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How to pay taxes with no invoices?

Discussion in 'Business & Tax Advice' started by JustSomeAnon, Nov 29, 2013.

  1. JustSomeAnon

    JustSomeAnon Registered Member

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    I have no real invoices for the things i purchase for re-sale. How would i do taxes if i open up an LLC and start a business?
    Are invoices absolutely necessary for me to file taxes?
     
  2. SkyrocketSEO

    SkyrocketSEO Jr. VIP Jr. VIP Premium Member

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    There is a simple solution - sell under the counter
     
  3. JustSomeAnon

    JustSomeAnon Registered Member

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    What do you mean? I sell online only and the income goes into my bank account. So no way of getting away with it really.
     
  4. Veyron

    Veyron BANNED BANNED

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    I assume you're selling with PayPal? PayPal stores all of your incoming and outgoing payments so you can use/download your PayPal Statement(s) as proof of income and expenses.

    Veyron
     
  5. always eval

    always eval Newbie

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    Keep track of expenses / payments / profits however you please.

    Bank Statements do fine, just make sure your numbers match up. Banks will also send you tax related information based on where you live.

    Then just file, pay, cry for a bit, then keep making monies.
     
    Last edited: Nov 29, 2013
  6. Numbuh362

    Numbuh362 Elite Member

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    You can do what veyron said. Just use paypal statements.
     
  7. JustSomeAnon

    JustSomeAnon Registered Member

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    Ok sounds good. Thanks for the replies.
     
  8. liftitbuddy

    liftitbuddy Newbie

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    you should have an accountant review your bank statements and prepare proper bookkeeping. You may also want to explore forming an llc or corporate entity. I am an attorney and CPA, I would be happy to discuss with you further