Posts: 334
Threads: 17
Joined: Mar 2010
01-05-2012, 09:45 AM
RE: Anyone here cross the 20k paypal threshold for IRS reporting?
if your report doesnt show under HISTORY, click on ACCOUNT and then 2011 FINANCIAL SUMMARY..you can download/view the PDF there..it has the whole breakdown too..purchases/sales..you can quickly see if you need to file or not ...
as a musician i write everything off anyway- so i like to get all my taxes back that i paid
Posts: 2,133
Threads: 70
Joined: Jan 1999
01-05-2012, 09:53 AM
RE: Anyone here cross the 20k paypal threshold for IRS reporting?
(01-05-2012, 09:06 AM)sonnyday Wrote: If you have over $20,000 in sales you should be running as a business, at least as a sole proprietor. I am well over the $20,000 mark as well. But I deduct everything possible. Any card I have (that is not considered a PC Item) gets recorded in my inventory with an acquistion value. So when i sell it, i automatically deduct my cost from the sale.
Then I write off the following expenses:
Ebay Fees
PayPal Fees
Postage
Supplies
Grading Fees
Gas to Card Shows
Trip to Chicago for Nationals.
50% of meals and hotel while in Chicago
Depreciate my computer
Depreciate my inventory
Home Office Expense
Storage Locker Rental
Loan Payments to myself for my original investment
Interest on my credit card
Interest on the money I loaned to my company
When its all said and done I usually have a nice negative number. Its a beautiful thing!
Exactly! I love being in the red. Although, mine is for our dog supply business, I pretty much do everything you listed here to deduct as much as I can.
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