Your Auction Business & Taxes
Taxes is an issue when running an Auction Business. But is there a grey line when it comes to declaring it?
It's really within reason if you're going to do a huge amount of it, a small amount is negligible.
Some people want to have a small business for write-offs, you might want to consider taking it to the next level and be able to write off some of your expenses like your computer, office space, supplies, etc.
Each state and each province has their own amount of sa...
auction taxes, online auction taxes
Taxes is an issue when running an Auction Business. But is there a grey line when it comes to declaring it?
It's really within reason if you're going to do a huge amount of it, a small amount is negligible.
Some people want to have a small business for write-offs, you might want to consider taking it to the next level and be able to write off some of your expenses like your computer, office space, supplies, etc.
Each state and each province has their own amount of sales you can do without declaring, & charging taxes. Check with your state to see what amount you have to do before you start taking taxes.
The BC goverment (where I live) gives you an allowance of $30,000 before you have to charge for sales tax, that's for someone who legally has a business.
There's definate advantages of having a business license, declaring your income and being able to have write-offs. That being said, legally you have to declare taxes if you're profit
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