The Number One Question I'm Most Often Asked Is:
"Do I Really Have To Pay Taxes On The Money I Make Online?"
From: Tim Knox
To: All eBay Sellers and Online Entrepreneurs
Regarding: Uncle Sam Wants YOUR Money!
Meet The Authors: Tim Knox and Kristine McKinley
Tim Knox is a serial entrepreneur who has founded four successful technology businesses and thanks to the success of his books and speaking skills, is one of the best-known entrepreneurs on the planet.
His latest book, "Everything I Know About Business I Learned From My Mama" skyrocketed to #1 on Amazon the same day it was released.
He is also one of the Internet's top marketering experts and a nationally-recognized expert on ebusiness, website design, customer service, and of course, eBay.
Tim also writes a syndicated small business advice column, hosts a weekly TV segment on small business, and hosts "The Tim Knox Show," a daily talk radio show that focuses on topical and current event issues.
Kristine McKinley is a CPA and Certified Financial Planner.
She is the founder of Beacon Financial Advisors. She offers financial and tax planning to an assortment of entrepreneurs, both online and off. Kristine is also a home based business owner and an eBay seller.
In response to questions about eBay and taxes from clients and friends, she started an online business tax blog and wrote a free special report, Tax Tips for eBay Sellers.
In addition to offering financial planning, Kristine offers tax preparation and tax planning for eBay sellers and other home based business owners.
My Friends,
With so many people selling from their own websites and on eBay these days, "Do I really have to pay taxes on my online and eBay income?" is the NUMBER ONE question I get from people who subscribe to my newsletter, listen to my radio show, and read my books.
In fact, this singular question was the reason I sought out a true accounting and tax expert who could help me create the definitive program to teach online entrepreneurs how to save money and profit from the IRS rules that govern online income.
The accounting and tax expert I chose to partner with is Kristine McKinley, a CPA and Certified Financial Planner.
Kristine was highly experienced in managing the accounting needs of many eBay and online sellers, so she was the perfect partner to help create the exciting package I'm revealing to you today.
You see, Kristine and I have created a program that will not only answer your questions about how to start your own online and eBay business, but how to minimize your taxes while maximizing your profits.
We'll also teach you how to take advantage of all the tax benefits offered to small business owners, how to pay less in taxes, and keep more of the money you earn from your online ventures!
"But, Tim, My Online Business Is Just A Hobby!"
To many people the thought of running an actual business is about as appealing as spending a week locked in a meat locker with their mother-in-law, so they go out of their way to convince themselves that selling online or on eBay is really "just a hobby" and therefore, should not be susceptible to income tax laws.
While you might think selling on eBay especially is just a hobby and the extra money you're making is not reportable as income, depending on the circumstances...
The IRS will most likely disagree with you.
The IRS Rules Are Clear
Make no mistake...
You must pay taxes on all personal and business income and that includes money you make selling on eBay and from your own website.
But I Just Sell Things I Find At Yardsales!
Where you get the item you resell is beside the point.
The IRS rules mean that if you buy a vase at a garage sale for $10 and sell it on eBay for $20 you made a $10 profit and therefore must report it as income and pay Uncle Sam his fair share.
Here's The Bottomline:
In reality, if you are a casual seller who only sells a few items on eBay every now and then it's doubtful the IRS is going to lose much sleep over the few bucks you make.
However, if you consistently sell on eBay the IRS may deem your activities to be business oriented and you will be required to file a Schedule C and claim the income.
So How Do I Make Sure I'm Not Breaking The Law?
What can the average eBay and online seller do to make sure they are operating within the law and free of the wrath of the IRS?
The answer is simple: learn the rules, then learn to use the rules to your advantage!
That's what Kristine McKinley and I will help you do with our brand spanking new business education package...
Available For The First Time Ever:
"eBiz Tax Tips: How To Minimize Your Taxes
& Maximize Your Income!"
This is a program that Kristine and I have sweated over for nearly a year and finally it's ready for release!
eBiz Tax Tips is a "must have" resource for anyone doing business online.
Here's just a sampling of what you'll learn:
How to turn personal expenses into deductible business expenses The record-keeping tips that will help maximize your deductible expenses How to save hundreds to thousands in taxes each year by choosing the right business structure for you The key strategies to keep the IRS from reclassifying your business as a hobby How to maximize the business deductions you are entitled to How to take full advantage of the home office deduction How to turn part of your home into a deductible business expense How to deduct your car How to pay your kids $5,350 tax-free, every year How to deduct medical expenses directly from your business income by hiring your spouse How to take advantage to all the deductions and credits you are entitled to How to audit-proof your tax return How to avoid common mistakes before you file your tax return When and how to make estimated tax payments How to choose the retirement plan that's best for you and your business And more...
