Tax Tips For eBay Sellers – Turning Personal Expenses Into Business Expenses
Few people realize that starting a side-business on eBay is actually a great way to save money on your taxes. The trick is to make sure youre putting all the additional expenses you incur against your additional income. Running an eBiz allows you to take numerous deductions that can add up to a lot of savings.
Deduct Your Home Office
By definition, if youre an eBay seller, you have a home office. You have to have a space thats used exclusively for business, whether its in your spare room or your basement. But having this allows you to take a percentage of your mortgage interest, your utility bills, your homeowners insurance, and your homeowners dues as deductions against your business. And if you use your home to store inventory, even if it doesnt have its own room, you can include that space in your deductions as well.
Deduct Your Childrens Pay
Rather than giving your kids allowances, pay them to help out with your business. Youre moving income out of your tax bracket, and you can pay them up to $4,900 a year before theyll have to pay taxes on it. Tax...
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