I highly advise anyone who's making money on the Internet today to take a good look at the information available at reliabletaxadvice.com

I'm a single mom who's working on launching a small online baby products exchange business, and although I'm not usually one to endorse other websites, I appreciated the fact that this was the only one that didn't attempt to draw me into any type of scheme, strategy, or offshore nonsense. I'm not exactly an accounting expert, but I know enough to know that much of the "tax planning" promoted on the Internet is either illegal or ineffective (or both!).

I've found out that even if you're just making a few bucks on eBay -- or you've got a well--established online business -- you still need to know how to stay out of trouble with the IRS (audits, fines, seizure of assets, and even jail time).

Anyway, it's up to you to find out if you're at risk.

Also -- can anyone recommend a user-friendly but inexpensive book-keeping software?
I've come across several that were well advertised but I'd like to get some opinions from people that have actually used this kind of stuff.

If you want something simple, try Works. That really is all you need. You can set it up to fit your needs.

quote:

Originally posted by Mrs.M.:
If you want something simple, try Works. That really is all you need. You can set it up to fit your needs.

You can use the spreadsheet bit of this, but you do need to be familiar with double-entry bookkeeping, but you should be anyhow.
Mike - professional software developer.

We used this in a small business for several years without a problem. It is very adaptable.

quote:

Originally posted by Mrs.M.:
We used this in a small business for several years without a problem. It is very adaptable.

Good idea, Shirl. I find people go OTT about software, or the marketroids get them!
If you are likely to want to expand, Sage Instant Accounts is sometimes a good idea, this can be expanded to Financial Controller when you are making $,$$$,$$$

quote:

I find people go OTT ...

Versus UTB?

quote:

Originally posted by Rick:

quote:

I find people go OTT ...

Versus UTB?

OK if sun sometimes shines!

I'm really not an idiot, I just PLAY one on the bulletin boards!

Ummm...so what do the cryptic letter abbreviations mean??

OTT = Over The Top.
UTB = an alternative route.

Oooooooohhhhhhhh! Thanks!

quote:

Originally posted by Jabbergah:
I'm really not an idiot, I just PLAY one on the bulletin boards!

Ummm...so what do the cryptic letter abbreviations mean??

They are TLAs, Jabber



Three-letter acronyms

They are also redundancies - what else can one go over, and what else can one go under? Exception - kinky acts.