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Tax Season Options
rook68
Posted: Wednesday, March 12, 2014 11:50:23 AM

Rank: Watcher
Groups: Member

Joined: 11/27/2009
Posts: 526
Points: 1,578
Location: San Diego, CA
Doing my taxes this year. I had to declare any online purchases and sales. From what I spent and sold. I had to pay a good chunk back. Including shipping I am wondering if it's worth it anymore. This hobby is definitely getting expensive and the government is making it hard to make a buck. Thoughts? Comments?
Sorry. This should of gone in General Discussion.


(referring to an original comic book piece) This is a art gallery my friend and THIS is a piece of art.

Elijah Price "Unbreakable"
played by Samuel L. Jackson


Thundercron
Posted: Wednesday, March 12, 2014 12:14:50 PM

Rank: Herald of Galactus
Groups: Member, Super Seller

Shop at My Store

Joined: 9/14/2008
Posts: 2,461
Points: 31,838
Location: Vancouver, Washington
rook68 wrote:
Doing my taxes this year. I had to declare any online purchases and sales. From what I spent and sold. I had to pay a good chunk back. Including shipping I am wondering if it's worth it anymore. This hobby is definitely getting expensive and the government is making it hard to make a buck. Thoughts? Comments?
Sorry. This should of gone in General Discussion.


Shipping costs shouldn't matter. Save your shipping receipts, they are all expenses and costs of doing business. You won't be paying taxes on that.
rook68
Posted: Wednesday, March 12, 2014 8:49:05 PM

Rank: Watcher
Groups: Member

Joined: 11/27/2009
Posts: 526
Points: 1,578
Location: San Diego, CA
I didn't add the shipping towards my taxes but put them in account to purchases I made. Items I sold I didn't count because buyer paid for shipping. But did claim the sales as income.


(referring to an original comic book piece) This is a art gallery my friend and THIS is a piece of art.

Elijah Price "Unbreakable"
played by Samuel L. Jackson


outcast
Posted: Wednesday, March 12, 2014 9:58:43 PM
Rank: Large Noggin
Groups: Member, Newsstand Edition Host

Joined: 7/28/2012
Posts: 424
Points: 1,858
Not sure I understand what you're saying.

The two ways I can think of to report comics sales are Schedule C (income from business) or Schedule D (capital gains). The choice depends on whether you are operating an ongoing business (with inventory etc.), or simply selling an item from your collection from time to time. Either form gives you the ability to subtract certain expenses (e.g., for capital gains, you can subtract what you originally paid for the item; if you sell for less than your original cost, you would owe no income tax on the item). If you report the income straight to Form 1040, you are probably missing out on deducting expenses.

Not sure what you mean by putting shipping in account to purchases you made. Maybe you're using shipping revenue to finance comics you buy? Not a bad idea, but shipping income (to the extent it exceeds shipping expenses) would still be reportable.
rook68
Posted: Thursday, March 13, 2014 4:50:44 PM

Rank: Watcher
Groups: Member

Joined: 11/27/2009
Posts: 526
Points: 1,578
Location: San Diego, CA
Hmmm..you brought some good points I can discuss with my tax lady. Thanks Outcast. Never really had to worry about paying taxes on online expenses until this year. It's totally confusing to me. But I want to make sure I am doing the right thing so I don't incur any penalties later on.


(referring to an original comic book piece) This is a art gallery my friend and THIS is a piece of art.

Elijah Price "Unbreakable"
played by Samuel L. Jackson


outcast
Posted: Thursday, March 13, 2014 6:39:52 PM
Rank: Large Noggin
Groups: Member, Newsstand Edition Host

Joined: 7/28/2012
Posts: 424
Points: 1,858
It occurs to me there is one other tax I didn't think of yesterday that you might be referring to. States with a sales tax typically also have a use tax for goods purchased from out of state. In my state, the use tax is equal to what sales tax would have been for an in-state purchase (but I don't have to pay use tax on shipping! [though that's not the case in all states]). And in some (most?) states, the state income tax form lets you report use tax, and pay it with your income tax.

Perhaps that's what you were talking about all along. Perhaps I was confused because I did not make the appropriate connection.
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