can i collect taxes from my earnings and raise money for the end of the year?

[mm_auto_parts]

I am a seller of ebay motors, my question is this, I know that Ebay collects taxes from buyers, but there is some way you can collect taxes from your earnings and leave for the end of the year, since I saw in my ebay performance that not $ 0.00 of taxes collected by myself, or until I receive my 1099 at the beginning of the year I can not deduct my expenses and profits, thank you GOD bless you

[nobody*s_perfect]

The tax that eBay collects from buyers is the sales tax for the buyer's state.

The 1099-K is for your federal (and maybe state) income tax that you report to the IRS. eBay is not your employer, so they do not withhold income tax for you.

[stainlessenginecovers]

Yes, you can collect dollars from your earnings by simply putting 25% (1/4 th) of your 'earnings' (earnings would be after shipping cost and ebay fees) and put it in the Savings Account until Tax day- you then use that money to pay Uncle Sam and your state. (know that the 25% is just a ballpark as I have no idea what your REAL tax liability is)

[slippinjimmy]

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@mm_auto_parts wrote:

I am a seller of ebay motors, my question is this, I know that Ebay collects taxes from buyers, but there is some way you can collect taxes from your earnings and leave for the end of the year, since I saw in my ebay performance that not $ 0.00 of taxes collected by myself, or until I receive my 1099 at the beginning of the year I can not deduct my expenses and profits, thank you GOD bless you

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IRS information on quarterly instalment payments.

https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

[soh.maryl]

Presume you are referring to Federal income tax? Why not just set aside a certain amount from each sale in a special savings account? Or your piggy bank? 

[inhawaii]

... or under the mattress.    😉