ebay 2017 turbotax home and business new

If you choose to deduct your actual expenses in the year you start using your car for business, you can't switch to the standard mileage rate later.When figuring expenses, you may choose between taking the standard mileage rate (which generally changes every six months to a year), or deducting your actual expenses for items such as gas, oil changes, tires, repairs, preventive maintenance, insurance and registration. If you have a home office, a drive from your home to a supplier and back home again is a 100% deductible business expense.

You also have to fill out your self employment tax (schedule se) seperately since that is how a self employeed person pays social security/medicare taxes.As a small business owner, you can deduct automobile expenses for visits to clients, customers or travel to business meetings away from your regular workplace. If you only sell 50 widgets then you can only claim a cost of goods sold of $50. Of course since taxes are not complicated enough :).įor example you can't just buy a lot of 100 widgets for $100 and then claim the whole 100 dollars as an expense this year unless you sell them all this year. The 'cost of goods sold' is the trickiest part since the IRS does not allow you to deduct the cost of inventory until AFTER you've sold it.

I usually just use a few of the pre filled expese categories such as 'supplies' and then I put the rest of my expenses in the Misc expense box since it lets you just fill out your own categories there. Then you subtract the expenses from your income which gives you the taxable amount to add to your 1040. You list your income and then you list all your business expenses (office supplies, bank fees, marketplace selling fees, shipping supplies, business phone, cost of goods sold, web hosting & ecommerce costs, city and legal fees). There are no deducations on the schedule C - It is profit and loss. Thanks for any feedback on how to fill out the schedule 'C' and hope you have a terrific day! When filling out the schedule 'C', what are some common deductions to take and the line number that applies?ĭoes anyone happen to know what line number do I list all my ebay fees on? I'm truly hoping someone may have some feedback on ebay and taxes.

Ebay 2017 turbotax home and business new