This may have been answered before but I am reaching a threshhold on eBay where I’m at about 10,000 I’m sales for the past 90 days or so, at what point/ total sales do you have to pay taxes and usually what percentage of it is your total sales. What do they consider profit. What can you write-off on your taxes. Would it be recommended to keep a log of every single penny you’ve made/ lost while running the “ business”
Thanks
If you’re in the US you have to pay taxes on every sale. Everyone loves capitalism until it comes to paying taxes 
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Most of what you pay to the federal government is based on your profit. I usually set back 35%. In NC it comes to roughly 34.8% after you factor in self employment(which you normally do not see when you are on a payroll)
There are lots of deductions you can use but there are a lot of variables that play into that, so you may want to talk to an accountant.
You also need to submit sales tax for any sale you made within your state. I live in NC, so if $1000 in sales were to other NC residents, I have to report this and pay $4.75 state rate + 2% county rate on those sales.
This may be every state soon though. This is mainly due to buyers not submitting to the government sales taxes on purchases not for resale. For instance, say I purchase headphones on ebay for $100. When I file my taxes at the end of the year, legally I am to report those purchases and pay sales tax on them. Because buyers rarely do this, sellers may have to soon be required to charge sales tax to every customer … which is insane.
If you are unsure, best thing to do is keep up with every transaction and every potential deduction. There are applications on ebay you can subscribe to that will import everything from ebay. If you get an audit, the more information you have the better. There are set numbers for paypal where they send you a 1099 at $20k, but the government keeps up with everything. If you don’t pay your taxes, you are just playing with fire and it screws up the system for everyone else who is.
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