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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: Price guarantees are common at art auctions The Economist LADIES AND gentlemen”—the auctioneer scans the room one last time—“the Hockney is sold!” The hammer comes down at $90.3m (including fees). Last month ... From the sublime to the ridiculous: 13 unusual objects to be sold at auction in 2018 CNN Whether you're buying, selling or merely watching the drama unfold, a blockbuster auction is a thrilling thing. Here are some of the most unusual items to cross ... State holds unclaimed property auction ABC15 Arizona Unclaimed property turned over to the state will be on display for potential buyers this weekend. Kingston PD auctions off military hummer WVLT.TV Looking for a unique Christmas present? The Kingston Police Department may have just the thing for you--a military hummer. Ex-Judas Priest Guitarist K.K. Downing’s Guitar Auctions for $189,000 Rolling Stone Former Judas Priest guitarist K.K. Downing's 1967 Flying V has sold in a London auction for approximately $189,000, as Blabbermouth notes. It was on of 11 of ... Mexico cancels bidding on two oil and gas auctions Chron The Mexican government has cancelled bidding on two auctions that would have allowed hydraulic fracturing in the border state of Tamaulipas and brought ... Trump Auctions Off 150,000 Acres of Public Lands for Fracking Near Utah National Parks EcoWatch On Tuesday the Trump administration offered more than 150000 acres of public lands for fossil-fuel extraction near some of Utah's most iconic landscapes, ... Springfield group wins auction for historic Sonrise Donuts sign The State Journal-Register The Sonrise Donuts sign — one of Springfield's remaining iconic Route 66 landmarks — sold for $22000 Wednesday following a heated online bidding war. Looking for land? DNR auctions surplus property today WLNS LANSING, Mich (WLNS) - The Michigan Department of Natural Resources will hold a sealed bid auction for 81 pieces of land in both the Upper and Lower ... Feds hold biggest Utah oil and gas auction in years, setting off heightened concerns from environmentalists Salt Lake Tribune The Trump administration's “energy dominance” agenda reasserted itself in Utah on Tuesday with yet another near-record oil and gas lease auction that offered ... Multimillion Dollar Bay Area Estate Heads to Auction Block To Lure Chinese Buyers CBS San Francisco WOODSIDE (KPIX 5) – After 7 years of going on and off the market, a multi-million dollar estate in Woodside is going up for auction, ready for an international ... Police to Auction Off an Inmate’s Designer Sneakers The Indian Express The police in Gloucestershire, England, will use the proceeds from the sale of 55 pairs of shoes to fund crime prevention initiatives. Knoxville's Whimsical Villa Vista Estate Auctions On December 8 Forbes Villa Vista, one of Tennessee's largest estates, comes to auction on December 8th, courtesy of Elite Auctions. The sprawling 1.15-acre property in Bridgemore ... Arizona Department of Revenue's unclaimed property auction set to kick off on Friday FOX 10 News Phoenix The Arizona Department of Revenue is gearing up for its annual unclaimed property auction, and there's thousands of unique items up for bid this year. FOX 10's ... Mexico oil auctions scrapped as leftist government flexes muscles Reuters MEXICO CITY (Reuters) - Mexico's energy regulator on Tuesday canceled two oil field auctions scheduled for February, after the new leftist government said it ... The Machine That Drives the Auction World The New York Times A blockbuster week of sales backed by third-party guarantees reassures the art world that the market is humming, if not booming. Marilyn Monroe memorabilia auction fetches more than $1.6M KOMO News LOS ANGELES (AP) — An auction of Marilyn Monroe memorabilia has earned more than $1.6 million, including $120,000 paid for a touring version of the ... Florida Home Once Listed For $159 Million Finally Sells At Auction Forbes Florida's Playa Vista Isle had an asking price of $159000000 and just sold at auction for the highest auction price on record in the U.S.. Selected Western livestock auctions | Livestock Auctions Capital Press Oregon. EUGENE. (Eugene Livestock Auction). Dec. 1. Head Count: 510. Comments: Slaughter Cows steady to $3 to $5 higher, Bred Cows stronger, Feeder ... Radio auction benefits Operation Santa Claus | State Olean Times Herald QUEENSBURY — WCKM radio's Morning Club with Dan Miner and Pete Cloutier began hosting its 20th