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Business Account
When I signed up a couple of years ago, I apparently did so as a business account.
I'd rather have a personal account. I've certainly exceeded $500 this year.
What are my options here? I would hate to have to close down this account and start a new one.
3 comments
rfmtm
Mentor1 year agoYou can not switch back to a personal one, you will have to open a new account with a new email address. There really is no reason to change to a personal one anyway as there is little difference and the business account offers more flexibility and options.
Do you have any particular concerns?
slashlinecards
OP1 year agoThank you for your reply.
My main concern would be the tax implications. I’m not well versed in best business tax practices. I do not have an LLC. And I have certainly not kept up with things such as shipping materials and costs.
rfmtm
Mentor1 year agoWhether you have a personal or business account all income is reportable. A business account only allows you the option to use a business name and tax ID. Otherwise, you use you SSN as you are probably doing now.
If you are not operating as a business, but just selling personal garage sale items, the reporting is simpler and generally results in no tax due, even if you have not kept track of your expenses.
If you used ebay shipping for labels, all the postage costs you paid are available, as well as you total sales, etc., from ebay. Any tax advisor, accountant, or tax software like TurboTax or H&R Block can guide you through reporting ebay sales.