I highly doubt you're anywhere near that much in such a short period of time, unless you're getting payments from other avenues other then Neopets. And no, gift payments do not count towards the 20k or the 200 payments, and you have to hit both for them to turn the irs on you. Plus, it's not going to be until August, it's going to be until December, so if you're worried, you'd better stop using the paypal altogether. I make 3 - 6k a month, and I've never been reported to the irs through paypal.
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do you get the message that you need to add your tax info? Just makes me nervous
I know I'm NOWHERE CLOSE. but would feel comfortable knowing where I'm at. most of my bigger transaction are done via WU. 300$+. but 90% of my sales are via gift so that's a HUGE relief.
I should've asked you first Katia I just know I've sent over 6k to my bank since I started this paypal, but considering I spend $$ to make money I figure that I have to have had atleast 5k incoming to my PP. mayube I'm way off, just seems that way
No, I've never been asked to put in my tax info, but I also have a super decked out Paypal, super verified and whatnot, so if they don't need a tax id over a ssn, then that might be why I never got asked for a tax id number, but they also warn you when they're going to report you, and they've never warned me. I wouldn't worry about it until they actually tell you that they're going to send you the papers and report you.
Well I think the problem is I dont have my SSN linked to it. reason be is that I've have it linked to another PP of mine and I'm afraid of them making the connection.
Applying your tax number to your paypal account only applies to US members and really only required to people who are doing a large amount of transactions. It doesnt matter if your a business or not, you are still legally required to pay tax, and if they ever Audit you, you might want to have a detailed copy of all transactions.
Not paying your taxes now if you're already making over 20k a year in transactions, will most likey cost you thousands later in your life. Doesnt have to be tomorrow it could be 5 years+ but its your choice if you're wanting to run the risk of tax evasion then who am I to stop you.
But heres an example of what they look for from wiki:
Bank deposit cash expenditure method
the bank deposit cash expenditure method identifies tax evasion through review of the taxpayer
Mama Tiger
I just know I've sent over 6k to my bank since I started this paypal, but considering I spend $$ to make money I figure that I have to have had atleast 5k incoming to my PP. mayube I'm way off, just seems that way
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