PayPal and IRS

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Originally Posted by kc261

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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I agree. Even if this business is less profitable than others, a business is a business and income is income and no one should be able to get out of that.

My mother gets exempt income that comes directly from the government, because that's obviously something you can't tax.

If you don't like where your taxes are, donate things to the needy or do various other things that allow for tax deductions. That's what we do.

PayPal is offshore? That's news to me, because PayPal is right down the street from me, here in Omaha. PayPal is now owned by Ebay, of course, and its corporate offices are in California.

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Originally Posted by WingedWolfPsion

PayPal is offshore? That's news to me, because PayPal is right down the street from me, here in Omaha. PayPal is now owned by Ebay, of course, and its corporate offices are in California.

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When i talked to the IRS lady she stated this new legislation was to go into effect to stop Us citizens form storing money in Paypal as they have off shore accounts.

Theres always been Us locations and corporation, but the actual money they said was not stored in any us bank. All this changed back in 08 from what the lady said.

PayPal is a US corporation, but it serves the international community. People are getting Offshore bank acounts with offshore BANKS, and then connecting them to their paypal account to avoid the IRS.
You need to connect your paypal account to an existing bank account in order to use PayPal fully. PayPal is not a bank.

Quote:

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Originally Posted by WingedWolfPsion

PayPal is a US corporation, but it serves the international community. People are getting Offshore bank acounts with offshore BANKS, and then connecting them to their paypal account to avoid the IRS.
You need to connect your paypal account to an existing bank account in order to use PayPal fully. PayPal is not a bank.

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lol yeah my banks pays a bette r% than paypal does now.. I remember when I was getting soemthing like 5 % or more and the bank still payed less than 3 % I was transfering the extra money left over every month to get the extra interest lol.. but that quickly changed. soI not really used mine in a while. I may use it a little for if I sell any future snakes. but the address will have obe verified as well as a letter sent and received back to make sure . I don't want to be getting scammed. I will also have the return return address fro mthe letter so I am covered if they claim not ot get the snakes and I need to file a report. I Know some states require permits and I think I would require a copy of it mailed back to prevent issues later on.(it be a cover my butt plan.. I know in DE any thing over 500 in income taxed and all I thinkI will talk to a h&r block guy this summer and see what I need to do. I know right now I plan on setting up a bank account /debit card strickly forthe reptile related purcahses so if i goto pay tax on it I can show expenses and all. ( as well as write my self a report on what I spent and what for so i have other rescords on hand.)

My thoughts on this are; The more we claim this industry as a legitimate industry by paying taxes, the better off we will all be when it comes to these bills wanting to take our snakes.

this is still a joke. because how many ppl have multiple paypal accounts already?
just how many have accounts not under their own name somewhere else.

also then what are they doing about ppl not in the us that uses US paypal/ebay for us customers? does that get reported?

[/QUOTE] Keep Voting Democrat and this is what we get.[/QUOTE]






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Keep Voting Democrat and this is what we get.[/QUOTE]






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its too bad your 100% right on that and about 98% of the rest we would be seeing the same garbage politics

Yes, it's a terrible misfortune for those trying to use PayPal to cheat on their taxes.
Those pesky Democrats, trying to make people pay their income taxes. The Republicans would never do a thing like that. (right)