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taxes
do we pay taxes on Gross or net
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Discussions in this board are limited to the original poster and Community Mentors
do we pay taxes on Gross or net
wooden_flower
Mentor2 years ago@novasky35
You pay income tax on your net profit.
If you are buying items to sell, you should use schedule C - it will help you identify all of the costs that you can deduct To arrive at your net profit. The IRS also has a guide to schedule C that is helpful.