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Net Auctions and Auction Information |
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Taxing Your eBay Profits
As a small business person-slash-advice columnist I dread the first quarter of the new year. Not because in my mind my own business fortunes start at zero again every January or because I have already dismissed every New Year's resolution I made when the clock rang out the New Year. No, the reason I dread the first quarter of the new year is that my email box floods with questions about business taxes and the IRS, my two least favorite subjects on earth. It's not that I am opposed to paying my fair share of business taxes. It's that I consider the IRS to be a little like Beetlejuice, the movie demon who appeared only after his name was called three times in a row. My fear is if I write too many IRS columns their dark agents may appear on my doorstep, ready to drag me away to an uncertain fate. Oh well, one must do his duty no matter the consequences, so here we go?. Q: I am starting a small retail business. While talking to a potential supplier last week he asked for my EIN number. I had no idea what he was talking about, so I told him I would have to get back with him because I didn't have the number handy. What is an EIN number and why do I need one? -- Robert P. A: Robert, do you remember the old Johnny Rivers song "Secret Agent Man?" There was a line that said, "They're giving you a number and taking away your name." An EIN isn't as cool as a secret agent number, but it works much the same way when it comes to your business' relationship with the IRS. Instead of identifying your business by name, the IRS identifies your business by EIN. EIN stands for Employer Identification Number and is also known as a federal tax ID number. The EIN is a nine-digit number that the IRS assigns to businesses and is used to identify taxpayers that are required to file various business tax returns. Does your business need an EIN? According to the IRS the answer is yes if: · Your business has employees · Your business is a corporation or partnership · You file returns for Employment, Excise, or Alcohol, Tobacco and Firearms tax · You withhold taxes on income (other than wages) paid to a non-resident alien. · Your business has a Keogh plan · Your business involves trust, estate, real estate mortgage investment conduits, non-profit, farmers' cooperatives, or plan administrators. Applying for an EIN is a relatively painless task. You can apply online at the IRS website (irs.gov), apply by mail or telephone, or if you do business in a state that participates in the Federal Employer Identification Number project you can apply through you local IRS office (sorry, Alabama is not one of them). You will need an EIN number prior to filing business returns with the IRS, so make sure you give yourself plenty of time to obtain one. For more information on EINs and your business, consult your accountant. And while we're on the subject ? Q: I made extra money selling things on eBay last year. These were items I picked up at yardsales mostly. My husband says I am responsible for paying income tax on the money I made, but I disagree. This is just my hobby, not a business. What do you think? -- Gladys A. A: With so many people selling on eBay these days this is a question I get quite a bit. In fact, I have plans for a future "eBay and taxes" column, but I believe your question is more, "is it a hobby or is it a business?" Again, I went to the horse's mouth (at least I think it was the mouth) for the answer. According to the IRS there are a number of factors that help determine if your hobby can be considered a business and thereby make you susceptible to the IRS tax rules governing business. Do you carry on the activity in a business-like manner? If you conduct your eBay activities like a business, i.e. you keep business records, track your profit and loss, keep a separate checking account, etc. then whether you think so or not, your hobby is considered a business. If you put considerable time and effort into your venture, the IRS may contend that you do so for profit and