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keeping books for tax purpose
what is the best way for me to keep records of my sales for tax purposes
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Discussions in this board are limited to the original poster and Community Mentors
what is the best way for me to keep records of my sales for tax purposes
jacbarcollectibles
Mentor1 year agoThere is no one best way to do this. However, the easiest way will be to have a loose leaf binder with sections. Have one section for listing your sales amount and item description. Another section for listing your eBay fees and shipping charges. Then in a third section list your expenses related to selling. You will need to keep receipts for the expenses shown in this section so make sure to have a folder for the receipts to be stored in. Last you will need to keep a sheet for your inventory. As you purchase items for sale note the item and its price. Then when you sell the item indicate the date sold so you can determine the cost of the items you sold in the year.
If you are good with computers you could also make an Excel file with the same information sections and have it automatically add up the required fields needed for preparing your tax return.