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How much should I report my sales on my tax forms?
I've begun selling antiques and vintage items in a small 10x10 space in a really great and affordable antique store. Other than Social Security, this is my income until I tap into my retirement account, probably several years from now.. Some items I buy I make great profits on when I sell them. Other items not so great. I'm trying to figure out what to declare on my taxes in terms of what I bought items for and what I sold for. I'm looking for an industry guideline of some sort. I keep records, but in this economy I need every dime I can get. I don't expect to make more than a few thousand dollars a year doing this. It's just to help pay for health insurance and so forth. Is the IRS going to come after me if I fudge a little?
1 Answer
- kemperkLv 79 years agoFavorite Answer
a; hire a CPA to do this for you.
b; you do not pay taxes on sales =--you pay taxes on profits--and if you have listed EVERY expense properly
you should have NO profits!
example,
gas for car
insurance for car
car payments
mileage
advertising
rent
electricity
memberships
magazine subs
etc.
salaries
wages
draws
your expenses will easily be more than your gross profits.
thus, no net profits, thus, no taxes.