not fun. It seems the folks at the IRS don't believe in doing things strictly for pleasure. My guess is, neither do you. If you weren't making money selling on eBay I doubt you'd be bothering getting up at 4am to hit all those yardsales. Then again, maybe you would? If you depend on income from your eBay activities for your livelihood, it's a business, not a hobby. There are a number of other factors the IRS considers to determine if a hobby is really a business, but in your case I think that covers the basics. For detailed answers to any tax question you should consult a qualified accountant or tax attorney. God forbid you rely on a guy who is afraid to mumble the letters "IRS" three times in a row. Small Business Q&A is written by veteran entrepreneurand syndicated columnist, Tim Knox.Tim's latest books include "Small Business Success Secrets"and "The 30 Day Blueprint For Success!"Related Links:http://www.smallbusinessqa.comhttp://www.dropshipwholesale.net
MORE RESOURCES: Weak Bond Auctions Flash Warning on India Record Debt Sales Bloomberg India is struggling to sell its bonds at recent auctions, and that's even before Prime Minister Narendra Modi embarks upon a record borrowing program. Turquoise And Plato Extend Partnership To Lit Auctions Markets Media Turquoise Plato set records for large-in-scale trades on the London Stock Exchange's trading venue last month, continuing on from a record 2018 and after ... Turkish Treasury holds auctions to borrow $1.86B Yeni Şafak English Treasury and Finance Ministry holds auctions for fixed coupon and CPI-indexed government bonds. Artists Who Donate Work to Benefit Auctions Get Little More Than Good Karma Artsy An upcoming charity auction at Sotheby's featuring works by women artists exemplifies the meager tax incentives for artists to donate their work. Michael Jordan's game-worn shoe heads to auction after rescue from mall New York Post More than 20 years after Michael Jordan won his last championship, the NBA legend's game-worn Air Jordan from 1985 is up for sale – after being salvaged ... Concierge Auctions Unveils February Lineup Of Top-Tier Properties Across Five US States And Three Countries PRNewswire NEW YORK, Feb. 19, 2019 /PRNewswire/ -- Concierge Auctions has announced its February lineup available across five U.S. states and three countries, and ... Rarest, most valuable US paper bills in existence set for multimillion dollar auction Fox News Three exceedingly rare 19th century U.S. currency notes are expected to sell for a combined $7 million when they are auctioned off next week. Luxury Real-Estate Firm Concierge Auctions Fights Allegations of Fraudulent Bids Wall Street Journal In the competitive world of luxury real estate, Concierge Auctions is the dominant force in the rapidly growing business of selling pricey properties to the highest ... National Powersport Auctions Roars Into Sacramento Motorcycle & Powersports News Given the size of the state and the volume of anticipated business, the new Sacramento operation occupies a 38000 sq. ft. facility conveniently located near ... North Carroll: Annual auction for Boy Scout Troop 380 set for March 2 Carroll County Times Boy Scout Troop 380 is holding its annual auction to raise money toward supporting the troop and its events. The auction will be run from 9 a.m. until 5 p.m. ... Auction House Wine Sales Break Records Forbes Wine sales at major auction houses across the globe hit record highs in 2018, according to Sotheby's, the international auction house with outposts around the ... Auction of Treasury bills RIKV 19 0618 Iceland Stock Exchange:RIK GlobeNewswire On Friday, 22 February at 11:00 a.m. Government Debt Management will conduct an auction of Treasury bills RIKV 19 0618 which mature on 18 June 2019. Online auction for the United Way is March 8 Cornell Chronicle The fourth annual Big Red Online Auction to benefit the United Way will be held March 8 from 12:01 a.m. to 11:59 p.m.. Load shedding 'devastates' SA vehicle auctions Wheels24 Load shedding is having a devastating effect on vehicle auctioneers, according to Darryl Jacobson, managing director of True Price. Ferrari Emerges As Top Earner