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Hi everyone! I've been thinking of opening an online store using yahoo or ebay. Does anyone know how this works at tax time? I'm assuming that if I actually make any money, the IRS will want to know about it. Do you think I just check the "self-employed" box and report my income that way? I'm starting to think I shoud ask a tax professional, but I live in a rural area and no one around here seems to know anything about internet business. Thanks everyone
 

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Originally posted by bellasmommy@Aug 19 2005, 05:15 PM
Hi everyone!  I've been thinking of opening an online store using yahoo or ebay.  Does anyone know how this works at tax time?  I'm assuming that if I actually make any money, the IRS will want to know about it.  Do you think I just check the "self-employed" box and report my income that way?  I'm starting to think I shoud ask a tax professional, but I live in a rural area and no one around here seems to know anything about internet business.  Thanks everyone
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You need to see a CPA. An internet business is not all that different from any other when it comes to paying taxes. You also can likely deduct a portion of your house expenses for operating a business out of your home but there is a lot of info you would need to know and records to keep, as the IRS watches these deductions closely.
 

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You can go to an IRS office and ask for a booklet about how to report your taxes as a sole proprietor. Be careful also if you sell merchandise in your own State. You might be liable for sales taxes too.
 
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