who claims their paypal income for tax purposes
01-24-2008, 02:44 PM
#1
1.0 BAR
Thread Starter
Join Date: Aug 2005
Posts: 602
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.
01-24-2008, 02:54 PM
#3
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Thread Starter
Join Date: Aug 2005
Posts: 602
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.
01-24-2008, 04:09 PM
#5
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Join Date: May 2006
Posts: 5,322
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...
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...
01-24-2008, 05:01 PM
#7
3.0 BAR
Join Date: May 2006
Posts: 5,322
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.
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.
01-24-2008, 05:25 PM
#10
1.5 BAR
Join Date: Apr 2006
Posts: 676
Re: who claims their paypal income for tax purposes
Originally Posted by thiggyperformance
well I have the money market connected to the account. last year was~ 45k
I go to HR to do the taxes.
I go to HR to do the taxes.
