This Week on eBay

March 18, 2013 by The Selling Sisters  
Filed under Working At Home

It’s been an interesting week online.  I got an invitation to list 30 day fixed price listings for FREE, so I spent the majority of my week listing anything and everything I could get my hands on.  I added 75 new listings in three days.  I completely took Friday off after all of that listing.

My sales were pretty consistent in February and were higher than they were last February, but as soon as March rolled around, things slowed down a little.  The good news is that after all of that listing last week, my sales are headed in the right direction again.  This morning, I had 10 items that needed to ship out, so that put a smile on my face.

I’m in the middle of finishing the prep work for my taxes.  I’m trying to do a little bit of work on that each day so that I still have time to work on listing and shipping items.  My list of things that I need to get in order before I file seems never ending, but each day when I’m able to cross something off of it, I feel good about making progress on them.

Rachel

Get Prepared To File Your Taxes

Even though Tax Day is the same every year, it seems like it sneaks up on me even though I try to be as organized as I can during the year with my receipts.  Running two business can make tax prep a little bit hectic.

There are a lot of ways to keep track of your business expenses through out the year and stay on top of your tax preparations.

The important thing isn’t what software or system you use, the important thing is that you do it.

I’ve created two Excel spreadsheets with multiple tabs on them.  One for piano expenses, one for eBay expenses.  I try to enter my receipts in at least twice a month.

I have a friend who’s husband is a CPA and he’s been a HUGE help to me with knowing what to keep track of and he even told me a few things to deduct that I didn’t know I should be deducting.  So, when in doubt, talk to your CPA.

Here are some ideas for you on what you can keep track of through out the year for your taxes:

  • Inventory
  • Tape
  • Bubble wrap
  • Boxes
  • Tissue paper
  • Poly Mailers
  • Bubble Mailers
  • Brown Paper
  • Mailing labels
  • Printer paper
  • Digital camera
  • Printer Ink
  • SD Memory Card
  • Office equipment purchased this year. (Postal scale, printer, computer, desk, etc)
  • Postage (I run a report at the end of the year on paypal)
  • Postage stamps
  • Mileage to the Post Office, Mileage to yardsales, thrift stores, etc (Make sure you have a mileage log)
  • Selling fees (eBay, Etsy, Addoway, Bonanza, Amazon, etc)
  • Paypal fees
  • Internet service
  • Portion of rent and utilities based on the percentage of your home that is used for business.

This list is not exhaustive, there are other business expenses that can be deducted based how you run your business.  Hopefully, this gives you a starting point of ideas to start your spread sheets and get a head start on next year’s tax prep.  The best source for an exhaustive list is your CPA.

Rachel

Online Selling Tip of the Week~Taxes

Enter your receipts into your spread sheet a few times each month, (I do mine weekly, it only takes a few minutes.)  and you’ll save yourself a lot of time when it’s time to file your taxes.

Online Selling Tip of the Week

Something that I’ve found to be very helpful to me this year is logging in all of my receipts for business purchases bi-weekly.

This way, when January rolls around and I’m ready to do my taxes, it’s not a huge process of finding receipts, logging them in, sorting them, etc.
Last year, it took me HOURS to get it all done, receipts were missing, and I also found some receipts a few weeks after I had filed my taxes.  This way, I’m one step ahead of the game.

I usually sit down every other Wednesday and pull out all of the receipts that are in my wallet and toss out any that I don’t need.  Then I log in my eBay and piano related receipts, and file them away when I’m done.  It takes about 10 minutes twice a month.

I love it because not only do I get my receipts logged in and filed away, but I’m also cleaning out my purse and wallet for this process, so I feel SUPER productive getting it all done at the same time.

Rachel