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Member Workshop: Tax Calendar for your eBay Business - Sept 13
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Last Post Sep 13, 2006 11:04 AM by: deirdre@ebay.com
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deirdre@ebay.com
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Member Workshop: Tax Calendar for your eBay Business - Sept 13

Aug 31, 2006 2:07 PM
Topic: Member Workshop: Tax Calendar for your eBay Business

Host: dkennedycpa
Date: Wednesday 09/13
Time: 10:00 am to 11:00 am PT
Location: Workshop Board

Description: Payroll taxes, sales taxes, quarterly estimates, payroll reports, income taxes - do you ever feel like you’re lost in a sea of taxes and the required reporting? Please join best selling-author and CPA Diane Kennedy for this workshop as she explains what you need to do when it comes to tax withholding and reporting and when you need to do it.

Cheers,

Deirdre
eBay Community Development
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dkennedycpa
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Member Workshop: Tax Calendar for your eBay Business - Sept 13

Sep 12, 2006 12:47 PM
Hello. My name is Diane Kennedy. I’ve been a CPA and Tax Strategist for over 25 years. My specialty is working with small business owners and real estate investors. My tax education company, Tax Loopholes, teaches people through books like Tax Loopholes for eBay Sellers, tapes and seminars on how to take advantage of the legal tax loopholes available to everyone. Please remember that laws and practices vary from state to state and if tax, accounting, legal and other specific expert advice is required, the services of a professional should be obtained.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Calendar for your eBay Business - Sept 13

Sep 12, 2006 12:47 PM
What is a tax loophole? It’s a government incentive to promote public policy. Loopholes, in the way we’re going to talk about them, are legal and safe. There are two things that the government wants you to do: (1) Start a business and (2) Invest in real estate.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Calendar for your eBay Business - Sept 13

Sep 12, 2006 12:47 PM
In our time here together every month, I’d love to show you how to take advantage of the legal incentives that the IRS provides for small business owners. These are the same things I show my clients that saves them $5,000, $10,000….even as much as $90,000 per year in taxes. It’s the very same principles, no matter how much money you have. You still save tax money, it just might be a little bit less.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Calendar for your eBay Business - Sept 13

Sep 12, 2006 12:48 PM
Oh, one more thing, eBay has generously set aside time for these business-related sessions designed to help you make more and keep more money. We have a new workshop every month. Mark your calendars!

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Calendar for your eBay Business - Sept 13

Sep 12, 2006 12:49 PM
Today we’re talking about When to Pay Business Taxes. I know it's not the most exciting topic, but once you're in business - as a sole proprietor or as an incorporated business entity - you find that tax time isn't just in April!

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Calendar for your eBay Business - Sept 13

Sep 12, 2006 12:50 PM
Here are just a few of the taxes you can expect to run up against in your business: payroll taxes, sales taxes, use taxes, quarterly estimated income tax payments, and business taxes. Almost every one of the taxes I just mentioned comes with a corresponding tax report or form. No wonder so many small business owners feel like they're getting nowhere fast when it comes to understanding business tax and reporting obligations!

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Calendar for your eBay Business - Sept 13

Sep 12, 2006 12:50 PM
I want to keep you all on the right side of the taxman, so today I want to talk about six of the most common types of taxes, what they are, when they're due and the reports that go with them.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Calendar for your eBay Business - Sept 13

Sep 12, 2006 12:50 PM
Payroll Taxes

Let's talk about payroll taxes first. After all, that's the one tax that almost all businesses pay! There are four federal parts to payroll tax: Income tax, Social Security, Medicare and Federal Unemployment Insurance. If you live in a state that also has an income tax, you'll have that to consider, too.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Calendar for your eBay Business - Sept 13

Sep 12, 2006 12:50 PM
The first thing to know about payroll taxes is that they only affect businesses with employees. This is something that often trips up new business owners. It seems logical that once you make the switch from being someone else's employee to your own boss, the way you are paid and taxed would change, too. But no-one ever said taxes were logical! Sometimes a business owner is an employee, and sometimes he or she isn't.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Calendar for your eBay Business - Sept 13

Sep 12, 2006 12:51 PM
If you're running your eBay business through a C or S Corporation, you're probably going to be considered an employee under state law. That's because federal and state laws say that a corporation's officers (the President, Vice-President, and so on) are also considered employees for tax purposes. As the owner of the corporation, you will usually fall under this category.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Calendar for your eBay Business - Sept 13

Sep 12, 2006 12:51 PM
If you are operating your eBay business through an LLC, the rules change, depending on how the LLC is taxed and your role within the LLC. Remember, an LLC is a tax chameleon: it can choose any type of taxation.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Calendar for your eBay Business - Sept 13

Sep 12, 2006 12:51 PM
If you actively work in your LLC, and it's taxed as either an S or a C Corporation, you'll receive a paycheck and be treated as an employee for payroll tax purposes.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Calendar for your eBay Business - Sept 13

Sep 12, 2006 12:52 PM
But what if your LLC is set up to be taxed as either a limited partnership or a single-member disregarded entity for tax purposes (that's the LONG way to say "sole proprietorship" or "Schedule C Business")? If this describes your LLC then you won't be able to pay yourself a salary. You'll simply write yourself a check from time to time as a profit distribution. You won't have payroll taxes to worry about at all, but you will have to pay estimated income taxes and self-employment taxes on a quarterly basis.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Calendar for your eBay Business - Sept 13

Sep 12, 2006 12:52 PM
Income Tax

One of the nice things about being a business owner is that you can choose when to pay yourself. You may decide to pay yourself weekly, bi-weekly, monthly, quarterly, yearly, or even a combination. I think most eBay business owners that I know experience periods of down-time during the year, when you aren't selling as much as you do in other months. Just because your paying yourself a salary doesn't mean it has to be the same amount every time.

Diane Kennedy, CPA
www.taxloopholes.com
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