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Income reporting tips

Discussion in 'Business & Tax Advice' started by Macgino, Feb 4, 2015.

  1. Feb 4, 2015
    #1
    Macgino

    Macgino Newbie

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    Any tips on how to get by reporting? I'm making a 10% return, but I'm worried about making a little too much. Sales are coming into PP.
     
  2. Feb 4, 2015
    #2
    NutraCash

    NutraCash Regular Member Premium Member

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    Occupation:
    Network Operator
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    Delaware
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    PayPal is required to report gross payments received for sellers who receive over $20,000
     
    • Thanks Thanks x 1
  3. Feb 9, 2015
    #3
    Macgino

    Macgino Newbie

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    So as long as I gross under $20K, we're good to go?
     
  4. Feb 10, 2015
    #4
    Macgino

    Macgino Newbie

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    I would like to avoid having to file a schedule "C". This is just something I'm doing as a hobby and to make a little extra money.

    I don't want to wind up having hobby money come back to bite me in the ass, lol. If I do $5k in sales, and only make 500 net, it's nice, but not if EB/PP reports it and I have to start changing my tax filings and account for everything. I might just stay low and slow.


    Thanks, good info!