How To Start A Little Business on Amazon

3 Comments

• January 30, 2009 at 6:59 am
  Mathew says:

  Keep every receipt that you get. Use only checks and credit cards to pay for things so you have a record. For starters you can use something rather simple like Quicken to kept tract of all of this. Normally Quicken is for a checking or savings account but you can tract your other expenses by imputing credit card expenditures as if they were a separate account. Check the IRS.gov web site they have lots of good advice. A form 1040 Schedule C is the form on which you report your business income and expenses. The following links will provide one, along with the instructions.
• February 1, 2009 at 3:14 pm
  megdbrown10304 says:

  Get Quickbooks!

  Keep track or reciepts and invoices and do you bank recs.
• February 2, 2009 at 7:18 am
  imisidro says:

  I suggest you keep all your receipts and track your income and expenses. Definitely keep your receipts (best if you separate business related receipts from your personal receipts)

  You can use a simple Excel spreadsheet or use a more sophisticated accounting program such as Quicken for home office. An Excel will do just fine.

  Here are things you can deduct and claim as business deduction in your Schedule C come tax time:

  - Fees/Commissions Amazon charges you for selling
  - Internet access
  - Shipping expenses such as postage/stamps, shipping boxes or mailers
  - Promotion and advertising expenses you are running
  - Office supplies such as papers, pens, calculators
  - Equipment such as computers, scanners, fax machines, camera and other equipment you used to run your business
  - Gasoline expenses for going to and fro the post office to ship your items
  - Books and magazine subscriptions you bought for your business

  I suggest you read books such as:

  - Deduct It! Lower Your Small Business Taxes, Second Edition Paperback by Stephen Fishman
  - J.K. Lasser’s Taxes Made Easy for Your Home Based Business, 5th Edition Paperback by Gary W. Carter