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You can download the entire year's activity from Paypal as a comma delimited file and open with Excel. May be easier to start there and add columns for COGS. Postage paid will appear on the sheet too when bought through eBay. You can re-sort the spreadsheet by payee to bunch the postage amounts together to add them up easier. I'm sure there's some fancy way Excel pros use to automate pulling those numbers, but the sorting is quick and easy.
Yes, to deductions for mileage, portion (NOT 100%) of phone and internet. Don't forget packing material, office supplies, etc. Mileage will probably be a huge number at $.575/mile.
IRS came out with a simplified home office deduction a couple of years ago. $5 per square foot up to 300 square feet. I've read the home office deduction isn't quite the red flag for being audited that it once was because so many people are self employed from home now. The minor detail of this deduction is that the area is supposed to be used "exclusively" for business purposes. Technically, if you pay personal bills and check Pelican from that area, it does not qualify.
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Lee
Last edited by LeeH; 01-27-2016 at 08:38 AM..
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