/24-7PressRelease/ - NASHVILLE, TN, November 24, 2007 — The 2008 proposed federal tax budget would require brokers to report an online seller's income to the IRS. Currently, eBay and other online venues are not considered brokers, but an advisory group for the IRS recommended including online auctions under the definition of brokers. An online seller is already obligated to report their internet income, but many do not. The IRS is currently able to subpoena records from third parties, such as eBay or Paypal, to obtain information about a seller's income. It is certain online income will be reported to the IRS. The question is simply when.
According to the Census Bureau of the Department of Commerce, total retail ecommerce sales for 2006 were estimated at 108.7 billion dollars, an increase of 23.5% from 2005. eBay alone currently claims 97 million users. Though all sellers are supposed to report their income, it is obvious given the numbers, a great percentage of people fail to do so.
The author of Taxes for Online Sellers, Simon Elisha, has delved into the tax laws affecting individuals participating in ecommerce. Elisha observes, "Most individuals selling online began their business by accident without ever stopping to keep proper records. Many do not even understand taxes are due on such income." With a goal to educate and inform, Elisha is teaching the online community how to prepare for the inevitable. This book is specifically geared toward the individual selling online—the only book of its kind currently on the market.
Taxes for Online Sellers—A How-To Guide for Individuals on Internet Sales outlines how to properly report income from online sales. It teaches, line by line, in plain English, what an online seller needs to know to report income and take legitimate deductions during tax season. This book walks them through what to do and how to do it. A free copy of Elisha's book, Taxes for Online Sellers, may be obtained for review by contacting the publisher at: media@taxesforonlinesellers.com .
Title: Taxes for Online Sellers
Author: Simon Elisha
Format: Perfect bound paperback
ISBN: 978-0-9796328-0-8
Street date: September 2007
Page count: 168 pages
$19.95 USD
Size: 9.25 x 7.5 inches
Available from: Artistic Spaces Publishing
P.O. Box 330703
Murfreesboro, TN 37127-7541
http://www.taxesforonlinesellers.com
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