annual Morning Club Celebrity Auction to benefit ... Threadgill's World Headquarters Auctions Memorabilia Spectrum News AUSTIN, Texas — Hundreds of people attended Threadgill's World Headquarters auction Saturday, hoping to take home a piece of Austin history. Hundreds ... Foreclosure auction of ex-Bear Lance Briggs' Northfield mansion OK'd Crain's Chicago Business The auction is March 1 for the 15-room home on an acre. Briggs has also has a Northbrook property in foreclosure. TVs, fireplace, appliances available at Lock it Up Storage Auctions on Dec. 14 Richland Source Lock it up storage will offer the following at public auction on Friday, Dec. 14 as a direct result of non-payment of their account. The undersigned has been ... Zero Bids on Uptown Theatre in Final Days of Auction businessjournaldaily.com YOUNGSTOWN, Ohio -- With just two days left on the auction of the former Uptown Theatre, auctioneers are still waiting for the first bid. Threadgill's auctions off memorabilia with years worth of memories KXAN.com AUSTIN (KXAN) — Back when Congress Avenue was a barley-paved, two lane road, Threadgill's was becoming a place to play the guitar for anyone who would ... Coins, silver and baseball cards up for ADOR auction on Friday KTAR.com The Arizona Department of Revenue will hold a public auction Friday of unclaimed property from safe deposit boxes. A bunch of Michigan land is going to auction, including a spot in Highland Hometownlife.com The auction also includes a couple of parcels in metro Detroit, in Oakland and Livingston counties. Things People Leave Behind: Forgotten Valuables Up for Auction Arizona Public Media Items up for bid include gold, silver, and collectibles left in safe deposit boxes. Pearl Harbor museum auctions adventures AOPA Pilot December 5, 2018 By Jim Moore. A helicopter journey from Seattle to Oshkosh, Wisconsin, for EAA AirVenture and upset recovery training in jets are among the ... Mexico to cancel February auctions for oil, gas blocks including first shale areas: energy secretary Reuters MEXICO CITY (Reuters) - Mexico's energy secretary Rocio Nahle said on Saturday that President Andres Manuel Lopez Obrador's newly installed ... IPL 2019 auctions | Players with highest base price: 5 takeaways Livemint At the 2019 IPL auctions, all eyes will be on the figures that nine cricketers in the highest price bracket will command. Here are five takeaways from the exclusive ... Babe Ruth Family Consigns His Memorabilia to Yankee Stadium Auction Sports Collectors Daily Hunt Auctions announces a special Babe Ruth memorabilia auction, set to take place in June at Yankee Stadium with previously unknown items consigned ... The Car Auctions Are Getting Into the Era of Rad Jalopnik Look out, Bring A Trailer: there's a new (well, old) kid on the block ready to sell the over-moneyed masses their next pristinely kept Nissan 300ZX. RM Sotheby's ... Car used by LeBron James as high school senior going to auction ESPN The 2003 Hummer H2 used by LeBron James as a high school senior will hit the auction block and is expected to fetch over $100000. Bring home a piece of the Peabody; museum holding online auctions Yale News The Yale Peabody Museum of Natural History is preparing to undergo a comprehensive renovation. In preparation for that transformation, the museum will hold ... Heritage Auctions' Beverly Hills US Coins Signature Auction: Lots You Need to Know CoinWeek By Charles Morgan and Hubert Walker for CoinWeek ….. On December 13 and 14, Heritage Auctions will conduct their last U.S. Coins Signature Auction of the ... Sotheby's Magnificent Jewels Auction, Featuring Sinatra and Rockefeller Gems, Reaps $46.4 Million Forbes When jewels from big names such as Frank and Barbara Sinatra and Nelson and Happy Rockefeller come up for sale at auction, big things happen. Today's NY ... EBTH auctions Reds memorabilia - Cincinnati Business Courier Cincinnati Business Courier Cincinnati online estate sale auction house Everything but the House is giving the public a chance to own pieces of Reds history. Tim Brown Auctions His 1987 Heisman Trophy for $435K Breitbart News Former Notre Dame star Tim Brown's 1987 Heisman Trophy was purchased for $435000 at auction, TMZ Sports reported. Wheels: How dealer-only auctions work | Local Business News Conway Daily Sun The common assumption among consumers of used cars is that dealers get inventory from wholesale auctions, and that's frequently true. Wholesale, dealer-only ... Mexico Postpones Clean-Energy Auction Wall Street Journal MEXICO CITY—The Mexican