The Center’s Executive Director Christie Peale joined New York City Council Member Inez Dickens, Assembly Member Keith Wright, and Jacques Jiha, Commissioner of the NYC Department of Finance, on a recent episode of Represent NYC on Manhattan Neighborhood Network. Inspector general of troubled city hospitals steps down (NYP) The public hospitals system is disbanding the office of its inspector general following a series of reports in The Post exposing long-running mismanagement — including a backlog of more than 800 open cases at one point. More and better citizens need to consider sacrificing their comfortable lives to learn the ropes and stand for public office.
Those of you who have an involvement in the dangerous game of politics, it may be of interest to know who’s telling the truth these days, and, whether the articles we read are real or imagined disinformation, emanating directly out of a governmental PR department. As a CPA and an eBay seller, I specialize in offering tax planning and advice to eBay sellers and other online business owners.
While I’m worried that this new law will cause the cost of business for small and online business owners to go up (in the form of higher eBay fees, higher PayPal fees, etc.), I also think that all small business owners should pay their fair share of taxes (I pay my taxes, why shouldn’t all small business owners?). Currently, online business owners and eBay sellers are not required to collect sales taxes on items that are sold and shipped to customers in another state. No questions as of now, but these tax laws are going to be very difficult for sellers.
Sales tax collected is not income, and sales tax remitted to the state is not an expense. So for tax purposes, you should not claim the sales tax you collect as income, and likewise, you should not deduct sales taxes remitted to the state as a deduction. However, every state has different sales tax laws, so for additional information you should contact your state’s department of revenue. Hi awesome lens, I have given you 5 stars, here is my lens online business visit it once if you like it vote my lens.
Because eBay sellers pay income tax and self employment tax on their eBay profits, it’s important to get all the tax deductions you are entitled to. As you can see by the following article, the IRS is serious about cracking down on taxpayers who make money online but don’t pay taxes on their eBay or other online income. Good thing there are various online inventory tracking systems that aid store owners in monitoring goods via the Internet.