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Paypal help needed. Please!!

Discussion in 'Business & Tax Advice' started by murda_bh, Sep 24, 2011.

  1. murda_bh

    murda_bh Junior Member

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    OK SO I AM GOING TO START OFF WITH THIS PAYPAL ACCOUNT I USE IS NOT MINE. ITS MY BROTHERS BUT I HAVE ALL THE MONEY COMING IN DAILY. NOT MUCH MONEY BUT THE MONEY THAT GOES TO THE PAYPAL IS NOT ALL PROFIT. I DID NOT KNOW THAT PAYPAL DID THIS OR I WOULD OF KEPT TRACK OF THIS SOONER. BUT I AM JUST ASKING FOR SOMEONES HELP SO I CAN GET THIS DONE.
    AND SOME MORE INFO ABOUT THIS ACCOUNT ITS PERSONAL NOT BUSINESS.:confused:
     
  2. _Biju_

    _Biju_ Junior Member

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    We can't help you if you don't tell us the problem.

    And stop with the CAPS. We're not blind.
     
  3. murda_bh

    murda_bh Junior Member

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    Sorry for that but problem is how do i tax the stuff coming to my paypal. and all of it isnt profit only a % of it is.
     
  4. volund

    volund Senior Member

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    Occupation:
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    Assuming you are in the US you will fill out a schedule C when you do your taxes. You enter in all the money coming in and then enter in all your expenses. You only pay taxes on what is left after you subtract your expenses out. While the paperwork is different if you are not in the US it probably works the same everywhere.

    What you need to do is keep track of ALL the money you spend for your business. Keep a ledger of some sort and as many receipts as you can so you can fill everything out when you do your taxes at the end of the year.

    Honestly I would get your own paypal account, way better off in the long run. I am sure you and your brother trust each other and all that but get your own account.
     
  5. murda_bh

    murda_bh Junior Member

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    How can i get my own account? Back when i was 16 years old i messed it up its almost been 5 years but when they ask me for my social i will get caught right?