Noted Entrepreneur & Tax Expert Issues This Warning:
"If You Are Not Paying Taxes On Your Online Income You Are Breaking The Law!"
From: Tim Knox
With so many people selling from their own websites and on eBay these days, "Do I really have to pay taxes on my online and eBay income?" is the NUMBER ONE question I get from people who subscribe to my newsletter, listen to my radio show, and read my books. In fact, this singular question was the reason I sought out a true accounting and tax expert who could help me create the definitive program to teach online entrepreneurs how to save money and profit from the IRS rules that govern online income. The accounting and tax expert I chose to partner with is Kristine McKinley, a CPA and Certified Financial Planner. Kristine was highly experienced in managing the accounting needs of many eBay and online sellers, so she was the perfect partner to help create the exciting package I'm revealing to you today.
"But, Tim, My Online Business Is Just A Hobby!"
To many people the thought of running an actual business is about as appealing as spending a week locked in a meat locker with their mother-in-law, so they go out of their way to convince themselves that selling online or on eBay is really "just a hobby" and therefore, should not be susceptible to income tax laws.
While you might think selling on eBay especially is just a hobby and the extra money you're making is not reportable as income, depending on the circumstances... The IRS will most likely disagree with you.
The IRS Rules Are Clear
Make no mistake...
You must pay taxes on all personal and business income and that includes money you make selling on eBay and from your own website.
But I Just Sell Things I Find At Yardsales!
Where you get the item you resell is beside the point.
The IRS rules mean that if you buy a vase at a garage sale for $10 and sell it on eBay for $20 you made a $10 profit and therefore must report it as income and pay Uncle Sam his fair share.
Here's The Bottomline:
In reality, if you are a casual seller who only sells a few items on eBay every now and then it's doubtful the IRS is going to lose much sleep over the few bucks you make.
However, if you consistently sell on eBay the IRS may deem your activities to be business oriented and you will be required to file a Schedule C and claim the income.
So How Do I Make Sure I'm Not Breaking The Law?
What can the average eBay and online seller do to make sure they are operating within the law and free of the wrath of the IRS?
The answer is simple: learn the rules, then learn to use the rules to your advantage! That's what Kristine McKinley and I will help you do with our brand spanking new business education package...
Available For The First Time Ever:
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Tim Knox is a serial entrepreneur who has founded four successful technology businesses and thanks to the success of his books and speaking skills, is one of the best-known entrepreneurs on the planet.
Kristine McKinley is a CPA and Certified Financial Planner.
This is a program that Kristine and I have sweated over for nearly a year and finally it's ready for release!
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"The tax advantages of an online business are HUGE and I trust no one more than Tim and Kristine to deliver the facts in a down to earth understandable manner. This is a sure fire resource for anyone that takes their eBay or Internet business seriously. It's the kind of investment that pays for itself easily because without good advice about your Internet business tax strategy you'll be sending thousands more to the IRS than you should be. If you have an accountant already MAKE THEM READ THIS BOOK TOO! It's that good!"
Jim Cockrum Editor of "Creative eBay Selling News" http://www.silentJim.com |
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"I recently I heard Kristine speak at a live event and initially thought there would be little I could learn from her, since I'd been operating our successful e-corporation for several years. Boy was I wrong! Kristine offered great, profit-pumping insights to running a successful online business. In fact, I've already planned to implement one idea that is sure to save me several hundred dollars in taxes this year! If you want to learn from a tax expert how to improve your profits many times over the cost of the ebook, buy this ebook!"
Chuck Bowen America's Coach's Coach President & Head Coach, 48 Days Coaching Connection http://www.chuckbowen.net |
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"Kristine and Tim have put together what I can only refer to as THE
essential guide to taxes for small businesses. I've never seen anyone
tackle the complex subject of small business taxes in such a
straightforward, positive way before. You'll especially appreciate
access to all the necessary forms and information you need to take
advantage of the tax breaks that are also a part of business. I
recommend anyone doing business check this out. It will not only keep
you out of trouble, but also help you keep your taxes to the lowest total
allowable by law.
Alan R. Bechtold, Author Will Work For Fun, from Wiley Books May 16, 2008 FranklinGuild.com |
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"I just finished reading "eBiz Tax Tips" and I have to say that I
absolutely love it. Record keeping, business expenses, retirement
planning etc. is all stuff every home business owner needs to know
about. Screw up these things up and it could cost people their business
and their life. To the point and easy to read, I highly recommend it to everyone selling online or on eBay."
