If I start a business selling on eBay, do I have to claim income taxes.....how do I do it?

Question

If I start a business selling on eBay, do I have to claim income taxes.....how do I do it?

Answer 1

You keep tabs on your sales and then claim it when you do your taxes. You should also keep tabs on expenses, car usage, if you use your home as an office, etc...

As a business, you can get some tax breaks. However, be careful as the IRS may reclassify you as a hobby more than a business.

Answer 2

You don't tell the IRS.

Answer 3

if it becomes a real big business, which i doubt(no offensive) such as making thousands a day.. and you cashing them checks and putting them in a bank account they can easily find out.. if i were you.. i would start selling stuff accepting anything but in cash.. go to your bank ask them how you can connect bank account (most likely savings) to paypal.. (verifying it) then when people send money to you in paypal.. you can transfer it automatically to bank..

just if you do start getting money.. don't report of course..since it wont be a ton of money and if i were you i would just cash in checks.. get money for them save it up at home then after saving a large amount go to the bank with it putting in a savings