I agree, no one wants an audit. I pay my taxes and submit all income. Even on the approx $200 from Mercari that I have sold. However, I’m not happy about it and I’ll scream from the roof tops that I hate it. The reason as to why I won’t get into as I know it will tilt the subject of this thread too far.
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To put us a little more on topic. Has everyone been doing good bookkeeping to be ready for the influx of 1099 forms? I have a very detailed Google spreadsheet.
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Absolutely!..not. I need to get better prepared for the coming tax season. I always get things done and properly but boy howdy to I hate it!
I use PayPal for all money coming in and all expenses that are business related. It’s pretty simple for me to keep track of as I operate.
My LCS’s don’t give me itemized receipts…I’m keeping records but unsure how much I can leverage if receipts that don’t have a description of Exactly what I purchased and when.
I don’t throw out receipts, but just don’t know how much they are going to help.
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So far, I’ve sold 160 things on eBay this year. I’ve got a spreadsheet going showing total sale minus eBay fee minus shipping minus item cost. It’s a bit of work, but if I stay in top of it with each sale, at the end of the year it will be a simple email to the accountant asking him to reconcile it with the 1099 on a Schedule C.