Jason James Entrepreneur/Internet Expert Untoldmarketingsecrets |
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"You would be amazed at how many of our 80,000 active dealers write us monthly asking for tax advice on how to itemize product purchases, what's tax deductible in marketing and how much is reportable to the IRS at the end of the year. A lot of people are really in the dark that an online business is a business and it has tax ramifications. This new ebook from Tim and Kristine will be a God send to anyone building an online business!"
Joe Richey Master Wholesale Agent Wholesalerwholesaler.com |
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"Great, another tax book... That’s what I first thought until I started reading eBiz Tax Tips. I was less than half way into it when I thought, 'Finally a tax and business guide aimed right at me - the online home business owner!' Nothing boring here – and it’s about a lot more than taxes. This is stuff that will put money in your pocket. Tim and Kristine show you how to use the IRS to finance and grow your business – and it’s all legal – no funny stuff that will get you in trouble. Five Stars for eBiz Tax Tips!"
Skip McGrath |
The IRS Rules Are Clear:
"You Really Can Lose Everything Or Go To Jail For Being Ignorant Of The Tax Laws!"
Ignorance of the law is no excuse for not paying taxes on your income. Just try telling the IRS that you weren't aware that you owed them money from your online or eBay sales and see if they let you off the hook. To the contrary, they will not only make you pay what you owe, they may hit you with big fines and late fees that may take decades to pay back.
Consider these actual cases of people who were nailed by the IRS for not reporting their income.
Former Employee of PinnFund Evaded Over $103,000 in Taxes
On September 5, 2006, in San Diego, CA, Christopher Brent Belaire, a former employee of PinnFund, USA, Inc., was sentenced to 18 months in prison, six months in a half-way house, one year supervised release, and fined $1,000. Belaire was also ordered to pay $103,090.05 to IRS for back taxes, penalties and interest. On May 30, 2006, Belaire pleaded guilty to two counts of filing false tax returns for tax years 2000 and 2001. Belaire admitted to failing to report over $348,000 in income during 2000 and 2001. According to court records, Belaire was an associate of PinnFund's Chief Executive Officer and was given access to substantial amounts of company funds, a large portion of which Belaire misappropriated for his own use.Singer Ronald Isley Sentenced for Evading Nearly $3.1 Million in Taxes
On September 1, 2006, in Los Angeles, CA, Ronald Isley, the lead singer of the Isley Brothers musical group, was sentenced to 37 months in prison to be followed by three years of supervised release. Isley was convicted on October 31, 2005, of five counts of tax evasion and one count of willful failure to file a tax return. During the trial, federal prosecutors showed how from 1997 through 2002 Isley received and spent millions of dollars on personal assets and expenses while evading the payment of approximately $3.1 million in income taxes. According to evidence presented at trial, Isley created a web of bank accounts and shell companies that he used to conceal his income. He controlled and personally benefited from Isley Brothers royalty checks that he had issued to other individuals and Isley Brothers-related entities including the estate of Okelly Isley, a deceased brother. Checks for Isley’s royalties were deposited into several accounts that he controlled including one purportedly owned by his wife. Isley also incurred expenses associated with his lifestyle which included the lease/purchase of a second high-end Bentley automobile for $280,000; a Los Angeles apartment leased for $5,000 per month and $60,000 spent to furnish the apartment; and $400,000 paid to an interior decorator. Isley attempted to deduct some of these personal expenses as business expenses on his 2002 tax return. For the years 1997 through 2001, while involved with IRS collection and bankruptcy proceedings, Isley failed to file tax returns although he continued to earn and receive income. This investigation was a result of a referral under the IRS’s Fraud Referral Program.Parking Lot Owner Sentenced for Failing to Report Over $900,000 of Income
On September 1, 2006, in San Francisco, CA, Minesh Krishnadas Mehta was sentenced to 15 months in prison to be followed by three years of supervised release. In addition, Mehta was ordered to pay $340,111 in restitution and fined $200. On April 21, 2006, Mehta pleaded guilty to two counts of tax evasion. According to the plea agreement, Mehta admitted that during the years 1999 and 2000, he operated numerous parking lots in the San Francisco Bay Area under various names of incorporated entities which served as nominees for his parking lot operations. The parking lot businesses generated a substantial amount of cash receipts. Mehta deposited the cash receipts in amounts less than $10,000 into his bank accounts so that banks would not file Currency Transaction Reports. Mehta admitted that he had failed to report on his individual income tax returns a total of $926,304 for the years 1999 and 2000.Red Bank Builder Sentenced to 15 Months in Federal Prison for Tax Evasion
