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Withholding Taxes
I noticed in my statements that the only things deducted from my sells were seller fees and shipping costs, but I was wondering if there was a way for ebay to also withhold taxes for you? My fear is that when tax season comes I will have a large tax bill to pay for not having taxes withheld. My thinking is that I rather have taxes taken away from every sell than having to deal with one large payment.
2 comments
disneyshopper
Mentor2 years agoIn addition to the previous reply, the following can also be deducted on Schedule C of your 1040 tax return: mileage to the post office/sourcing, storage space if renting it for your inventory, internet service, P.O. Box.
comics-scifi-collectibles
Mentor2 years ago@theonlyjuan27 No eBay can not withhold the taxes for you.
You will get a 1099k if you sell over $600. You deduct your expenses from the gross. I deduct the following>shipping> eBay fees> supplies you have the receipt for> item cost.