How do you claim income from a internet business on your taxes?
If money is earned and your not employed nor have you given your ss#. How could you be expected to claim the income? is income to a paypal account reported to the irs?
Technorati Tags: irs, money, paypal account, ss
Tags: irs, money, paypal account, ss
This entry was posted on Thursday, March 11th, 2010 at 01:05 and is filed under Internet Income. You can follow any responses to this entry through the RSS 2.0 feed.
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March 11th, 2010 at 01:05
Add it up, put on schedule C as gross receipts, deduct any expenses and pay your SE taxes
As of now paypal income is not reported to the IRS bu tthat may change in the near future. However, if you have a paypal savings account any interest earned on it is fully taxable just like any other financial institution and it will be reported to the IRS.
March 11th, 2010 at 01:05
as self employed, on Sch C and sch SE
March 11th, 2010 at 01:05
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March 11th, 2010 at 01:05
All income earned in a business must be reported to the IRS, including PayPal income (unfortunately). It is a fallacy that PayPal income is exempt from being reported to the IRS. PayPal is simply a way to collect revenue and pay expenses.
If you collect money through PayPal for the sales you make you must file a Sch C.
I suggest you contact you tax accountant for further details.