Be persistent and consistent! This means making a habit out of tracking all income and expense related transactions that you incur.
Being meticulous about tracking your income and spending is less about effort and more about habit. All you need is the “habit” of pocketing those receipts and a folder to keep them in. Once you have the information, there are many ways of putting it to work, which we will talk about in a minute.
Most people don’t consider their eBay activities a “business” until they realize Uncle Sam needs to get paid, which typically results in approximating income and expenses. Having to guess at your prior income and expenses is risky, since it may lead you to under or over report your income and/or expenses – either way, you hurt your business!
Keep
ALL of your receipts and make tracking easier by charging expenses to a single credit card, separate from your personal cards. I highly recommend using PayPal and a business-only credit card. This helps consolidates “offline” expenses and income to a limited set of reporting sources.
Greg
Mpire Corporation
Must use Buy It Now and PayPal.
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