Getting my business license after selling a bunch of stuff?
I plan to probably open a business checking account and maybe even get a business credit card. Yet my income is half-funded currently by my full-time job. So when I buy something to re-sell, I charge it to a personal credit card or buy it with my personal debit card. But since I'm mid-stride into selling some stuff...how do I just "change over" into the home business if I get the license, state tax id, re-sellers certificate, etc.? I've sold stuff before, but I am going to need to wipe clean and open a new Ebay account under the trade name/DBA company name I plan to use, establish a checking account under that name and probably give myself some kind of cash deposit (which will HAVE to come from my personal funds, it seems...not sure how I should figure that one out) into the business checking account.
The previous 50 or so Ebay sales...Ebay/Paypal have records of what it sold for, but I have no receipts. The "Outright" program keeps track of it. I need to pay state taxes (for a few previous transactions...don't have a state ID to charge people in my state sales tax when I sell to them on Ebay currently). So I needed to charge sales tax but didn't really have a legal way to or a way to pay the state for it since I wasn't a business. But that still counts as income, whether I make a new username or start up a new home business or not. I want to get EVERYTHING on my taxes. Yet I still have some stuff purchased under my personal credit cards/debit card that was purchased online (so no real "receipt") on Ebay...but may be sold after getting my business license. That presents an interesting problem. Should I just say the other stuff under the other Ebay username was just personal stuff that I sold and count it as income when I do my taxes, paying tax on it? It seems like a freaking headache.
I certainly plan to keep meticulous records from now on under the new Ebay username, checking account, etc.. But when I buy something on Ebay to re-sell...they don't give a receipt. I'm not sure that a "printed" receipt is considered acceptable if I ever got an IRS audit and needed proof of purchase vs re-sell price.