from 2019 Scottsdale Collectible Car Auctions Forbes With another round of January auctions behind us, we can now get a better look at how collector cars are selling and marvel at the prices they command. Chandler Speedway up for auction TriStateHomepage.com The auction will take place on Wednesday, March 20. Mint copy of Super Mario Bros. sells for $100,150 at auction The Verge A mint condition original copy of Super Mario Bros. for the NES has sold for a whopping $100150 at an auction, making it one of the most expensive games ever ... Rare Michael Jordan shoe goes from Milwaukee mall demolition site to high-priced auction Milwaukee Journal Sentinel "My Very Best." It's a simple enough message, scrawled on an old athletic shoe that wound up in an abandoned storage room as Capitol Court Mall was being ... Auctioneer facing more theft allegations at National Book Auctions ithaca.com Local auctioneer David Hall, who ran two local consignment companies, has been hit with another lawsuit regarding the operation of his National Book Auctions ... Torrington sells downtown property at tax auction; no bids on 2nd site - Torrington Register Citizen Torrington sells downtown property at tax auction; no bids on 2nd site Torrington Register Citizen TORRINGTON — A sparse crowd attended the city's delinquent tax auction Tuesday, where one of the two properties for sale was purchased. The former ... Museum of Art auction ends Thursday Daily Commercial LAKELAND — The Polk Museum of Art's annual fundraising online auction ends at 5 p.m. Thursday. Nearly 70 items are being sold to the highest bidder for just ... Brisbane auctions: Buyers hanging out for the houses with nothing to do Domain News In this era of time-poor professionals and busy families, finding a house that requires no work has become a high priority for many Brisbane buyers. Visit The Kung Fu Nuns Of Nepal And Other Auction Items At The Hollywood For Science Gala Forbes Buddhist nuns practice Kung Fu at the Amitabha Drukpa Nunnery on the outskirts of KathmanduGetty. Our world is dramatically changing through global ... Department of Revenue announces auction schedule for Borriello Brothers Pizza KOAA 5 Your browser does not currently recognize any of the video formats available. Click here to visit our frequently asked questions about HTML5 video. Long Chim adds Thai spice to Auction House Market NOLA.com Long Chim began with a craving. After moving to New Orleans, May Mananya couldn't find the food she used to eat in her native Bangkok. So she started ... Vodafone Idea wants 5G auctions only after 2020 ETTelecom.com Vodafone Idea Limited (VIL), India's leading telecom operator said that 5G auction should only take place sometime after 2020. KAR Auction Services Inc (KAR) to Issue $0.35 Quarterly Dividend Fairfield Current KAR Auction Services Inc (NYSE:KAR) announced a quarterly dividend on Tuesday, February 19th, RTT News reports. Shareholders of record on Friday, March ... Local News Clark County to hold first surplus auction of the year Amy Abdelsayed 9:55 KTNV Las Vegas LAS VEGAS (KTNV) — Clark County's first government surplus auction of 2019 is just around the corner and the preview and pre-registration begin next week. Germany Awards 476 Megawatts In Latest Undersubscribed Onshore Wind Auction CleanTechnica February 20th, 2019 by Joshua S Hill. Germany's latest onshore wind tender was again undersubscribed with only 476 megawatts (MW) of capacity being ... 'Ballpark Auctions' moves to new Port Richey location FOX 13 News, Tampa Bay There's a brand new place in Port Richey called Ballpark Auctions. Finders keepers: KCSO selling seized items in online auction WBIR.com The auction company said buyers will find several designer brands for sale including over a thousand watches. Monty Mason '89 yearbook pages depict Pi Lambda Phi 'slave auctions' The Flat Hat When Virginia Senator Monty Mason '89 (D-Williamsburg) was an undergraduate at the College of William and Mary, his fraternity — Pi Lambda Phi ... The FCC Just Wrapped Its First 5G Airwave Auction, and It Didn't Even Crack $1 Billion Fortune The first 5G airwave license auction ended with the