government on Tuesday suspended a planned auction of long-term clean-energy contracts as the new administration of President ... A photo of Hitler posing with a girl of Jewish heritage auctions for $11,520 CNN This photograph of Adolf Hitler embracing a young Jewish girl who he called his "sweetheart" sold for $11520 this week. J.M. Davis Museum guns up for auction at Heritage Auctions on Dec. 9 Tulsa World About 140 collectible firearms from the J.M. Davis Museum are up for bid now through a Dec. 9 live auction date at the Heritage Auctions web site. Say NO to NECEC online auction — User Submitted — Bangor Daily News — BDN Maine Bangor Daily News CARATUNK — Say NO to NECEC will be hosting an online auction from Dec. 14-17. All proceeds will go directly to the Say NO to NECEC nonprofit organization ... Bid to play catch with Lorenzen among auctions MLB.com LAS VEGAS -- A charitable tradition during the Winter Meetings will continue this week, with the Reds offering once-in-a-lifetime types of experiences that fans ... EBTH auctions off historic Reds memorabilia WKRC TV Cincinnati CINCINNATI (Cincinnati Business Courier) - Cincinnati online estate sale auction house Everything but the House is giving the public a chance to own pieces of ... Enfield mall sold at auction for $10.85 million Journal Inquirer ENFIELD — The Enfield Square mall, which has been in a state of decline for years, was sold at auction Wednesday to an undisclosed buyer for $10.85 million. Online auctions key to wholesalers' future Automotive News Online auctions and the digital tools that accompany them are key to vehicle wholesalers' futures. How record-setting art auctions are ruining the old neighborhood The Washington Post Art critics generally hate it when an auction house sets a record. Thursday, at Christie's in New York, a painting by David Hockney fetched more than $90 million ... 390K acres up for auction today for offshore wind SouthCoastToday.com Three ocean areas totaling 390000 acres will be offered up by the federal government Thursday during an auction intended to attract the offshore wind industry ... Boot That Almost Went to the Moon Goes Up for Auction Geek Prototype Apollo A7L lunar boot created for Neil Armstrong and the Apollo 11 mission is up for auction. (Photo Credit: RR Auction) ... Landmark Sonrise sign goes up for auction The State Journal-Register It looks like sunset for the Sonrise Donut neon sign that has welcomed visitors along one of Springfield's original stretches of Route 66 for nearly seven decades. Krugerrands, gold bullion and Rolex watches: U.S. Marshals Service auction kicks off The Journal News | LoHud.com Krugerrands, gold bullion and a Rolex: U.S. Marshals *Service* to auction off forfeited valuables. Yager auction draws a crowd | Local News Effingham Daily News EFFINGHAM — An array of sports and celebrity memorabilia caught the eye of one bidder at the Mike and Laurie Yager Estate Downsizing Auction on Friday. Marilyn Monroe memorabilia auction earns more than $1.6M Page Six An auction of Marilyn Monroe memorabilia has earned more than $1.6 million, including $120000 paid for a touring version of the actress' iconic white dress ... Einstein's religious views on display at 2 New York auctions Minneapolis Star Tribune NEW YORK — Did Albert Einstein believe in God? The famous physicist was constantly questioned about his religious beliefs during his lifetime. Two Einstein ... India will auction 80 GW of solar, wind capacity by March 2020 pv magazine International The Indian Government plans to tender 60 GW of solar and 20 GW of wind capacity by March 2020. This would complete the planned auctions for its targets of ... Items from Detroit's Cheli's Chili Bar to go up for auction WXYZ DETROIT (WXYZ) — Want to own a piece of the legendary Cheli's Chili Bar? Remaining items from the now closed Detroit bar will be up for auction Thursday, ... East Hampton Village Auction of Cottage East Hampton Star The summer rental of a coveted 613-square foot, one-bedroom, one-bath cottage at East Hampton Village Main Beach will be auctioned to the highest bidder ... Questions about consent loom after tech brothel auctions off robot’s virginity for $10K The Next Web People can pledge $10000 to be the first person to have sex with a robot at Eve's Robot Dreams brothel in California after receiving $155000 in funding. The first Mumbai Sotheby's auction hints at a promising future for India's art and design scene Business of Home This year brought a slew of international brands to the Indian design