On August 29, 2006, in Trenton, NJ, Guy Ferraro was sentenced to 15 months in prison following his guilty plea to four counts of tax evasion. Ferraro was also ordered to pay a $16,000 fine and to make a payment to the IRS for $940,521 plus interest. Ferraro admitted that from 1998 until 2002 he attempted to evade paying taxes owed by diverting approximately $762,557 in income from Ferraro Builders to his own use and benefit. As part of the scheme, Ferraro instructed buyers of homes constructed by Ferraro Builders to make checks for non standard features in their homes payable to Ferraro personally rather than Ferraro builders. Ferraro thereby diverted income form the company, which otherwise would have flowed through to Ferraro’s Individual Income Tax Returns. Ferraro would then generally invest the extra check in personal certificates of deposit or place the funds in a safety deposit box. Additionally, during tax years 1999 through 2001, Ferraro directed the company’s bookkeeper to prepare and record checks drawn on the company’s account as business expenses. Ferraro then cashed the expense checks and used the proceeds for his own personal use.Co-Owners of Computer Depot Warehouse, Together Evaded Over $1.7 Million in Taxes
On August 25, 2006, in San Diego, CA, Sherif S. Gadalla, former co-owner of Computer Depot Warehouse, was sentenced to 12 months and one day in prison and ordered to pay $852,057 to the IRS for taxes due on $2.2 million in unreported income. On August 18, 2006, Samer S. Gadalla, brother of Sherif Gadalla and co-owner of Computer Depot Warehouse, was sentenced to 12 months and a day in prison and ordered him to pay $907,788 to the IRS for taxes due on nearly $2.5 million in unreported income he received from 1998 to 2002. In addition to jail time, both brothers were ordered to serve one year supervised release and ordered to pay a $100 special assessment. According to the plea agreements and the criminal informations filed in the case, from 1998 to 2002, Sherif and Samer Gadalla were partners and operators of Computer Depot Warehouse. During this period, the defendants received business revenue in cash, which was spent for their personal benefit or concealed in various locations in their residences. Sherif's unreported income totaled $2,224,210 while Samer's unreported income totaled $2,469,225. At the sentencing hearing, Sherif Gadalla handed a check to representatives of the IRS for the full amount of unpaid taxes, which totaled $857,041. At the time of Samer Gadalla sentencing hearing, he handed two checks to representatives of the IRS for the full amount of the unpaid taxes, which totaled $907,788.
"Don't Become A Statistic!"
You must learn the rules and abide by them because the IRS has zero tolerance for people who do not accurately report their income, whether the mistake was on purpose or an honest error; you will lose every time.
The eBiz Tax Tips Package can save you hundreds, perhaps even thousands of dollars and make sure you conduct your business within the IRS tax laws.
Tim & Kristine Personally Guarantee
Your Satisfaction!
Order eBiz Tax Tips now (it's tax deductible) by clicking the order graphic below.
Read the ebook, review the forms, watch the video, and listen to the audio. If you do not honestly feel that you will save hundreds, if not thousands, of dollars by putting this information to work simply let us know within 8 full weeks and we'll gladly refund your money, no questions asked.
And rest assured, there are no shady loopholes or underhanded tax tricks detailed here.
This is 100% rock solid information that any eBay and online entrepreneur can use to keep more of their hard earned money (sorry, Uncle Sam).
Kristine and I know that you will find the information useful because we use the same tax strategies ourselves, year in and year out, to minimize our taxes and maximize our profits.
Start Minimizing Your Taxes and
Maximizing Your Profits Now!
Get your copy of eBiz Tax Tips today and start saving money on your taxes tomorrow.
Your investment is even tax deductible: $97 for the ebook, the video, audio, and the forms.
Everything comes in digital format for immediate downloading. You will not receive hard copy materials.
In closing...
We honestly believe that eBiz Tax Tips will truly help you minimize your taxes while maximizing your online profits.
Whether you're selling on eBay, through a Yahoo store, or from your own website, the information contained in this package will not only keep you operating within the law, but will also teach you how to use the IRS rules to your advantage for even greater profits and savings.
We encourage you to immediately download the materials and get started right away.
Take the time to read the ebook, review the forms, listen to the audio, and watch the video, then put these strategies to work in your business.
You'll be glad you did!
All our best,
Tim Knox and Kristine McKinley
P.S.
Remember...
Uncle Sam doesn't forgive or forget, and trying to hide income is a fool's game that you simply can not win.
If you are going to conduct business - online or off - you must know and abide by the rules. Ignorance of the law is no excuse.
Don't get caught breaking the rules. Instead, learn to use the rules to your advantage to minimize your taxes and maximize your profits!
eBiz Tax Tips teaches you how to do just that! Order today.
