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I highly recommend GoDaddy Bookkeeping in addition to hiring a professional tax accountant to keep track of your taxes and to file them properly. Depending on how your company is formed, and the members, such as husband and wife, things can get very complicated. Not to mention, a professional tax consultant will be able to find ways to save you money and help you keep things sorted in the unlikely event of an audit.

In addition to income taxes, you will also be responsible for sales tax. This can get complicated fast when you are selling some stuff at your register, some stuff at flea markets, some stuff on eBay, etc. You only collect and pay sales tax on items sold within the state you live in. So a lot of the items you sell online through eBay, while income, do not require you to pay sales tax to your state. You don’t want to accidentally pay sales tax on items that you didn’t collect tax on, so just adding up your sales for the year is not the best way to determine the amount of sales tax you owe.

Personally, I used a product called Outright, which was recently purchased by GoDaddy and renamed GoDaddy Bookkeeping. This amazing online service only costs $9.99 per month and will make your life running a storage auction business so much easier. In addition, it will make your tax professional’s job much easier when sorting out your different sales channels. GoDaddy Bookkeeping will connect to your bank account, credit card, PayPal, eBay, and much more. I highly recommend signing up as soon as possible to keep track of your income, profit & loss statements, and taxes owed to both state and federal government.

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