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Old 04-21-2011, 06:59 PM   #51 (permalink)
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I filed a DBA (Doing Business AS) with the County after I filed my paperwork with the State. The LLC really is only needed if you feel that you will be sued. Doing Card sales i dont think its really worth it. Now if you get to the point your doing 6 figure profits, then yeah, I'd look into it.

At the end of the year I file my business taxes showing my books and as far as I know I'm doing everything required. I've yet to sell enough to worry about quarterly taxes, but if (or hopefully once) that happens, then I'll start doing that.
So you didn't apply for a business license or resell license? Is that required?

I'm basically planning to do it exactly as you stated...file a DBA as a sole proprietor and register with the state.
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Old 04-22-2011, 09:45 AM   #52 (permalink)
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So you didn't apply for a business license or resell license? Is that required?

I'm basically planning to do it exactly as you stated...file a DBA as a sole proprietor and register with the state.
Every state is different. Ohio is very easy. Ohio does not even have a resell license which is awesome. In order to resell in Ohio, you just need a vendor's license (there are 4 different types I believe, depending on the nature of your business). All I needed to do was apply for a vendor's license using my government name and SS#. They instantly approve and issue your license to be printed on a home computer. Sales tax is only required to be paid semi-annually, and I have tax exemption status on baseball cards I purchase for the purpose of reselling. That's it. No registration or licenses necessary if you are sole p in Ohio and do not have employees.
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Old 04-22-2011, 10:39 AM   #53 (permalink)
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I'll do some researching into it...where did you find all this information? Did you consult your tax guy or lawyer?
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Old 04-22-2011, 10:47 AM   #54 (permalink)
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I'll do some researching into it...where did you find all this information? Did you consult your tax guy or lawyer?
Ohio has something set up through the government called the Ohio Business Gateway. It's a free tool for start up businesses and it basically walks you through the steps depending on what type of business you are in. If you still have questions, there are free consulting centers all over the state you can walk into any time and meet with business advisers for free. Ohio views small businesses as an investment, so they are willing to provide these services for free. Like I said, it's a state by state thing so I don't know how yours is set up.
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Old 04-22-2011, 01:08 PM   #55 (permalink)
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thanks...I'll check into it.
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Old 07-17-2011, 12:35 PM   #56 (permalink)
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I know this thread has been dead for a while, but I did have a couple of basic questions. If you are buying cards (as a sole proprietor or llc) to resell singles and sets for example like "brentandbecca" how do you inventory this and prove profit or loss on taxes. Do you have to just give an overall summary of the case or box you purchase, do you have to provide detail of each card sold or how would that work? Also what if you keep a card for your PC is that not allowed if you are running it as a business, or do you have to pay what taxes on what the card would be worth? I am probably overthinking this but I was just curious. Most businesses have to inventory every item in the "store", I cant imagine doing this with each individual card from a case, but what is the process?
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Old 07-17-2011, 12:44 PM   #57 (permalink)
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back from the dead.. OP hows your business going
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Old 07-17-2011, 12:49 PM   #58 (permalink)
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-Yellid, if you plan on doing this for more than a hobby, please talk to an actual CPA about flow through tax protection, liability assessment on returns, loss amortization on equipment such as scanner and computer, etc. Also talk to an attorney about corporate forms, llc (contrary to majority of posts above it isn't all that great at protecting assets for a solo operator llc), etc.

Even if you don't follow the advice of the CPA or the attorney, please start there to get the information on the table for consideration. Your local Chamber of Commerce office or city hall may have information on small business centers in your area that offer start up advice and other resources including the U.S. Small Business Administrations Office of Small Business Development Center. Their website has links to local offices for further in-person counseling and other services.

The one thing i can answer without reservation is that you are able to own a sports memorabilia business and still maintain a personal collection.

Good luck to ya.

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Last edited by lobo_hacker; 07-17-2011 at 12:51 PM.
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Old 07-18-2011, 02:25 PM   #59 (permalink)
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back from the dead.. OP hows your business going
Business is going well....got registered with the state, got my own account for my business, etc. Now I'm just trying to spread the word out there to attract more customersa n sales. Adding inventory always so that keeps me busy...
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Old 07-18-2011, 02:26 PM   #60 (permalink)
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One thing that I am confused about, is tracking my sales and purchases in my database. They'll never exactly line up with my bank transactions so I'm wondering if I should just keep those two seperate...that's the tough part for me right now.
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Old 07-18-2011, 03:09 PM   #61 (permalink)
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My dad talked to a guy in South Carolina recently that had a roadside stand selling crafts and what not. It was his full time business. He told my dad he throws all of his receipts into a box and anytime he is audited he drops the box off and let's the IRS deal with the agony lol. Hasn't a had a single problem yet. He said as long as YOU know what you've spent and what your revenue is, document it, and you can report it accurately on a tax return, there is nothing to worry about.

Lobo_hacker has great advice if you are planning to open a shop, hire employees, etc. In reality, there are hundreds of thousands of sole proprietors in this country doing everything from styling hair to mowing lawns to selling jewelry made of pasta noodles, and the IRS is simply not concerned enough with these people to go to any great lengths to cross them up. A few thousand dollars on a tax return is like a penny in the ocean for the IRS. They have 7, 8, 9, and 10 figure businesses to worry about and those taxes are the ones that are helping pave roads, hire police, and all sorts of other things that cities do. Just keep a spreadsheet with credits and debits, save all receipts, and if you need help at tax time pay someone at HRB or wherever to file the return and you're good to go.
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Old 07-18-2011, 03:23 PM   #62 (permalink)
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My dad talked to a guy in South Carolina recently that had a roadside stand selling crafts and what not. It was his full time business. He told my dad he throws all of his receipts into a box and anytime he is audited he drops the box off and let's the IRS deal with the agony lol. Hasn't a had a single problem yet. He said as long as YOU know what you've spent and what your revenue is, document it, and you can report it accurately on a tax return, there is nothing to worry about.

Lobo_hacker has great advice if you are planning to open a shop, hire employees, etc. In reality, there are hundreds of thousands of sole proprietors in this country doing everything from styling hair to mowing lawns to selling jewelry made of pasta noodles, and the IRS is simply not concerned enough with these people to go to any great lengths to cross them up. A few thousand dollars on a tax return is like a penny in the ocean for the IRS. They have 7, 8, 9, and 10 figure businesses to worry about and those taxes are the ones that are helping pave roads, hire police, and all sorts of other things that cities do. Just keep a spreadsheet with credits and debits, save all receipts, and if you need help at tax time pay someone at HRB or wherever to file the return and you're good to go.
For selling cards I think this is the best advice. Not much to worry about as long as you document what you earn and what you spend. Keep all your receipts and you'll be fine.
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Old 07-18-2011, 04:01 PM   #63 (permalink)
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-The roadside seller is likely violating the tax code. Just because you get away with it doesn't make it a good excuse to leave your obligations unfulfilled.

I never said they had to follow the advice of the professionals, but i never advise anyone to make a decision without all the information on the table. To advise otherwise is a bit silly, but to each their own.

lobo_hacker, who saved himself thousands in taxes when opening a small business several years ago that only did $8,000 in total receipts thanks to CPA advice.
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