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how do i file tax for paypal?

Discussion in 'Business & Tax Advice' started by okf2013, Sep 24, 2014.

  1. okf2013

    okf2013 Newbie

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    I live in US. I think I going to make about 17000 with paypal this year. I dont think they will send a 1099 form. but my question it how do i file tax. when do i file it. and how do i get tax refund.
     
  2. okf2013

    okf2013 Newbie

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    and i will be leaving US in these couple mouths. Probably stays there forever, can I submit online?
     
  3. eledesmaj

    eledesmaj Junior Member

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    it depends on what kind of business you have. Whether you sell services or physical products lots of variables
     
  4. okf2013

    okf2013 Newbie

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    i'm self employed
     
  5. jdgrinder

    jdgrinder Junior Member

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    You have to sell $20,000 and 200 transaction before paying taxes.
     
  6. Zwielicht

    Zwielicht Moderator in Training Jr. VIP Premium Member

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    It's not April so I shouldn't be too late to answer this question. "Self-employed" is not a type of business. We need to know if you own a C-Corp, S-Corp, LLC, sole proprietorship, or a partnership. I'm assuming you earned that money without having a formal business establishment. If that's the case, then you still need to fill out Form 1040 (Section C) and Schedule SE for your federal taxes. The IRS has an entire section on their website that covers this information.

    Self-employed individuals are also supposed to file their taxes quarterly rather than annually like employees if you had tax liability the previous year (I'm assuming you didn't). Since you self-employed income exceeded $600, you are now tax liable.

    What state do you live in? Depending on where you live, you may also be subject to state taxes as well.
     
    Last edited: Oct 8, 2014