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Member Workshop: How Tracking Expenses Effects Your Profit - July 11
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Last Post Jul 11, 2006 12:07 PM by: deirdre@ebay.com
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deirdre@ebay.com
Posts: 3,846

Member Workshop: How Tracking Expenses Effects Your Profit - July 11

Jul 2, 2006 11:25 PM
Topic: Member Workshop: How Tracking Expenses Effects Your Profit

Host: sagefire_inc
Date: Tuesday 07/11
Time: 11:00 – 12:00 PT
Location: Workshop Board

Description: Treat your business as a business, right now, and you will make more money – each year. Learn what deductions you are eligible to take and review a list of the expenses eBay sellers often forget to log. Review what the IRS requires you to track and keep, and receive concrete ways to audit proof your records. Members will also learn about the eBay certified provider solution, KeepMore.net, an online turnkey accounting solution that tracks income and expenses.

Cheers,

Deirdre
eBay Community Development
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keepmore
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Member Workshop: How Tracking Expenses Effects Your Profit - July 11

Jul 11, 2006 11:49 AM
Let's now consider expenses that you may not recognize as business deductions or do not take time to deduct (just remember, they must be ordinary and necessary for your business).

  • Your auto mileage
  • Auto mileage to record the miles your spouse has driven for business purposes
  • Office in the home (NOTE: If you have a home office, you can deduct total business mileage from your home office to your business event. If you have an office outside the home, you cannot deduct the commute mileage to your office. This can make a sizeable difference on your total business mileage)
  • Dry Cleaning of professional clothing while traveling
  • Food you provide at events you sponsor is 100% deductible and not limited to the 50% rule
  • Office supplies (including: bottled water, wall decorations, magazines, postage stamps, videos, emergency rations such as chocolates, beverages, peanuts and candy)

We have a list of 18 Essential Tax Tips for Your Business. If you would like to receive a copy, just email us at help@keepmore.net and request your own copy.
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littlered0703
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Member Workshop: How Tracking Expenses Effects Your Profit - July 11

Jul 11, 2006 11:49 AM
We are new to selling on ebay. Does your program have an actual list of dedutions we ebayers can use? What about year end compiling figures? Will your sytems provide all of that for the accountant? And, how do we go about locating a good local accountant since we are new to South Carolina and virtually don't know anyone.
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keepmore
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Member Workshop: How Tracking Expenses Effects Your Profit - July 11

Jul 11, 2006 11:50 AM
I want to give you a couple of good tips to help to stay on top of your record tracking on a daily basis.

During our training sessions, we recommend that you take 5-10 minutes every day to record your business activity. My personal recommendation is that you place all your receipts for each day at your business computer. Now... before you ever allow yourself to open your business e-mails the next morning, take 5-10 minutes to record yesterday's activity. Here's the good news: Do this for 20 days in a row and it will become a good habit.

KeepMore.net direct imports your eBay bought and sold items so you can quickly record your eBay activity. By recording your business activity on a daily basis you will know your total income, your total expenses and your exact profit; now you instantly know your Year-To-Date Bottom Line!

You are the CEO of your business. It is time for you take control of your business finances; with KeepMore.net you can do it quickly and easily without any accounting knowledge.
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keepmore
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Member Workshop: How Tracking Expenses Effects Your Profit - July 11

Jul 11, 2006 11:50 AM
Now is the time to bullet-proof your business records. The IRS requires you to keep your records for the current and three prior years for audit purposes. However, if the IRS can prove fraud in under reporting of income, there is no statute of limitations and all tax years are open for audit.

Even if you record your business transactions, you must keep your receipts. The only receipt the IRS states that you do not have to store is for any 'Meals or Entertainment' expense under $75.00. You must document the expense in order to get the deduction, but you do not have to retain the receipt. But don't run to the shredder too quickly... speaking from a tax professional's point of view, what's a few more receipts? Entertainment expenses are very scrutinized by the IRS; keep that receipt!
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keepmore
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Member Workshop: How Tracking Expenses Effects Your Profit - July 11

Jul 11, 2006 11:50 AM
Did you know that even if you lose all your records in a natural catastrophic event, you will be required to file a tax return. It is usually quite simple for the IRS to prove income. However, without a backup of their business records, it will be difficult for most small business owners to document their expenses.