The Complete eBiz Tax Tips Package Includes:
A professionally produced 96 page ebook written by Tim and Kristine A one hour video of Kristine speaking about protecting your income against taxes at a recent small business seminar A one hour audio of Tim interviewing Kristine on the topic of income and taxes Over a dozen forms and worksheets to help you operate your online business legally within the IRS rules.
Here's What You'll Find In The 96 Page eBiz Tax Tips Ebook:
What's Stopping You From Starting Your Own Small Business? The Tax Advantages Of Doing Business Online Your Responsibilities As An eBiz Owner Setting Up Your Business Record Keeping Reporting Income Deductible Business Expenses Business Use Of Your Automobile The Home Office Deduction Hiring Your Family Medical Insurance and Expenses Tax Credits Paying Your Taxes Retirement Planning for the Self Employed The 8 Things You Must Know To Build A Great Website How To Market Your Website Who Will Maintain Your Website Make It Easy For Customers To Buy The Truth About Starting Your Own Successful eBay Business When It Comes To Getting Ahead On eBay, Don't Follow The Herd The Top 10 Ways To Find Products To Sell On eBay Dropship Your Way To eBay Success Websites, Worksheets, & Forms Marketing Resources
Here's A Preview Of The One Hour Video:
Click the "play button" to view a sample of Kristine's one hour video presentation:
Here's A Sample Of The One Hour Audio Interview:
Click the "play button" to hear a sample of Tim and Kristine's one hour audio interview:
Here's A List Of The Forms Included (in PDF format):
Business Deductions Business Entity Comparison Business Expenses for eBay Sellers Business Entity Comparison Form 1040 US Individual Income Tax Return How Long to Keep Records Inventory Worksheet IRS Pub 463 Travel and Entertainment IRS Pub 533 Self Employment Tax IRS Pub 535 Business Expenses IRS Pub 587 Business Use of Your Home Mileage Log Schedule A Itemized Deductions Schedule C Profit or Loss from Business Schedule D Capital Gains and Losses Schedule SE Self Employment Tax
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The Top Internet Experts Are Raving About
The eBiz Tax Tips Package!
"The tax advantages of an online business are HUGE and I trust no one more than Tim and Kristine to deliver the facts in a down to earth understandable manner. This is a sure fire resource for anyone that takes their eBay or Internet business seriously. It's the kind of investment that pays for itself easily because without good advice about your Internet business tax strategy you'll be sending thousands more to the IRS than you should be. If you have an accountant already MAKE THEM READ THIS BOOK TOO! It's that good!"
Jim Cockrum
Editor of "Creative eBay Selling News"
http://www.silentJim.com
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"I recently I heard Kristine speak at a live event and initially thought there would be little I could learn from her, since I'd been operating our successful e-corporation for several years. Boy was I wrong! Kristine offered great, profit-pumping insights to running a successful online business. In fact, I've already planned to implement one idea that is sure to save me several hundred dollars in taxes this year! If you want to learn from a tax expert how to improve your profits many times over the cost of the ebook, buy this ebook!"
Chuck Bowen
America's Coach's Coach
President & Head Coach, 48 Days Coaching Connection
http://www.chuckbowen.net
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"Kristine and Tim have put together what I can only refer to as THE essential guide to taxes for small businesses. I've never seen anyone tackle the complex subject of small business taxes in such a straightforward, positive way before. You'll especially appreciate access to all the necessary forms and information you need to take advantage of the tax breaks that are also a part of business. I recommend anyone doing business check this out. It will not only keep you out of trouble, but also help you keep your taxes to the lowest total allowable by law.
Alan R. Bechtold, Author
Will Work For Fun, from Wiley Books May 16, 2008
FranklinGuild.com
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"I just finished reading "eBiz Tax Tips" and I have to say that I absolutely love it. Record keeping, business expenses, retirement planning etc. is all stuff every home business owner needs to know about. Screw up these things up and it could cost people their business and their life. To the point and easy to read, I highly recommend it to everyone selling online or on eBay."
Jason James
Entrepreneur/Internet Expert
Untoldmarketingsecrets
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"You would be amazed at how many of our 80,000 active dealers write us monthly asking for tax advice on how to itemize product purchases, what's tax deductible in marketing and how much is reportable to the IRS at the end of the year. A lot of people are really in the dark that an online business is a business and it has tax ramifications. This new ebook from Tim and Kristine will be a God send to anyone building an online business!"
Joe Richey
Master Wholesale Agent
Wholesalerwholesaler.com
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"Great, another tax book... That
