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Posted By: Rick

I don't want to be looking over my shoulder worrying about unreported income, so I keep track of every sale and every expense. I pay sales tax on my sales when applicable,and if I show a profit at the end of the year I pay the taxes on that profit. When I drive to a card show I keep track of mileage, fees, and other expenses to offset some of my income. I deduct my ebay fees, picture hosting fees, paypal fees, and many other items, all of which are legitimate expenses.

Keeping track of all of this can be a pain in the butt, but it is worth while. It also lets me know if I am buying and selling at the right price, and at the end each year I have a fairly accurate estimate of the value of my collection.

Rick