In an upcoming Workshop we will get into more detail about records storage and some other IRS rules and regulations besides just the recordkeeping side of your business. KeepMore.net is continually developing features that will make the 'job' of being a small business owner easier. Stay tuned! We have a new solution for offsite document storage called eDocument Storage that we will be introducing soon.
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mazbarth
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Member Workshop: How Tracking Expenses Effects Your Profit - July 11

Jul 11, 2006 11:51 AM
As usual, some of this is pretty straight forward but the questionable areas are the ones like...
what are supplies?
How much of the meal, entertainment and travel if you combine it with a trip that is a few days longer than the conference??? :)

Where do you go for these fine line grey items???
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purplemountaintreasures
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Member Workshop: How Tracking Expenses Effects Your Profit - July 11

Jul 11, 2006 11:52 AM
May I deduct books, for instance I bought a book called HOW TO BE AN EBAY POWERSELLER and a book on collectible glass? Both are to help me with my sales.
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keepmore
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Member Workshop: How Tracking Expenses Effects Your Profit - July 11

Jul 11, 2006 11:54 AM
mazbarth: As stated above, you always can consult your tax preparer or accountant. Our program also has extensive "Guide Me" and help sections that help you understand (in plain English) what is deductable, and by how much. You would simply put in something like "Paper" or "Cell Phone" in the keyword search, and the program will direct you to the proper tax category (with an explanation).
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mazbarth
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Member Workshop: How Tracking Expenses Effects Your Profit - July 11

Jul 11, 2006 11:55 AM
Fantastic! :) thanks for a most interesting hour
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keepmore
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Member Workshop: How Tracking Expenses Effects Your Profit - July 11

Jul 11, 2006 11:55 AM
purplemountaintreasures: Books and references like that are all training and educational tools and are 100% deductable.
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keepmore
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Member Workshop: How Tracking Expenses Effects Your Profit - July 11

Jul 11, 2006 11:58 AM
littlered0703: Our KeepMore.net tool helps the new business owner learn what is deductible. By using our 'Guide Me' we can help you identify what items are deductible and where they should be classifed for IRS purposes. You can view your year-to-date income and expense report at any time; and, best of all, at the end of the year, with just one click, you can generate a report for your tax advisor.

Regarding finding a good local accountant, personal referrals are always best. Talk to your friends and business associates. Then set up an appointment with the accountant. If you feel comfortable talking to the accountant and feel you can ask them any question concerning your taxes, they would probably workout for you.

We also offer tax advice and tax return preparation. Please contact one of our Business Coaches for additional information.
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mazbarth
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Member Workshop: How Tracking Expenses Effects Your Profit - July 11

Jul 11, 2006 11:59 AM
Will your program "communicate" with Turbo Tax?
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keepmore
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Member Workshop: How Tracking Expenses Effects Your Profit - July 11

Jul 11, 2006 12:01 PM
mazbarth: There is no direct import of information from KeepMore.net into TurboTax, but you can print off a Schedule C worksheet from KeepMore.net and those numbers will directly plug into TurboTax or any other self-file program.
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keepmore
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Member Workshop: How Tracking Expenses Effects Your Profit - July 11

Jul 11, 2006 12:02 PM
Hopefully we answered everyone's questions with clarity. If you require any more information, please contact us at help@keepmore.net.
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keepmore
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Member Workshop: How Tracking Expenses Effects Your Profit - July 11

Jul 11, 2006 12:04 PM
I have really enjoyed sharing this information with you today. If you take just one thing away from our session today, I hope you better understand the value of tracking and reporting all your eBay business activity. The method you use to record that information is certainly up to you, but I would hope that you take a few minutes to look at our KeepMore.net tool to see just how quick and easy you can maximize your bottom line on a daily basis.

We have available for you today a $100 discount off the annual subscription rate for eBay users. Please go to our web site at KeepMore.net to receive this special pricing offer.

We wish you great success with your eBay business and know that you will be able to keep more of your hard earned money by tracking your business activity.

Phyllis Wischer :: phyllis@sagefire.com

Support Team :: help@keepmore.net

KeepMore.net
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