Friday, 31 Oct 2008
Q: I sometimes sell items on eBay for extra money. Do I have to pay taxes on this money?
A: The answer is…it depends. If you sell items for more than their original retail value (for example, vintage toys), you’re supposed to declare that income. If you’re merely selling clothing or household items for less than what you paid for them, you’re in the clear. While a lot of people don’t declare or under-report this type of income, it’s better to be safe than sorry. If the IRS comes calling, more than just your current year’s income tax return will fall under scrutiny.
November 10th, 2008 at 10:27 AM
That was very forward thinking of Target. The running joke is that it’s so easy to go broke in there! A lot of their commercials nowadays point out how they can help you save money. For instance, they sell hair clippers so you don’t have to go to the barber shop for a haircut.
You’re right about that. That’s why I limit my Target trips to once a month. Darn their ‘dollar spot’. LOL.
November 10th, 2008 at 10:42 AM
Hi
My spending is pretty consistent so I don’t really track where each penny is going but I know my spending habits. Is that good enough…yikes I feel like I should be pulling out an excel spreadsheet to get started with a real tracking system. I did do an experiment one month to really keep track of my spending and I adjusted my spending after that period but I have not continued to track my spending.
If you’re meeting the goals you’ve set for yourself, then I see no real reason to bother tracking every single cent. I do moreso out of habit, in addition to making things easy at tax time.