I've been googling and reading up on taxes for small businesses in relation to reselling and found some things I thought worth sharing.
This recent article has some links, tips and tools some of which are free. One that I think sounds cool is an app for your phone to track deductions such as mileage as they are happening. Its called Deductr. There is a free version and a premium pay for use version. I think I might try it out.
I'd also recommend the comments section of this podcast over at ebay Scavengers where discussion turned to income taxes. There is a lot of information contained within. The podcast itself was not on taxes but a good listen.
Some blog posts that tackled the subject recently...
- Van at Thriftcore blogs about her methods and commentors chime in with their experiences
- Another good blogpost on the topic at She Thrifts She Scores. See the comments as well.
- And another good one from The Resale Thrifter. Thanks goes to Lorraine for that.
I must admit that my methods so far are the opposite of helpful so I'll just keep them to myself. Change is in the wind though as my business grows I want to become more organized. It seems like this topic would provide a good business opportunity for an accountant. Write an e guide on taxes and ebay (or amazon or easy) business. They could even sell it on ebay!
If you don't finish in time here is a link to how to file an extension. This gives you 6 additional months.