The online marketplace has grown rapidly over the years. Many businesses don’t even have physical locations anymore. So, do online businesses such as people who sell on eBay, must pay taxes to the Internal Revenue Service or IRS? Many people who sell on eBay are under the impression that they are not required to pay taxes. This is especially the opinion if they do not think that the number of sales that they make would be noticeable by the IRS.
In order to avoid being penalized by the IRS for not paying taxes or filing your taxes incorrectly, there are some ideas that sellers from eBay need to understand. If you are a seller on eBay, you can educate yourself on how to do your taxes so that you can avoid being audited by the IRS.
Here we will discuss the various deductions that apply to sellers on eBay.
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