Florida Sales Tax File Online
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Question: Question about selling items on amazon and ebay (taxes,irs,state taxes)?
I am going to file for a sole proprietorship because i intend on buying whole sale items and reselling them online. I know under my business i have to charge sales tax within the state of florida (thats where I am living). I do know i will be subjected to income tax and self employment tax. Do i have to make quartely payments to the irs? I will have no employees. Please help! Any advice will be greatly appreciated
Answer: The activity you describe is the same as a traditional store front when it comes to taxes. You will file a Schedule C with your form 1040 federal return. That information will carry to line 12. If you net income is greater than $400 you will be subject to Self Employment tax of 15.3 % for the amount that your net income exceeds $400. Keep very good records of all of your activities. You should do an inventory of the merchandise you have on hand on 12/31/10.
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Tax Deed Field Trip Day 2 – Jul 2009
