09-19-2013 06:05 PM
I am now a full time seller on Ebay. I want to know how to keep with info so I may be ready when tax time roll around. Outright has not been working for me. I need something thats is super simple. All comments/answers are welcome. Thank you.
09-19-2013 09:10 PM
I have a book.
Every time I buy something, I write the item, the cost, the date and the source in the book.
Every time I sell something I write the item the selling price and the shipping and handling price which I get from the customer in the book.
And I write the shipping cost (which is different than S&H), my eBay and PP fees in the book.
When I remit sales taxes I write my payments in the book.
I keep all my receipts in a file folder dated monthly.
I keep copies of all my eBay invoices in another folder dated monthly.
At the end of my fiscal year, I hand the whole kit and kaboodle over to my accountant.
She works out how much I will get back from the provincial and federal government in rebates on taxes collected and remitted as well as the tax credits on purchases which were exported.
The important part here is the accountant. Worth every penny. Actually every loonie and toonie. And roses on Admin Day.
09-19-2013 09:12 PM
09-20-2013 05:12 AM
Are CPA expensive? That may be a plus for me because I can't seem to get it together. How do you find ebay fees and paypal fees for each transaction? Thank you for your quick response.