eBay and yearly taxes

Norcal

Hi,
I am having a hard time to determine exact taxes with my eBay sales. Do any of you have helpful tips or tricks, maybe software? I plan on selling more next year and not sure what kind of records to keep, or eBay/PayPal records. And sales tax now?
Getting frustrated, and any help would be appreciated.
Thanks.

daltex

Not what you're going to want to hear, but consult a CPA.

gemint

I just use an Excel spreadsheet. I track each sale, my cost basis and all fees. Subtract all that from sale price and you have your taxable income. Be sure to deduct where you can (bubble mailers, labels, etc).

coolstanley

Arkansas - $2,500 in gross payments with no threshold on the number of transactions
District of Columbia - $600 in gross payments with no threshold on the number of transactions
Illinois - $1,000 in gross payments and a minimum of 4 transactions
Maryland - $600 in gross payments with no threshold on the number of transactions
Massachusetts - $600 in gross payments with no threshold on the number of transactions
Mississippi - $600 in gross payments with no threshold on the number of transactions
New Jersey - $1,000 in gross payments with no threshold on the number of transactions
Virginia - $600 in gross payments with no threshold on the number of transactions
Vermont - $600 in gross payments with no threshold on the number of transactions

Every other State - $20,000 sales and 200 transactions.