Sam come with questions I want to be sure to have the answers. b) I think it varies from state to state but my wholesaler is out of NY (I'm out of MD) and has never asked me for a license or for tax.
2. I believe the Independent contractor minimum is $400. I was under the impression that if you had a "business" That turned and kind or profit or loss then you where required to report it. I guess it would depend on how you classify for selling activities, Sorry I really don't' know much about the taxes end of it.
3. My best advice would be to check you states .gov web site or failing that give a call to you local gov.
Sorry I couldn't be more helpful. smileys/smiley9.gifBest of Luck!
1. a) I have all my purchase and sale records neatly filed. In case uncle Sam come with questions I want to be sure to have the answers. b) I think it varies from state to state but my wholesaler is out of NY (I'm out of MD) and has never asked me for a license or for tax.
2. I believe the Independent contractor minimum is $400. I was under the impression that if you had a "business" That turned and kind or profit or loss then you where required to report it. I guess it would depend on how you classify for selling activities, Sorry I really don't' know much about the taxes end of it.
3. My best advice would be to check you states .gov web site or failing that give a call to you local gov.
Sorry I couldn't be more helpful. smileys/smiley9.gifBest of Luck!
zacksmom
01-10-2007, 04:06 PM
I'm in Ohio too. I keep horrible records ~ so don't do that! it's a pain come tax time!!!smileys/smiley36.gif
I sell on ebay and on Amazon.com, and I only buy from one distributor. So it's not too hard to keep track of. I do keep all of my receipts for things that I've purchased that are directly for the biz, like software, paper, UPS receipts, stuff like that.
I plug it all into TurboTax, I have reported losses for the last 4 years, but I keep trying!
I think $400 profit, is right, anything less is considered a hobby. But check www.ohio.gov to be sure.
BUT, if you are going to get a vendors license, you will have to file that anyway. you can file online at the Ohio website. I file quarterly, but it's just for sales tax, so unless you sell to someone in Ohio, you just report $0 sales and file.
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I sell on ebay and on Amazon.com, and I only buy from one distributor. So it's not too hard to keep track of. I do keep all of my receipts for things that I've purchased that are directly for the biz, like software, paper, UPS receipts, stuff like that.
I plug it all into TurboTax, I have reported losses for the last 4 years, but I keep trying!
I think $400 profit, is right, anything less is considered a hobby. But check www.ohio.gov to be sure.
BUT, if you are going to get a vendors license, you will have to file that anyway. you can file online at the Ohio website. I file quarterly, but it's just for sales tax, so unless you sell to someone in Ohio, you just report $0 sales and file.
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