My name is Phyllis Wischer and I am the Lead Business Coach at SageFire, Inc., the makers of KeepMore.net. We are a Certified Solution Provider that specializes in simple accounting solutions for eBay users and small business owners like you; our online accounting solution, KeepMore.net, makes it simple to keep track of your business while maximizing your tax benefits.

I'm excited to be here today to tell you about Accounting Do's & Don'ts for the eBay User. With my 20 plus years as an accountant helping small business owners with their accounting, bookkeeping, tax and payroll needs, I hope I can answer all your specific tax or business related questions. I do not, however, provide tax advice.

We will also give you a first look at KeepMore.net. For more information please visit www.KeepMore.net/ebay.

Later in this workshop I will introduce you to the solution we offer, KeepMore.net, but regardless if you adopt our solution, use a system that will help you to quickly, accurately, and securely capture all of your business income and expense activity.

And make sure your system is truly easy-to-use, or you won't use it. The philosophy is to minimize your time spent on record keeping, so you can maximize your time selling!

For the eBay users that identify themselves as business owners, consider this:

BAD

Overpaying the IRS because you don't track your business and expenses.

WHAT'S WORSE?

If you don't report then you lose out on all of your deductions (even losses).

WHAT IS REALLY BRUTAL?

Going to jail for tax evasion.

For each expense, be sure to fully document the details to show why this expense is part of your business. NOTE: this is particularly important for meals and entertainment expenses - the IRS always looks a little more carefully at this expense category.

- When did the transaction take place?

- What method did you use to pay for the expense (bank, credit card)?

- Who did the money go to?

- What did you receive in return for the money spent?

... and of course, what did you pay for the expense?

Perhaps the most under reported business expense by very small business - automobile mileage. Even the eBay user needs to leave their home every so often...

- Did you drive to a tag sale (even if you did not find items that you wanted to buy)?

- Did you drive to your friend's house to go through their basement for inventory items?

- Did you drive to the bank or post office or UPS store?

- Did you drive to the airport to fly to eBay Live?

Profit means you owe tax. That's OK if you know how much you owe throughout the year, but don't go out of business because you're too successful, make too much profit, and forget to set aside the dollars that you need to pay the IRS.

Also, by having a system that helps you know the details of your business and lets you report on how your business is performing, you can focus on what makes you the most money.

With the right data, you can ask these questions:

- Should I sell more antique lamps or hot video games?

- How much tax will I owe in April 2008 due to success in June 2007?

- If I was planning on buying that new laptop, should I do it in December to offset my profit?

- Should I upgrade my shipping service? How much did shipping cost me in May?

The tax laws change every year, we recommend that you find a solution that watches out for changes that may affect you.

Here are few tax tips that may help today. Email us at help@KeepMore.net for a complete list.