Question for breeders ... tax?

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Originally Posted by RichsBallPythons

Ill be lucky to hit 20k in paypal or 200 payments in a years time since i dont take paypal for snake sales

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Why is that? I was under the impression that it was pretty safe for the seller as long as you can prove shipment. What do you use instead?

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Originally Posted by twisted reptiles

real easy to get mislead and this is a very touchy area. If you want to know what is the best way to handle your business/hobby...i'd recommend consulting a cpa.

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cpa?

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Originally Posted by The Bears

cpa?

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Certified Public Accountant.

Probably 99% of people don't need to worry about it. It's just a hobby, where the vast majority aren't making any money and aren't selling at volumes to worry about.

Though if you're worried, talking to a CPA is probably best.

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Originally Posted by spitzu

Why is that? I was under the impression that it was pretty safe for the seller as long as you can prove shipment. What do you use instead?

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Proving shipment or not paypal dont care. Been ripped off twice and thats all i needed to know i wont accept it for snakes anymore. Ill lose sales for it but dont bother me one bit.

$20K is the limit for PayPal, but I believe you are also supposed to report income over $500 per year from any part-time jobs (thinking hobby breeding would be included). But like others have already said, your expenses should more than cover you for a while.

Well im a commercial fisherman pretty much self employed 35 % of what i make is uncles sam's neither with my recipes, slips, kids i can get a break but yes there is nothing like a cpa but like allways do your homework with who you might deal with ive had some hefty @$***** who take advatage when given the chance,but good luck...:)