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  1. doowutchyalike

    doowutchyalike Oakley Enthusiast

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    Man when I heard about this tax change I thought, na there's no way I'll get that much in sales, but wholly crap I didn't realize I accepted that much money from PayPal last year! ( 200 transactions or $20000 in money received) Has anyone gotten one of these 1099 and do you know what kind of deductions I can take from the total, such as shipping costs, etc??? I'm thinking about canceling my freakin PayPal account if this is how it's going to be from now on.
     
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  2. GRFMotorsports

    GRFMotorsports is an Oakley whore Premium Member

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    If your doing this much in sales you should be keeping records of all your deductions like shipping cots, packing materials, mileage to the post office if they dont pick up at your location, etc. How did you ship? How did you pay? Receipts? If you paid for the postage through Paypal it is in your records. Everything I ship USPS I pay with my PP account. My weekly Fed Ex bill goes through my PP card, instant record. Anything truck freight gets paid with the company card or a check, instant record.
     
  3. doowutchyalike

    doowutchyalike Oakley Enthusiast

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    GFR I got an email from an accountant friend telling me the following:

    The IRS has deferred requirements to report form 1099K. Therefore, you do not need to do any additional reporting.

    Has anyone else heard anything about this? Here's a link to some info

    w w w.taxabletalk.com/2012/02/03/a-problem-deferred-1099-ks/
     
  4. GRFMotorsports

    GRFMotorsports is an Oakley whore Premium Member

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    I have to report my Paypal receipts anyway as I am a business. No way to hide those payments. Of course I also deduct the fees as well. If I ever got audited that $$ would stick out like a sore thumb. Just a thought though, if you ever do get audited, better have a good story about that money. I'm sure Paypal will be sending there info in on their side.