Paypal reports to the IRS as soon as you hit 20K. If you dont want to pay taxes on it, you would need to stop accepting payments before that happens. Remember, the 20K is from year to year. It resets in January
Has anyone gotten a 1099 on paypal?
Say all of your profit comes from selling items through goods and services for refunding, what would happen if you exceeded 20k and had to submit a 1099? Would you have to report all of your sales and pretty much perform an audit? Or just claim 20k and pay the taxes? Im curious cuz at this track I am on my way to clearing 20k next month, just wondering if I should switch up my paypal accounts when getting close.
What do?
Paypal reports to the IRS as soon as you hit 20K. If you dont want to pay taxes on it, you would need to stop accepting payments before that happens. Remember, the 20K is from year to year. It resets in January
Luckily you aren't in MA. They report taxes starting $600.
https://www.reddi*****m/r/hardwareswa...d_a_1099k_for/
Omg so that's what was going on! We were receiving some 1099s and we werrr really confused because it hadn't happened before and we each had about $700 in transactions. I feel bad because my paypal was created by my mom and so it's under her name so she got a 1099 for my transactions.
I would chill and just sell again when it resets or clear your shit and accept on an alt paypal with diff info.
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To get a 1099k you have to have 20k + 200 transactions. Also you only pay taxes on profit. So say you grossed 30k but only "made" a few thousand you would not pay that much tax. Just throw the government some cash if you get a 1099k. Unless you are doing big money you most likely have any problems.
Thanks for the help guys, just going to purchase some new paypals whenever I get close.
Dunder Mifflin (02-08-2018)
Nope haven't gotten it before.
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