Federal Communications Commission receiving total winning bids of $702 million. Big Changes Expected For The Boulevard Mall If It Goes To Auction wyrk.com The way people shop has completely changed so of course the places where we shop will need to change too. That looks like the case with The Boulevard Mall. Auction Preview: Extraordinary Books and Manuscripts at Bonhams, New York, Mar 12 | Artinfo BLOUIN ARTINFO What: Extraordinary Books and Manuscripts. Where: Bonhams, 580 Madison Avenue, New York NY 10022, USA. When: 12 March, 02.00 EDT. Public Viewing: ... Online New Mexico-Based Dispersal Auction Takes Place Feb. 22-25 - Horse Racing News Paulick Report An online auction of 70 Thoroughbreds, including broodmares, yearlings, 2-year-olds, and a stallion, will take place Feb. 22-25 as part of a court-ordered ... Chocolate auction supports youth programs Valleyjournal ARLEE – Auctioneer JR Strand had never seen a three-way tie for the top honor at the Arlee Chocolate Lover's Festival, but he did this year af... Heritage Auctions – Seldom Seen Selections: Rare 2nd Series Bechtler $5 Gold Coin CoinWeek America's first gold rush took place in the Piedmont area of North Carolina and Georgia in the 1820s and '30s. The expanding economy of the region. Auction to benefit Denver Fair EphrataReview.com Photo by Alice Hummer The Auction Committee admires some of the larger items donated for their Feb. 23 event at Denver Fire Company. All proceeds benefit ... Wayne County treasurer breaks tax auction rules The Detroit News Treasurer Eric Sabree's family participates in foreclosure auction in violation of Wayne County rules. Industry Stunned as Mexico Cancels Clean Power Auction Greentech Media News Mexico's renewables sector is reeling from the cancellation of an upcoming clean energy auction and the likely handing of power back to state entities. Global Wine Auction Market Exceeds $479 Million in 2018 | Collecting News | Collecting Wine Spectator While 2018 was a volatile year for Wall Street, it was a winning year for wine auctions. Bidders paid record prices for a host of rarities ranging from Domaine de ... 9 Online Auction Sites to Rival eBay G2 Crowd Online auctions are a great way to snag unique items, so we've compiled a list of 9 online auction sites that work similarly to eBay but offer a unique way for you ... Candlelight Ball auction to raise money for APSU scholarships Clarksville Leaf Chronicle Every spring, the Austin Peay State University Candlelight Ball provides an evening of fine dining and dancing, while also allowing participants to support ... 3 White Tractors Sold Today on Illinois Farm Auction AgWeb A whiteout today (February 16, 2019) at the George & Curtis Overcash estate and Larry Overcash farm auction in Canton, IL. Nope, I'm not talking whiteout as in ... Silent Auction Will Benefit Programs At Linden House Ste. Genevieve Herald French Colonial America, the properties of the campus of the National Society of the Colonial Dames of America in the State of Missouri, will host a silent auction ... Rare vase from 1893 Chicago World's Fair sells at auction for $110,000 to New York collector Chicago Tribune Made in Japan, exhibited at the Chicago World's Fair in 1893 and hiding in plain sight in a California seafood restaurant for nearly a century, a rare giant vase ... Feds auction off prized horses of ex-Venezuela treasurer who got rich as socialist country crumbled Fox News As Venezuela's path of socialism was going bust and millions of people were drowning in poverty without access to adequate healthcare or even food, a small ... Two Clallam parcels set for auction in Department of Natural Resources land exchange Peninsula Daily News Common School Trust to gain interest in 368 acres in Skagit County. FDM Auction Brings Dance Marathon to 61 Percent of its Goal Fordham Ram This year's Fordham Dance Marathon Auction (FDM), benefitting The Andrew McDonough Be Positive (B+) Foundation, brought the FDM team to 61 percent of ... SCS Winter Auction Packer football | News nwestiowa.com This football signed the 2018 Green Bay Packers will be up for bid during the Sheldon Christian School 2019 Winter Auction on Friday, Feb. 22. 