Advice needed. Bookkeeping. Consulting.

[toolsngames]

Hello community!

I a beginner, I wish to register on eBay as a seller. I made an appointment with an accountant for consulting. What should I ask? In your experience is there anything you know now and wish you knew back at the beginning? I am afraid not to leave something out of the discussion.

I would appreciate your message.

Thank you

[ajs_coins_and_alchemy]

I sell, I never met with an accountant. My opinion is you're going too far already but... what do I know?

[redmodelt]

Your location shows Germany, so it might be better to ask on a German community board. You are posting on the USA board, things between the two countries would be different when it comes to what bookkeeping would be needed. 

[monica-sells]

Congratulations on taking your selling experience seriously.....

It is really just a matter of logistics and organization...

Keep 'valid' receipts for your purchases

Log your mileage to deliver your packages to the shipper

Your shipping, packaging materials, boxes, envelopes, are all valid 'expenses'

All Fees you pay are expenses.

All these expenses are deducted from your Gross Sales

I am sure your accountant would want "organized" expenses and paid outs....

(cancelled checks, invoices, receipts, credit card statements, etc....)

The more YOU DO, the less they do, saving you $$$$$$$$

[dbfolks166mt]

     Depending on how much you intend to sell, volume and $ wise you may or may not need an accountant to actually do your taxes. You should tell him/her what eBay provides you from a reporting perspective and ask him/her what other records you need to keep that eBay would not be privy to. The eBay reports will provide you with the sale price of the item, fees, actual shipping cost, refunds, returns and some other less useful figures. 

     Ask the accountant what type of records you should keep for things like COGS, POV mileage, business use of your home, what the eBay sales will do with regards to your state and federal income tax (i.e. what tax bracket you fall into), what percent of the net profits will you be required to pay state and federal income tax on, any potential impact to federal benefits you may be receiving such as Social Security. Ask them if you will need to make quarterly payments for your federal and state taxes to avoid a penalty when you file your taxes and if so what those payments will or should be. 

[mam98031]

And I would add, keep your own books.  Do not depend on Ebay's numbers.  Use them as a cross check, but not as your way of keeping your books.

And I support asking these same questions in your community for the country you are in.

[mam98031]

The seller is not in the USA.  They are in Germany.  So while what you posted is good for a US seller, it may not work for a seller in Germany.

[lawnmowerpartsstore2]

Sounds like a money hole if your just starting out.

[dbfolks166mt]

Your location shows Germany, so it might be better to ask on a German community board. You are posting on the USA board, things between the two countries would be different when it comes to what bookkeeping would be needed. 

Good catch. 

[nobody*s_perfect]

Accountants usually charge by the hour.  Go go the relevant German government web pages and read up  on how they figure taxes for small businesses, self-employed, whatever they see eBay activity being, so you are prepared for this meeting. Also, you will get better advice on the discussion boards for eBay's Euro sites.

[dbfolks166mt]

The seller is not in the USA.  They are in Germany.  So while what you posted is good for a US seller, it may not work for a seller in Germany.

Thank you I failed to catch that but several others did. Assumed, always gets me in trouble, that since the OP posted on the US forum they were in the US.