Question for breeders ... tax?

[spitzu]

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

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?

[The Bears]

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.

cpa?

[Blue Apple Herps]

cpa?

Certified Public Accountant.

[Blue Apple Herps]

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.

[RichsBallPythons]

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?

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.

[Annarose15]

$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.

[scale_fever]

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...