market—most notably Ikea—signifying a marked interest in the region for contemporary ... Local consumers say they're owed thousands by Tompkins auction company The Ithaca Voice FREEVILLE, N.Y. — A Tompkins County-based auctioneer has been ordered to pay nearly $70,000 for taking items on consignment from a museum and not ... Castle-like Bluffton mansion listed for $9M will be sold ... in Hong Kong. Here’s why The Island Packet A castle-like mansion listed for sale for $9 million in Bluffton, South Carolina, will have a new owner in December after an auction in Hong Kong. The realty firm ... Site of 2014 West Virginia chemical spill sold at auction Associated Press CHARLESTON, W.Va. (AP) — The former site of a company that spilled chemicals into a West Virginia river has been sold at auction for $375000. WOWK-TV ... Austin Restaurant Threadgill’s Auctions Decades of Memorabilia Eater Austin The South Austin location of Threadgill's on 301 West Riverside will shut its doors this weekend, and begin the process of dismantling the historic restaurant. 6 questions about tax foreclosure auction Wayne County needs to answer Detroit Free Press To fix the Wayne County tax foreclosure auction, you have to understand it. That's a problem. Blackburn McCafferty trophy, which Dayton and Xavier fought over for decades, up for auction Dayton Daily News Xavier University is auctioning off its copy of the Blackburn McCafferty Trophy, the rivalry trophy the Musketeers and the Dayton Flyers fought over for decades. Frank Sinatra items, including 20-carat diamond engagement ring, make $9M hit at auction - USA TODAY Frank Sinatra items, including 20-carat diamond engagement ring, make $9M hit at auction USA TODAY The private treasures of Frank Sinatra and his wife, Barbara, were a multimillion-dollar hit at auction. Photos: Beachfront Galveston home heading to auction this month Houston Business Journal A beachfront home in Galveston is one of 18 properties in Concierge Auctions' second-annual December Sale, according to a press release. Located at 17007 ... 2020 Toyota Supra Teases Its Mirror To Promote Charity Auction Motor1.com If you want to be the very first person to have the 2020 Toyota Supra in your garage, prepare to bid for the privilege at the at the Barrett-Jackson Auction in ... Sharon Tate's wedding dress sells at auction for $56,000 CNN An anonymous buyer has bagged a ghoulish piece of movie memorabilia after winning an auction for actor Sharon Tate's wedding dress. Tate was murdered by ... Federal Auction of 5G Airwaves Gets Off to a Slow Start. Here's Why Fortune The 5G airwave license auction got off to a slow start, as few bidders offered the Federal Communications Commission much for the spectrum. Energy Auction Suspensions, Airport Cancellation Loom Over AMLO's First Week in Office Natural Gas Intelligence Mexican President Andrés Manuel López Obrador, who took office Dec. 1, had a tumultuous first week in office, with major implications for the energy sector. SEAFOOD AUCTION - News SouthCoastToday.com NEW BEDFORD — The Whaling City Seafood Display Auction handled 28163 pounds of fish, yesterday.SPECIES POUNDS PRICELarge Cod;3628 ... Auction House Pulls Luke Skywalker Lightsaber Amid Authenticity Concerns Fortune A Hollywood auction house has put the brakes on the sale of a Star Wars prop that was originally described as having been used by Luke Skywalker in the first ... Unclaimed items up for auction in Phoenix | Arizona News AZFamily The Arizona Department of Revenue will be auctioning off unclaimed items from inactive safe deposit boxes. Land in 20 Michigan counties available in DNR auction MLive.com Eighty-one parcels of land located throughout Northern Michigan and the Upper Peninsula are for sale in a sealed-bid auction hosted by the Department of ... The Biggest Winner of Auction Week and 12 Other Takeaways From New York’s $2 Billion Sales artnet News From the biggest winner to the most surprising pass, here are our parting observations from last week's auction marathon. artnet News, November 20, 2018. Baseball auction benefits WHAS Crusade for Children WHAS11.com Greg Galiette from the Louisville Bats stopped by with Bob Koetter of Koetter Construction and Santa Buddy the Elf to drop off a check raised for the WHAS ... San Angelo livestock auction report | Markets High Plains Journal The San Angelo Producers Livestock Auction Co., Report, San Angelo, Texas, reported receipts of 1010 head selling on Dec. 6, compared to 2173 head a week ... Barrett-Jackson to auction authentic David Ragan No. 38 Ford ESPN David Ragan announced today he will auction a 2018 race-used No. 38 Shriners Hospitals for Children Ford Fusion NASCAR racecar to benefit the children's ... 