Question
Auction sales
Citing a study that found three-quarters of a million people make their primary or secondary living selling on Ebay an IRS advisory committee recently recommended that online auction sites be required to report sellers' taxpayer identification numbers. Separately, the Bush Administration has proposed requiring credit card companies to report the proceeds paid to each merchant. It will be harder for self-employed folks to cheat. Forbes by Janet Novack
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Those of us employed in "traditional" jobs have been paying our share for years. I have no problem with sellers having to declare income/profit. When I sold on eBay in a serious manner for a couple of years, I kept records and did declare profit. (not much over all, but I did declare it)
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Small as it is, I report all mine and pay appropriate taxes. Sales tax, too.
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I'm a legitimate micro-business and bleed into all the appropriate coffers.
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what MR & victoria said
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Double ditto.
....still waiting for the much-ballyhooed small biz tax break here .....
Where is it?
Will I know when it arrives?
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They now have bots scanning auction and gambling sites for auction pages etc to gather information and from what I saw,and then match it with income reporting.I just saw it recently on a news report.I guess you would need to be listing on a consistent basis and enough to make it worth the time and effort for one to to get on the radar.You would think it would be just a matter of time and technology before it all gets streamlined.Much revenue being lost from unreported income I would guess.
Should thin the ranks somewhat.Of course there is still those with the 50k a year "hobby"..........
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A different country and a different tax collector, but my own tax records for about the last 5 years have been the most accurate and up-to-date they have ever been.
GST (Goods and Services Tax) has been a burden to some small businesses (particularly when it was introduced in a rush to hit the Sydney olympics), but it has improved my own book keeping very much.
Cheers, Kevin