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Currently all my income comes from 1099s I want to open an ebay business, from my understanding all I need to do is save expense receipts, and invoices?

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June 1, 2019
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Currently all my income comes from 1099s I want to open an ebay business, from my understanding all I need to do is save expense receipts, and invoices just like I do with my contract work. Example: save purchase receipts for items, save shipping receipts, save ebay fee receipts and ebay/paypal? making sure I can do all this as a "sole proprietor" I am in the state of Florida. I understand I may need to register for a florida retail certificate. Outside of that does anyone know anything different I need to do for taxes? Or Can I file 1099 and (ebay/paypal) under "self-employment" thank you!

TurboTax Home & Biz Windows

Best answer by Vanessa11_2

Yes, for tax purposes you just need to track all of your income and expenses and save all the receipts just like you do with contract business. If you are doing this as your own business you will not file a 1099, but Ebay/PayPal may issue you a 1099-K which will not necessarily report ALL of your income if you have any from other sources.

Using software like Quickbooks or another accounting software will make it easier for you, you can upload pictures of your receipts and such which for some people make it easier to keep track of.

As far as what all you need to do in Florida, it would be wise to contact a Business Consultant or the state business department to determine what all you need to do as every state varies

V

Vanessa11_2Answer

Employee

Yes, for tax purposes you just need to track all of your income and expenses and save all the receipts just like you do with contract business. If you are doing this as your own business you will not file a 1099, but Ebay/PayPal may issue you a 1099-K which will not necessarily report ALL of your income if you have any from other sources.

Using software like Quickbooks or another accounting software will make it easier for you, you can upload pictures of your receipts and such which for some people make it easier to keep track of.

As far as what all you need to do in Florida, it would be wise to contact a Business Consultant or the state business department to determine what all you need to do as every state varies

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