2019 mud sale schedule: Auctions for Amish and non-Amish across central Pa. York Daily Record We have the full 2019 mud sale season schedule for you. Take a look! Art auction funds scholarship in memory of beloved teacher Big Country Homepage A new scholarship is being organized in memory of beloved Wylie art teacher Stacy Horton Sanchez. You can help fund the scholarship for it's first students at a ... Kure For Kassie Live Auction and Benefit Dinner - ABC 36 News WTVQ Kassie is a 34 year old mother of two who was diagnosed with Stage 3 esophageal cancer on her 34th birthday. It has now metastasized to her brain and has ... Arizona auctions sell $251 million worth of classic cars Phoenix Business Journal Arizona's collection of classic car auctions sold $251 million worth of cars during the past week, a total up about 1.2 percent increase from the previous year. Fresh Gem Quality 1795 Eagle Highlights Legend Rare Coin Auctions 31st Regency Sale CoinWeek Stunning Coin a Historic Trophy of American Numismatics Legend Rare Coin Auctions is honored to have been consigned and is proud to offer one of the. Antigua Villa Heading to Auction Caribbean Journal A luxe Antigua villa is headed to auction, Caribbean Journal has learned: the Villa Nonsuch at Antigua's prestigious Nonsuch Bay. Buy Your Sweetheart A $500K Heart-Shaped Meteorite That Could Have Destroyed Siberia This Valentine's Day Fortune Christie's is auctioning off a heart-shaped meteorite that crashed into Siberia's Sikhote-Alin mountains on Valentine's Day. Jourdanton Chamber of Commerce BBQ/Auction Pleasanton Express Once again the The Jourdanton Chamber of Commerce would like to invite everyone to their annual BBQ & Auction that is fast approaching! Mark those ... Realtors' auction set for St. Demetrios | News, Sports, Jobs Warren Tribune Chronicle WABOR FUNDRAISER FOR MISSION: Warren Area Board of Realtors will hold a quarter auction fundraiser 7 p.m. Thursday at St. Demetrios Community Center ... BCSO Hosts Car Auction My Panhandle Those in need of a car were able to get some great deals early Saturday morning. Tulsa Livestock Auction report | Markets High Plains Journal The Tulsa Livestock Auction, Tulsa, Oklahoma, reported receipts of 2370 head selling Feb. 18, compared to 1483 head a week ago and 1978 head last year, ... Auction of inflation-linked Treasury bonds RIKS 26 0216 Iceland Stock Exchange:RIK GlobeNewswire On Thursday, 21 February at 11:00 am, Government Debt Management will conduct an auction of Treasury bonds. In this auction Inflation-linked Treasury Bonds ... Quora adds search-like keyword targeting, Auction Insights for advertisers Search Engine Land SAN JOSE — Quora continues to rapidly build out features and capabilities of its not-yet-two-year old advertising platform. The question and answer platform ... Ft. Pierre Livestock Auction report | Markets High Plains Journal The Ft. Pierre Livestock Auction, Ft. Pierre, South Dakota, reported receipts of 5979 head selling Feb. 15, compared to 2569 head a week ago and 5558 head ... Online auction of seized Belgian bitcoin begins next week The Irish Times Wilsons Auctions secures contract to sell 315 coins of cryptocurrency. Auction Preview: Lacquer, Jade, Bronze, Ink: The Irving Collection Day Sale at Christie's, New York, Mar 21 | Artinfo BLOUIN ARTINFO What: Lacquer, Jade, Bronze, Ink: The Irving Collection Day Sale. Where: Christie's; 20 Rockefeller Center. When: March 21; 10.00 am and 02.00 pm. Auction Preview: Furniture and Decorative Art at Dorotheum, Vienna, Mar 11 | Artinfo BLOUIN ARTINFO What: Furniture and Decorative Art. Where: Dorotheum; Dorotheergasse 17, 1010 Wien, Austria. When: March 11; 04.00 pm. Top lots of the sale: - An imposing ... Helm family possessions up for auction Saturday | Local News Elizabethtown News Enterprise An auction Sunday in Lexington will offer artifacts tied to the family of Mary Todd Lincoln, the wife of the 16th president, including items once belonging to a ... Arkansas livestock auction summary | Markets High Plains Journal The summary of livestock auctions in Arkansas for the week ending Feb. 15, showed estimated