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Paypal payments (revenues) and taxes

Discussion in 'Business & Tax Advice' started by SEOmike, May 13, 2011.

  1. SEOmike

    SEOmike Newbie

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    Hey forum,

    For those of you who use paypal, how do you record your cogs?

    I have over 60 people paying me $XX/month, and all I have been doing is keeping the paypal transaction notification as proof of revenue....same for my expenses.

    So I showed my accountant one of these paypal transaction records where it basically shows who you sent the money to and how much. My accountant said it's not enough information to prove that this was a business expense...I was wondering what do you guys who use paypal do?!?!

    Thanks all your advice is appreciate :) :)
     
  2. Coolof

    Coolof Registered Member

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    I guess you need invoice? I mean when you buyng let say SEO services, the guy/company should send you paypal invoice saying "Internet Marketing for XXX corp' total XXX, etc. Seems logical?