Important Information Regarding PayPal, Merchant Accounts and the IRS

Lol the national dept is the peoples problem so we must pay for our elected governed peoples irrational reckless spending! Not really im joking but were we not promised lower and less taxes? Seems like congress is sniffing out whatever it can tax to allow for more pointless spending. I say cut congressmen/women paycheck as a start and not the REAL people who run this country!

Enough on politics though, any word on money orders, certified checks, personal checks? I am assuming the $20,000 is generally a basis term for any and all income.

Next they will tax us for breathing air...

I operate a business and as such am not worried about this. The people this will effect will be the people who have been doing hundreds or even thousands of dollars in sales via Pay-pal and not reporting this income on their taxes. This to me is no different than out right theft.

Yes taxes are a PITA but they are the cost of doing business in a free market country.


My advice Breed your snakes, sell your snakes, report your income, pay your taxes and move on with life..

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Originally Posted by Freakie_frog

I operate a business and as such am not worried about this. The people this will effect will be the people who have been doing hundreds or even thousands of dollars in sales via Pay-pal and not reporting this income on their taxes. This to me is no different than out right theft.

Yes taxes are a PITA but they are the cost of doing business in a free market country.


My advice Breed your snakes, sell your snakes, report your income, pay your taxes and move on with life..

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Thank you.

$20,000 in sales in a year is income..... report it.

But..... don't forget to write off your frozen rodents, new snakes you buy, show table fees, gas to and back, rodent food if you produce your own, electric and heat used for snakes, part of your rent......

If your doing $20,000 a year make sure to run it like a business. If you don't want to run it like a business..... don't do $20,000 in sales.... lol

Quote:

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Originally Posted by Freakie_frog

I operate a business and as such am not worried about this. The people this will effect will be the people who have been doing hundreds or even thousands of dollars in sales via Pay-pal and not reporting this income on their taxes. This to me is no different than out right theft.

Yes taxes are a PITA but they are the cost of doing business in a free market country.


My advice Breed your snakes, sell your snakes, report your income, pay your taxes and move on with life..

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Couldn't have said it better. Thanks Ed.

The only people who this really effects is those flying under the radar and avoiding the taxes. Do yourself and our industry a favor and report your income.

I talked to a paypal Rep about this for more details and if your not over the 20,000$ and or under 200 transactions they are not obligated to report it and send a 1099.

Keep in mind not EVER paypa account has SSN number for paypal to report it. Their mainly going ater the Big guys from Ebay and others alike using Paypal as an offshore account to store money.

I personally am weeding away from paypal due to their Buyer is always right crap and ripping us sellers off a lot

Quote:

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Originally Posted by RichsBallPythons

I talked to a paypal Rep about this for more details and if your not over the 20,000$ and or under 200 transactions they are not obligated to report it and send a 1099.

Keep in mind not EVER paypa account has SSN number for paypal to report it. Their mainly going ater the Big guys from Ebay and others alike using Paypal as an offshore account to store money.

I personally am weeding away from paypal due to their Buyer is always right crap and ripping us sellers off a lot

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thanks for the update! Very useful info!

Quote:

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Originally Posted by Freakie_frog

I operate a business and as such am not worried about this. The people this will effect will be the people who have been doing hundreds or even thousands of dollars in sales via Pay-pal and not reporting this income on their taxes. This to me is no different than out right theft.

Yes taxes are a PITA but they are the cost of doing business in a free market country.


My advice Breed your snakes, sell your snakes, report your income, pay your taxes and move on with life..

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QFT, legit businesses do their taxes.

This news makes me even happier that I'm trying to do this the right way from the start - officially got my business license last Friday, woohoo! :) And my first clutch hasn't even hatched yet.