who claims their paypal income for tax purposes
 

I made a good chunk of change this year and was wondering who claims it for tax purpose.. Also I would like to see my grand total in sales for the year but their format makes it very difficult to do unless you have some sort of money software.

Re: who claims their paypal income for tax purposes
 

Is this a joke?

Re: who claims their paypal income for tax purposes
 

yes, I was helping a relative and one thing led to another then the next thing I know we were making some good money, I saved all my expense receipts I guess the real question is how in the hell do I get the information off of paypal without buying money software.

Re: who claims their paypal income for tax purposes
 

Never mind I found a program called Acemoney...

Re: who claims their paypal income for tax purposes
 

By "is this a joke" I think he really meant "are you seriously asking this."

Gov't has considered taxing things like paypal solely because they can't keep track of the money people are making with it... Without getting into numbers, I made quite a damn bit more in paypal than my actual job (there was a two month period that I made more than the entire year at my ok payin job).

Guess what? I don't plan on claiming it. Not because i'm trying to screw the govt, but because:
1. way too ------- lazy to try and figure out what I owe
2. don't believe in the whole income tax ---- anyway
3. after ---- last month, I went from comfortable to broke, and need it

You're gonna end up negating your tax returns or at least severely cutting down on it...

Re: who claims their paypal income for tax purposes
 

I just dont want to get audited.

Re: who claims their paypal income for tax purposes
 

I can understand that. How do you file taxes? I usually use turbotax since its quick and easy. It also tells you your estimated chances of an audit, also you can google steps to avoid an audit or what will set off flags.

I've done worse things than not claim all my income and never had a problem. The more you make, the more likely you are to be audited, because you're able to screw the feds outta more money.

Not telling you to do the "wrong" thing, just saying its not something to worry about too much.

Re: who claims their paypal income for tax purposes
 

If I did over $1.5k a month in net profit via paypal, I'd file. Anything less I wouldn't be too concerned. That is just me talking out of my ass of course.

Re: who claims their paypal income for tax purposes
 

well I have the money market connected to the account. last year was~ 45k
I go to HR to do the taxes.

Re: who claims their paypal income for tax purposes
 

Gross or net? $45k is a lot of money. I'd declare about 2/3 of it.

Re: who claims their paypal income for tax purposes
 

gross

Re: who claims their paypal income for tax purposes
 

u still paying income tax? ---> Zeitgeist

Re: who claims their paypal income for tax purposes
 

Since I got an audit 2 years ago I claim everything under the ------- sun I buy. I can't be audited again until the 09 taxes unless they suspect me of fraud.

Remember the IRS is not the law. They simply interprit the law, just as you are allowed to interprit it. And Don't give in to their ----. Once you've told them how you feel about something a good two or three times put you foot down and say you KNOW they've been taking to court for this and lost whatever you're claiming before, so if they want to go then you'll be happy to meet them there.


Which won't happen because guess why??? The Audit people are promoted on the basis of how much they make they IRS. And they DAMN sure aint going to cause a huge ------- fuss to their own bottom line over afew hundred / a couple grand of money.






Dun let the IRS scare you.

Re: who claims their paypal income for tax purposes
 

The year before last I did about 20k total for paypal, didn't file, no audiit. Last year there were a couple months that I received over 10k per month. Some of that got split with a couple friends, some got reinvested, etc...I'm not trying to figure out what goes where.

paypal is a private company holding peoples money, I don't think the government can easily get your financial info from them without a warrant. If you just withdraw through atm like I do instead of transferrin to the bank, I don't think they'd have much info on ya.

Re: who claims their paypal income for tax purposes
 

WTF were you doing to be taking in 10k a month from paypal, and where do i sign up?

Re: who claims their paypal income for tax purposes
 

Don't ---- with the IRS, if you're doing anything remotely illegal - the tax man will ---- you before the authorities do. I know a guy that did a year and had to pay 4.5 in back taxes and he was mostly legit. Dude sends checks for more than he owes.

No offense but i highly doubt they're gonna waste the money it costs for a forensic accountant to tally up your couple thou to burn you for pennies in comparison. If you were doing a half in gross sales then i'd talk to an accountant but i'm not sure if that's the case.... be careful regardless.

Re: who claims their paypal income for tax purposes
 

Speaking of the IRS, I just got a lovely letter from them in the mail today. It seems they haven't forgotten that I owe them money. They sure do have a good memory. :S
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Re: who claims their paypal income for tax purposes
 

meh, can't get money from a broke person.

I made $15,027 last year, but have $14,065 in mileage deductions, $540 for cell phone. So right now I owe taxes on $422 profit for the year.

Re: who claims their paypal income for tax purposes
 

what mileage are you deducting? I drive about 90 miles per day for school alone, can I deduct that?

Re: who claims their paypal income for tax purposes
 

Yeah I also donated a lot of money to charity and my school expenses were x3 lol