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Old 11-02-2012, 03:15 PM   #1 (permalink)
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Default Paypal taxes 1099 form

So those of you that are close to the 20,000, what are you doing to avoid or get out of paying the taxes ? Is there anything that can be done ? I have heard of people creating new paypal accounts and linking them to their ebay account to get out of it. (because it is taxed by money that comes in through paypal not ebay) Also could someone explain exactly how much and how it is taxed ? Is it xx percent of total net sales or xx percent of profits ? Can shipping charges, ebay fees, etc. be used as deductions ? I know very little about all of this so just wanting some input.
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Old 11-02-2012, 03:25 PM   #2 (permalink)
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Quote:
Originally Posted by rip+flip View Post
So those of you that are close to the 20,000, what are you doing to avoid or get out of paying the taxes ? Is there anything that can be done ? I have heard of people creating new paypal accounts and linking them to their ebay account to get out of it. (because it is taxed by money that comes in through paypal not ebay) Also could someone explain exactly how much and how it is taxed ? Is it xx percent of total net sales or xx percent of profits ? Can shipping charges, ebay fees, etc. be used as deductions ? I know very little about all of this so just wanting some input.
Consult a paid tax professional Mr Turmp.

Or your could search the site but I wouldn't expect someone who wants to avoid paying taxes would be that proactive.
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Old 11-02-2012, 03:29 PM   #3 (permalink)
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Wow, just wow.
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Old 11-02-2012, 03:31 PM   #4 (permalink)
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As a rural white male, I suggest you don't try and avoid paying taxes, as my beloved republican counterparts would be up in arms.

PayPal should provide a statement to you after the first of the year that shows your inbound and outbound transaction amounts, in total. If the inbound was generated due to what you spent going outbound, then you shouldn't have to pay any tax on the money. However, if your inbound outweighs your outbound, you'll pay self-employment tax plus whatever amount of tax you owe based on the bracket you're in.
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Old 11-02-2012, 03:32 PM   #5 (permalink)
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you only get taxed on profit as far as i know.
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Old 11-02-2012, 03:32 PM   #6 (permalink)
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Read the thread in my sig.

Read it today.
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Old 11-02-2012, 03:48 PM   #7 (permalink)
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Is there a way to see how much you have sold through PayPal? As on total this year?
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Old 11-02-2012, 03:50 PM   #8 (permalink)
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Is there a way to see how much you have sold through PayPal? As on total this year?
if you call them they will tell you. but just warning i had to hold for 17 minutes before someone picked up.

and I'm not trying to avoid taxes but just trying to see what I can do to greatly decrease the amount I have to pay. however I am open to all LEGAL ways to avoid paying the tax if there are any.
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Old 11-02-2012, 03:54 PM   #9 (permalink)
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Move to the moon. I hear that the craters make quality tax shelters.
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Old 11-02-2012, 04:29 PM   #10 (permalink)
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I feel like a broken record in saying people who openly post on the internet as the OP has that they are trying to avoid paying taxes are nuts. We all knew what you meant: You want to avoid paying on your profits. You need to be sure you are saving all of your receipts. Supplies, postage, product invoices etc etc etc etc. The more you can offset your sales with costs the less you pay. Its very simple math. Do yourself a favor and dont look for tax advice on Internet forums. And yes being taxed as self employed is not a very fun thing.
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Old 11-02-2012, 04:36 PM   #11 (permalink)
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Old 11-02-2012, 05:27 PM   #12 (permalink)
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Quote:
Originally Posted by PDawson21 View Post
Is there a way to see how much you have sold through PayPal? As on total this year?
Go to Paypal.

History.....Download History from Drop Down.
Custom Date. 1/1/2012 thru today. Choose Tab Delinited-All Activity
Click on Download History button.

You should have it within a day.

Open it in Excel and look at the data.
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Old 11-02-2012, 07:23 PM   #13 (permalink)
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So you want to sell on eBay and take advantage of the services PayPal offers but you don't want to pay the taxes associated with it?

What am I missing? Surely I must be missing something...
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Old 11-03-2012, 09:32 PM   #14 (permalink)
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Either don't have a profit or if you could say it is a hobby. Hobby would need to be a legitimate reason though and generally hobbies don't make much of a profit.

In your case you won't really be able to claim you were just selling personal items that you had laying around.
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Old 11-03-2012, 10:06 PM   #15 (permalink)
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Just like every other time this topic is brought up, there is more bad advice given than you can shake a stick at.

Please consult a tax professional or risk having every dollar taxed as income.
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Old 11-03-2012, 10:12 PM   #16 (permalink)
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I got taxed last year on a little over 40,000 i did consult a professional and since i wasnt notified till july thru ebay i would have to pay taxes my main profit (was the beginning of the year) i lost my tail as i wasnt factoring that into my sales. Needless to say i dont sell a whole lot on ebay anymore.
And it is taxed as an income the whole thing
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Old 11-03-2012, 10:26 PM   #17 (permalink)
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Originally Posted by smackvay View Post
I got taxed last year on a little over 40,000 i did consult a professional and since i wasnt notified till july thru ebay i would have to pay taxes my main profit (was the beginning of the year) i lost my tail as i wasnt factoring that into my sales. Needless to say i dont sell a whole lot on ebay anymore.
And it is taxed as an income the whole thing
If you sold 40k and paid taxes on the 40k then you consulted the worst tax professional on the planet
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