receipts of 7605 head selling, compared to 5600 head a week ... Georgia livestock auction summary | Markets High Plains Journal The summary of livestock auctions in Georgia for the week ending Feb. 15, totaled 6728 head selling, compared to 8602 head a week ago and 6066 head last ... Ed Noble Parkway put up for auction Norman Transcript Ed Noble Parkway is going to the highest bidder. The property, officially called Parkway Plaza, will go up for auction on April 1. Ten-X Commercial, an online ... George Washington's 'illustrious' hair goes up for auction Fox News A lock of hair from founding father George Washington is set to go up for auction next month and experts believe it could fetch a pretty penny. David Gilmour's guitar collection comes to auction Christie's David Gilmour's 1969 Black Fender Stratocaster has earned its place in rock'n'roll history. Known as 'The Black Strat', the guitar was purchased in 1970 at ... Auction Preview: Home & Interiors at Bonhams, London, Mar 13 BLOUIN ARTINFO What: Home & Interiors. Where: Bonhams, Montpelier Street, Knightsbridge, London SW7 1HH, UK. When: 13 March, 10.00 GMT. Public Viewing: 10 Mar 2019 ... Third annual auction benefits QHS FFA Herald-Whig The third annual Quincy High School FFA auction will take place Thursday, Feb. 21, in the QHS cafeteria. 007 Lots You Can Buy In The Bond & Beyond Auction Forbes Memorabilia associated with James Bond and other vintage action stars hits the auction block on February 7th. A range of material from actual film-used props to ... Julian Edelman's Used Beard Clippings Pass $2,000 Mark In Charity Auction TMZ The famous facial hair Julian Edelman rocked this past season can be all yours. Three Lotus Carltons are up for sale… at the same auction Top Gear Race Retro sale includes three examples of the iconic super-saloon. Greg Potts. 20 Feb 2019. Facebook · Twitter · Google+ · WhatsApp · Mailto · Copy link. Clark County auction scheduled for March 2 KLAS-TV Clark County will hold its first government auction of the year on Saturday, March 2. Tax Forfeiture Auction Selling Parcels in St. Louis County FOX 21 Online ST. LOUIS COUNTY – More than 90 properties were featured at the tax forfeited land auction at the Shriner's center in Hermantown. These auctions happen ... 2019 Fantasy Baseball Draft Prep: 12-team Head-to-head points auction CBS Sports Every auction is different, of course, but Scott White says it wasn't so surprising to see owners go aggressively after starting pitching in this one. Up for auction: Bob Dylan's childhood bathroom sink Bring Me The News It's being sold on Ebay by the owners of the former Zimmy's Restaurant. Donald and Melania Trump's 2005 wedding cake favor up for auction Fox News A piece of President Donald and first lady Melania Trump's wedding day could be yours, as a wedding cake favor from the couple's January 2005 nuptials has ... Ford settles lawsuit over $1.8 million supercar auction Fox News Ford and Mecum Auctions have settled a lawsuit over the sale of cars that aren't supposed to be sold. The litigation stemmed from the auction last May of a 2017 ... No one wanted to buy Hitler's paintings at an auction held in Germany amid public outrage and accusations of forgery Business Insider Five paintings believed to be created by Adolf Hitler failed to sell at a German auction amid public outrage and accusations of forgery over the weekend. Mystery Buyer Splashes Out Thousands On Sperm Whale Penis At Auction LADbible The Out of The Ordinary auction boasted some of the weirdest objects from around the world. Kane Beef Up For Auction Wednesday Drovers Magazine After a private sale of Kane Beef fell through last week, the Corpus Christi beef processor will be sold at auction. Unopened Super Mario Brothers game sells for $100k at auction WPVI-TV There's a new world record for a classic video game. No One Wanted To Buy These 'Hitler Paintings' At Controversial Nuremberg Auction HuffPost Five paintings purportedly made by genocidal dictator Adolf Hitler failed to find any buyers at a weekend auction in Nuremberg, Germany, amid concerns about ... |
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