Levine, Jacobs & Company, LLC, Senior Member, Offers Tax Advice On How To Handle Profits From Selling Products On Social Media Platforms
Levine, Jacobs & Company, LLC, Senior Member, Offers Tax Advice On How To Handle Profits From Selling Products On Social Media Platforms.
- Newark, NJ (1888PressRelease) July 29, 2021 - Michael H. Karu, CPA/CFF, Senior Member, Levine, Jacobs & Company, LLC., was quoted on nj.com/NJ MoneyHelp where he discussed how to handle taxes on profits made from Facebook Marketplace, Nextdoor or any other social media marketplace.
“For anyone who is in the business of buying and selling anything, the profit is subject to both income tax and self-employment tax.”
Karu continued, “Expenses incurred in order to create the income also would be deductible, for example, the mileage driven to and from the estate sales could be deductible."
Karu offered several other tips throughout the piece. One critical one is the importance for anyone who is in the business of selling products in this state needs to be registered with the State of New Jersey for sales tax. To read the article, please click here.
To speak with and/or set up an interview with Levine, Jacobs & Company, please contact Amy Delman, Amy Delman Public Relations, LLC, 201.563.4614 or amydelmanpr ( @ ) verizon dot net dot
Michael H. Karu, CPA/CFF, Senior Member of Levine, Jacobs & Company, LLC, a Livingston-based accounting and consulting firm. He is qualified by the Superior Court of New Jersey, Family Part, as an expert witness and as an authority on business valuations, specifically for closely held or family-owned businesses. Additionally, he is Certified in Financial Forensics, a Chartered Global Management Accountant and a Certified Divorce Mediator.
Karu received his B.S. degree in Business Administration from The Ohio State University and holds professional memberships in the American Institute of Certified Public Accountants, the AICPA Tax Division and the AICPA Business Valuation, Forensics and Litigation Services Section, as well as the NJ State Society of CPAs. Karu is a published author of numerous articles seen in trade and consumer publications and has been a guest on radio and television shows.
Levine, Jacobs & Company, L.L.C. maintains memberships in the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. The firm prides itself on its teamwork abilities where “every account receives the talent and expertise of the whole firm.”
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