5 Bowlers who can be the show-stealers at the auctions Sportskeeda The teams are done with the releases and retentions and all eyes are now set on the IPL Auctions which is scheduled to be held on December 18, at Jaipur. IPL 2019: Mumbai Indians ask fans to send suggestions for IPL 2019 auctions. Here's what came up Times Now The IPL 2019 auctions will be held in Jaipur on December 18 which will see a total of 346 up for grabs at the auction table. Auction house cancels controversial rhino horn sale CNN International auction house Bonhams has canceled an upcoming sale of rhino products amid mounting pressure from environmental groups, it was announced ... Hometown Farmer - Wakonda farm toy auctions Siouxland News When you're a kid and you dream of being a farmer, it's fun to push little toy tractors and combines around the living room floor. You think those toys are worth ... Couple charged in bilking farm owner out of $388,725 in auction proceeds Wisconsin State Farmer OCONTO – An Shawano County couple faces prison time after bilking a farm owner out of nearly $390,000 worth of proceeds following a November 2015 ... EEX Publishes Auction Calendar For Poland For 2019 Exchange News Direct The European Energy Exchange (EEX) has published the calendar for the 2019 Polish auctions of EU allowances (EUA) and EU aviation allowances (EUAA) for ... After winning island vacation in silent auction, family feels taken The Boston Globe At first, it was a joyous occasion for the Greene family. They had made the winning bid at a silent auction for a week's vacation for 12 at a swanky beach resort in ... Auction Report: The Rolex Ref. 6062 'Dark Star' Is The Coolest Watch Of This Week's New York Auctions HODINKEE Christie's is selling this unbelievable triple calendar for the second time – and the results will be very interesting. Mushy, Riyad shortlisted for IPL auctions The Daily Star Bangladesh's Mushfiqur Rahim and Mahmudullah Riyad have been shorlisted for the 2019 IPL auctions, scheduled to take place on December 18. In total 10 ... Recently closed Bartash Printing set to auction assets online Philadelphia Business Journal A little more than a week after Bartash Printing closed its doors in Southwest Philadelphia, the 66-year-old business is auctioning off its assets online. According ... Marilyn Monroe's Golden Globe sells for record $250,000 at auction Reuters (Reuters) - Marilyn Monroe's Golden Globe Award sold for a record-breaking $250,000 at Julien's Auctions in Beverly Hills, California, auction officials said late ... Vacant house in West Bridgewater sold at auction Enterprise News The Matfield Street house sat empty for two years, after the town foreclosed on it for decades of unpaid taxes. WEST BRIDGEWATER—The town sold a ... Is Australia's beloved home auction dying a slow death? The Australian Financial Review Australia's biggest real estate agent still sees auctions as a great way to sell but economists and statisticians see it differently. 'Friday Night Lights' TV series props up for auction online Houston Chronicle This week the online auction house Screenbid posted nearly 300 props from the TV show "Friday Night Lights" onto its website and most of the prices are ... Early copy of DC comic fetches $20000 at Bruneau auction Warwick Beacon A copy of DC Comics Flash #105 (Feb.-Mar. 1959) in superb condition, with a grade of CBCS 9.0, soared to $20000 at a Toy & Comic Auction that featured many ... Tom Brady tops auction bids for 'My Cause, My Cleats' - NFL Nation- ESPN ESPN The auction bidding for the shoes Tom Brady wore against the Vikings is significantly higher than the cleats for other players. Royal Inn Property Goes For 310k At Auction (If Accepted) Smokey Barn News Royal Inn Property Goes For 310k At Auction (If Accepted). SPRINGFIELD TENNESSEE: (Smokey Barn News) – The opening bid was $250,000, the final bid ... Ava DuVernay, Kerry Washington and Others Team Up for Time's Up Auction The Source va DuVernay, Reese Witherspoon, Geena Davis, and Kerry Washington celebrate the anniversary of the Time's Up movement. PTTEP wins auction for major offshore Thailand gas fields Offshore Oil and Gas Magazine Thailand's Department of Mineral Fuels has awarded state oil company PTTEP production-sharing contracts for both the offshore G1/61 (Erawan) and G2/61 ... |
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