An eCommerce Seller’s Tax Time Checklist
We’re almost through the looking glass! That’s right, tax time is almost all done and done. But have you finished up everything you were supposed to? Did you get every piece of paperwork filled out and signed?
Perhaps you’re one of the few (who are we kidding, the many) who waits to the very last second to file your taxes. Either way, better check out our tax time checklist to double check before April 17th flies by!
No matter what you’re filing and in what capacity, you’ll need this basic info to get you started.
- Social Security Number
- Birth Date
- Dependent Information, including SSNs
Of course the other most common type of info is income info. The only variation comes with the type of income you received, as this can change the form you get. Have you logged all these forms correctly?
- W2 income forms
- 1099 freelance/independent seller forms
- Unemployment compensation
- Social security benefits
- Other income like sale of property or rental property income
Your adjustments can drastically change the amount of income that’s ultimately taxed. Sometimes they can make the difference between owing more and getting some money in the bank. However, they only work if you remember to include them!
- Student loan interest
- Educator expenses, which can include books, supplies, or even computer equipment
- Health insurance payments if you’re self-employed
- Moving expenses
- Alimony paid
Although the standard deduction is better for the majority of filers, itemized deductions sometimes makes more sense. If you are itemizing, you want to get every last one possible in order to get the most out of your taxes.
- Receipts, receipts, receipts – business expenses add up like crazy, so any shortage can cost you!
- Costs of goods sold
- Online fees including PayPal and listing fees
- Advertising costs
- Postage and shipping
- Office expenses
- Charitable deductions
- Mortgage interest
- Continued education costs
- Child care costs (like day care)
Now for one of the most important things to remember: info for the IRS to send you your money! They can send you a check, but it can take weeks. Giving your bank account info can mean a direct deposit within a week to even a few days. An easy decision if there ever was onae!
- Full name on account
- Bank account number
- Routing number
All Done! Right?
Almost! Make sure you keep all your info handy until you get confirmation your returns have been filed, both with federal and state. Even then, you’ll want to keep your paperwork around for approximately seven years…just in case.
Also, if you want to check on the status of your return, you’ll need a few things.
- Amount of refund
- Filing status (single, married filing jointly, etc.)
Checking your status will show you if your return has been accepted as well as a rough estimate of how long it will take to get your refund. Happy taxing!