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Re: PayPal and IRS
Quote:
Originally Posted by 2kdime
Make over 20k through Paypal? 1099
Do over 200 transactions? 1099
Make under 20k or under 200 transactions? Honor system to report additional income on taxes.
Read the article on the link i posted and itll show you what im refering to.
and yes if your below the new legislation law of 20k and 200 transactions paypal will not report it to the IRS there for leaving YOU to do all the necessary paper work to claim the taxes. So for every sale you make, you need ot set aside 30-40% of that as its now Uncle Sames
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Re: PayPal and IRS
I understand what's happening:D
Quote:
Originally Posted by flameethrower
Read the article on the link i posted and itll show you what im refering to.
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Re: PayPal and IRS
Quote:
Originally Posted by 2kdime
I understand what's happening:D
Its confusing and a PITA and i already suck doing taxes and its just a extra form to fill out for online sales. Gotta love the Government.
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Re: PayPal and IRS
You just need a good tax guy:gj:
My guy makes it a breeze.
Quote:
Originally Posted by flameethrower
Its confusing and a PITA and i already suck doing taxes and its just a extra form to fill out for online sales. Gotta love the Government.
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Re: PayPal and IRS
Quote:
Originally Posted by 2kdime
You just need a good tax guy:gj:
My guy makes it a breeze.
I always did them myself no problems but this year will be first time using paypal for accepting payments for snakes. So i may just have to get a tax guy to help out on it. Most of my snake sales were local or paid by MO.
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Re: PayPal and IRS
This isn't news--if you make over a certain amount per year, you need to file taxes. When you file taxes, you must report all income. That hasn't changed at all.
If you fail to report something, and you get audited...boy, will it suck to be you. They WILL find it.
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Re: PayPal and IRS
Quote:
Originally Posted by WingedWolfPsion
This isn't news--if you make over a certain amount per year, you need to file taxes. When you file taxes, you must report all income. That hasn't changed at all.
If you fail to report something, and you get audited...boy, will it suck to be you. They WILL find it.
This is news to some since PayPal is off shore and before 2008 no one had to file anything as there was not paper trail. Now the new law requires PayPal to report anyone over 20k in one year and 200 transactions for a 1099. If your under that, paypal does not have to report it, which is where you need to do the paperwork from printing out your profit on paypal.
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Re: PayPal and IRS
I never understood that if I raise snakes up as a hobby of mine
Feed em
Breed em
And then sell em....
I have to pay the IRS MONEY?!?!
That's not their money.....
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Re: PayPal and IRS
Quote:
Originally Posted by 2kdime
I never understood that if I raise snakes up as a hobby of mine
Feed em
Breed em
And then sell em....
I have to pay the IRS MONEY?!?!
That's not their money.....
It sucks which is why i dont breed many females, i keep it do a certain amount so if i dont want to sell them ill have the room to keep them. If i do sell them i put 30% of each sale away for taxes.
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Re: PayPal and IRS
Quote:
Originally Posted by 2kdime
I never understood that if I raise snakes up as a hobby of mine
Feed em
Breed em
And then sell em....
I have to pay the IRS MONEY?!?!
That's not their money.....
If you get a job and go to work and do whatever it is you do, and then get a paycheck... you have to pay the IRS money. In the US we have income tax and you are supposed to pay it on any and all income, regardless of where/how you get that income. There are a few things that are exempt, but I still believe you are supposed to report the income, and then explain why it is exempt.
So, yes, you should be reporting and paying income tax on any snake sales.
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