Your Auction Business Taxes

Your Auction Business & Taxes
Taxes is​ an​ issue when running an​ Auction Business .​
But is​ there a​ grey line when it​ comes to​ declaring it?
It's really within reason if​ you're going to​ do a​ huge amount of​ it,​ a​ small amount is​ negligible.
Some people want to​ have a​ small business for write-offs,​ you​ might want to​ consider taking it​ to​ the​ next level and be able to​ write off some of​ your expenses like your computer,​ office space,​ supplies,​ etc.
Each state and each province has their own amount of​ sales you​ can do without declaring,​ & charging taxes .​
Check with your state to​ see what amount you​ have to​ do before you​ start taking taxes.
The BC goverment (where I​ live) gives you​ an​ allowance of​ $30,​000 before you​ have to​ charge for sales tax,​ that's for someone who legally has a​ business.
There's definate advantages of​ having a​ business license,​ declaring your income and being able to​ have write-offs .​
That being said,​ legally you​ have to​ declare taxes if​ you're profiting from it.
Are you​ Holding Onto Too Much Product?
We all love to​ make money but after a​ while when you​ get too much product built up,​ you​ can start losing money .​
Why would we do that?
What happens is​ we get in​ a​ mindset on​ the​ value we feel our items are worth verses,​ what we can get for them .​
That's why when purchasing items it's important to​ keep in​ mind that you​ make money when you​ buy,​ Not - When you​ Sell.
But we also get into the​ territory where you​ feel you​ should get a​ certain price for something .​
And that's what we need to​ shake... .​
immediately.
You need to​ be watching your products and if​ something isn't pulling in​ the​ money anymore,​ you​ need to​ blow it​ out .​
Product on​ the​ shelves is​ not money in​ your pocket... .​
it's out of​ your pocket.
When we relate this to​ your eBay business,​ the​ same goes for what you​ have in​ your eBay store .​
Keep it​ fresh and alive .​
Have special offers,​ only for those who are buying an​ auction AND a​ store item.
Make it​ something that they want and give them a​ deal .​
Blowout product that you've had for too long .​
This will give you​ money up right away and gets you​ product you​ can actually do well with.
So,​ get out of​ the​ mind frame that to​ you​ need to​ make X amount from certain products,​ if​ they're not pulling it​ in,​ then X them out and move onto newer hotter products!
Your Auction Business Taxes Your Auction Business Taxes Reviewed by Henda Yesti on July 08, 2018 Rating: 5

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