TABLE OF CONTENTS:
Happy Tuesday to you!
Since April 15th (or 17th this year) is fast approaching I thought we'd revisit
several columns I've written on one of
my LEAST FAVORITE topics...
Taxes... (imagine scary music here)!
It's just a fact of life, if you earn a buck here in the
good old US of A Uncle
Sam expects you to send in his fair share.
Nobody likes paying taxes, but
it sure beats living anywhere else on the planet.
So I bring you the repeat of
three of my columns on paying taxes on eBay income and
collecting tax for online sales.
You may have read them before, but it would
behoove you to read them again.
Also you can download the audio from my last radio show, which featured an
interview with CPA Mike Segars. Mike offered plenty of tips and insight into
tax issues faced by online, brick and mortar, and home based entrepreneurs. Give
it a listen below.
Speaking
of my radio show, Rhea Perry, the promoter of the Affiliate Marketing Conference
(where I'll be speaking on Friday) called in with a special offer for my
listeners: if they registered during the weekend they would save
$300 and could bring a guest for free.
I've convinced Rhea to make the
same offer to you for the next 24 hours. Details below.
Also don't miss the
instant replays of the "48 Days To The Work You Love"
radio show. If you need career advice or have questions about a job replace, my
friend Dan Miller is the guy to ask. That link is below.
Enjoy!
Tim Knox, Founder
TimKnox.com
TimKnoxShow.com
DropshipWholesale.net
ProsperityandProfits.com
Do You Pay Taxes On eBay Income?
A recent column on whether you were required to report income earned from
eBay sales to the IRS sparked a number of additional questions and comments from
eBay sellers who were hoping that I could somehow validate that their eBay
activities were mere hobbies instead of actual businesses and therefore not
susceptible to IRS taxation.
Several folks argued that just because their little eBay hobby generated a
little cash, that didn't make it a full blown business. It seems they consider
the income from their little hobby to be financial manna from Heaven and thereby
not taxable by earthly tax collectors. I've always been amused by folks who try
to impress me with talk about their "little side business" but when
the subject turns to taxes they suddenly refer to it as "my little
hobby."
Taxing eBay Part Deux
When my column on paying income tax on eBay profits ran it brought a wave of
emails on whether you were required to report income earned from eBay sales to
the IRS sparked a number of additional questions and comments from eBay sellers
who were hoping that I could somehow validate that their eBay activities were
mere hobbies instead of actual businesses and therefore not susceptible to IRS
taxation.
Several folks argued that just because their little eBay hobby generated a
little cash, that didn’t make it a full blown business. It seems they consider
the income from their little hobby to be financial manna from Heaven and thereby
not taxable by earthly tax collectors. I’ve always been amused by folks who try
to impress me with talk about their “little side business” but when the subject
turns to taxes they suddenly refer to it as “my little hobby.”
The Internet Tax Man Cometh
If your small business is like most, the majority of your large purchases are
made locally from companies that already collect sales tax. Furniture and
computer equipment are typically the largest ticket items a small business buys,
so unless you bought your desks and computers off of Ebay (which is highly
possible these days) you should be OK.
Internet sales taxation has been a topic of contention even before Amazon
sold its first book and Priceline booked its first flight. One of the more
controversial points is that no one, including our own government, seems to have
a clue how to implement a fair and logical Internet taxation process. With over
7,500 different local, county and state taxation systems in the United States,
you can understand the controversy.
Affiliate Marketing Conference Special: Save $300 & Bring A Friend
I got a call from Rhea Perry during my radio show last Saturday. Rhea is the dynamo behind the Affiliate Marketing Conference where I'll be speaking this Friday.
Rhea has a few seats left for the conference and she made this offer to my
listeners...
"Tim, if your listeners sign up today they can save $300 on their seat and bring a friend or family member free! They can even come to the private reception with all the speakers on Thursday
night!"
I have it on tape, so there's no mistake.
I spoke with Rhea again this morning and asked if she would extend the same offer to you.
After a little arm twisting she agreed to pull in more chairs if necessary and extend the same offer to you through midnight on Wednesday.
Have A Question About Business?
"The Tim Knox Show" Instant Replay Is Available Now
Each week on my live radio show my cohost Paul Finley and I discuss
all manner of business topics, interview authors and experts, and just
generally have a great time.
On my last show:
- Hour One included a discussion on how to sell Elvis memorabilia on eBay, how
to start an internet business, and an interview with CPA Mike Segars.
- Hour Two included caller interested in starting a used car internet site, an
interview with Affiliate Marketing Conference promoter Rhea Perry, an
interview with serial entrepreneur Mike Johnson, and a discussion of excuses
why people don't start a business.
If you missed the live show you can get the replay now at:
Need Career Advice?
Listen To The "48 Days To The Work You Love" Instant Replay
If you're stuck in a job you hate you need to learn how to find the career
you love.
That's the theme of the radio show I cohost every Sunday night with Dan
Miller called, "48 Days To The Work You Love."
The show is based on Dan's book of the same name and every week we do our
best to help people find the work they love.
The show airs live every Sunday night from 6-9pm CST on Nashville's 100,000
watt WWTN "Super Talk" 99.7 FM.
You can even listen to the audio from previous shows online or download them
to your iPod:
Last Week's Top Pick: Forget Spending A Fortune On
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