eBay

thorny970 · ‎12-05-2017

just wondering if other sellers on ebay are concerned with the new trump tax plan/ no deductions for any small business... i won't be able to survive on ebay anymore.

lookng2015 · ‎12-05-2017

No, I'm not, because you have it wrong. It's employees' unreimbursed miscellaneous itemized deductions that are being cut.

Besides, it has to pass first anyway,

"If a product doesn't sell, raise the price" - Reese Palley
"If it sold FAST, it was priced too low" - also Reese Palley

southern*sweet*tea · ‎12-05-2017

https://www.snopes.com/tax-bill-small-business-deductions/

"Although this proposal (which would take effect beginning with the 2018 tax year) would dramatically affect employees who incur unreimbursed expenses related to their job (such as home office expenses, union dues, work-related education, job searches, legal fees, subscriptions to trade journals, etc.), it does not affect small business owners or self-employed persons, who would still be able to declare business expenses on IRS Form 1040, Schedule C (Profit or Loss from Business)"

The easier you are to offend the easier you are to control.

We seem to be getting closer and closer to a situation where nobody is responsible for what they did but we are all responsible for what somebody else did. - Thomas Sowell

the_fancy_fox · ‎12-05-2017

@thorny970 wrote:
just wondering if other sellers on ebay are concerned with the new trump tax plan/ no deductions for any small business... i won't be able to survive on ebay anymore.

Not concerned. Google up tax plan and motley fool. They have a good run down on the impact on businesses.

The Race is over
The Rats won.

ted_200 · ‎12-05-2017

@thorny970 wrote:
just wondering if other sellers on ebay are concerned with the new trump tax plan/ no deductions for any small business... i won't be able to survive on ebay anymore.

This should be a good thing for most eBay sellers.

Some sellers are incorporated, and there are going to be cuts to corporate tax rates. The corporate tax return is a completely different thing.

Many other smaller sellers file on their personal returns using Sch. C, which is where they deduct their expenses related to their business income and there will be no changes there. If you're a wealthy eBay seller, it could be a good thing, because they intend to cap income taxes attributed to "pass through" businesses (where you declare the business income and pay the taxes on your personal tax return) at something below the maximum personal rate of 39.6%. If you're in the 10% bracket currently, I don't think it will help any though.

Assuming that's what they pass, or assuming they pass anything. They don't seem to be in agreement enough to do that yet.

The Floggings Will Continue Until Morale Improves.

nohotrader · ‎12-15-2017

I love your tag line. I don't know who Reese Palley is but that's been my motto for 2 decades. It makes alot of sense...especially in the auction days.

luckythewinner · ‎12-15-2017

@thorny970 wrote:
just wondering if other sellers on ebay are concerned with the new trump tax plan/ no deductions for any small business... i won't be able to survive on ebay anymore.

Granted the vast majority of the tax cuts go to the rich and large corporations, but as far as I know the tax bill will have no meaningful effect on business deductions for eBay sellers.

Can you give one specific example of a deduction that you will be losing?

dtexley3 · ‎12-15-2017

@luckythewinner wrote:
@thorny970 wrote:
just wondering if other sellers on ebay are concerned with the new trump tax plan/ no deductions for any small business... i won't be able to survive on ebay anymore.
Granted the vast majority of the tax cuts go to the rich and large corporations, but as far as I know the tax bill will have no meaningful effect on business deductions for eBay sellers.

Can you give one specific example of a deduction that you will be losing?

OP got their info wrong as shown by the other posters above. I'm looking at if it makes sense to incorporate my eBay business instead of just using a sched C. May or may not be to my advantage.

Member of the Grumpy Old Man crew

lookng2015 · ‎12-15-2017

@nohotrader wrote:
I love your tag line. I don't know who Reese Palley is but that's been my motto for 2 decades. It makes alot of sense...especially in the auction days.

@nohotrader

Reese Palley was known as 'the merchant to the rich' back in the day.

"If a product doesn't sell, raise the price" - Reese Palley
"If it sold FAST, it was priced too low" - also Reese Palley