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Are you suppose to report paypal income weekly, monthly, or yearly?

Discussion in 'Business & Tax Advice' started by bigcasey123, Nov 20, 2013.

  1. bigcasey123

    bigcasey123 Regular Member

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    I have just given paypal my ssn and now i know they will be reporting my income to the irs so i have to start reporting it. Paypal is sending me a tax form (no clue what i'm suppose to do with it) and i wanted to know if i'm suppose to report my income weekly, monthly, or yearly? Also how do i report my income? is the form they're sending me the form i'm suppose to report it with? it's the 1099-k.
     
  2. artizhay

    artizhay BANNED BANNED

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    You don't have to do anything with form 1099-K. It's just a form that shows how much you've received in income from any type of credit card processing. We file our income quarterly in estimated tax payments. You should be keeping track of your profits and losses separately from the 1099-K, as this is not a form you should rely on to view your income. So just report the revenue data you collect on your own.
     
  3. bigcasey123

    bigcasey123 Regular Member

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    What do you mean by "quarterly"? also how do i report my date to the IRS? do i have to print out forms and send it through mail? i'm totally lost when it comes to reporting taxes because it's not simple at all. Thousands of forms for different payments and you have be a damn lawyer to understand them.....
     
  4. artizhay

    artizhay BANNED BANNED

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    Quarter = 1/4 = 12 months divided by 4 = every 3 months.
    Perchance Google "estimated tax" and you'll see that the first result is an IRS guide to paying your taxes.
     
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  5. RosuC

    RosuC Regular Member

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    Quarterly = each 3 months. And you should ask a tax adviser about your income from PayPal.
     
  6. MadStacks

    MadStacks BANNED BANNED

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    Usually you would want to do this every 3 months and instead of asking us you should be consulting
    a Tax attorney. There are even some decent online options to seek a professional to get your tax questions answered.
     
  7. Raconteur

    Raconteur Power Member

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    I assume Quarterly, aka every 3 months. Google it to be sure. You know it's getting good with earnings when your paying taxes on it!! hahaha.
     
  8. liftitbuddy

    liftitbuddy Newbie

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    Great suggestion. I am an attorney and CPA, I have helped many affiliates, networks, and entrepreneurs with their business and tax needs. I would welcome the opportunity to discuss with you how my firm may help

    best,
    Andrew