Are you like many small business owners? Are you too reliant on a single customer or supplier for much of your business? If you're in that position, you're taking a big risk. Just as the old adage says, don't put all of your eggs in one basket. You should have a well-diversified portfolio of customers and suppliers.
Selling items on eBay and other online auction Web sites has become a very popular way to get rid of unwanted household stuff, as well as a way to turn a little profit. Many users have even started full-time businesses auctioning merchandise on the Web. But like any business venture, selling items in the virtual world has tax implications that are all too real.
If you were unfortunately the victim if a fire, flood, or tornado. and your home, vehicle, or other personal property is damaged or destroyed by a sudden, unexpected casualty, an itemized tax deduction may help ease the financial burden.
The CPA Compass
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