I need a paypal advice

[serr4ever]

So i just passes my limit of payments and paypal is asking for the website where i sell my services, do you guys think i should send them the name of this site? I really dont know what to do

 

[Lyphiard]

He doesn't need to pay taxes if he earns >10K per year.

This is sarcasm right? xD

In what country? In the US you have to pay taxes regardless of how much you make from a service if it is over 1k/yr. The IRS just usually has bigger fish to fry. That's not to say that they won't go after, you it's just unlikely. You don't usually have to file for taxes if you make under 1k/yr however with as many tax laws that there are it would be safe to file them just in case.

At least in the US, PayPal won't report your income unless you have BOTH over $20k in transactions AND 200 transactions.
https://www.paypal.com/webapps/mpp/irs6050w

 

[501st_Ordo]

At least in the US, PayPal won't report your income unless you have BOTH over $20k in transactions AND 200 transactions.

Yes this is true however you are still required to report your income yourself. Just because PayPal won't report it doesn't mean you shouldn't.

 

[Lyphiard]

Yes this is true however you are still required to report your income yourself. Just because PayPal won't report it doesn't mean you shouldn't.

Honestly though, why would you want to do that?

 

[501st_Ordo]

Because despite what some people think filing income tax is not optional.
https://www.legalzoom.com/articles/what-are-the-penalties-for-not-filing-taxes
Look close at #7 on the second link
https://turbotax.intuit.com/tax-tools/tax-tips/General-Tax-Tips/The-Top-Tax-Myths/INF12135.html
This is also a good article.
http://law.freeadvice.com/tax_law/tax_enforcement/consequences-not-filing-income-tax-returns.htm

 

[Lyphiard]

Because despite what some people think filing income tax is not optional.
https://www.legalzoom.com/articles/what-are-the-penalties-for-not-filing-taxes
Look close at #7 on the second link
https://turbotax.intuit.com/tax-tools/tax-tips/General-Tax-Tips/The-Top-Tax-Myths/INF12135.html
This is also a good article.
http://law.freeadvice.com/tax_law/tax_enforcement/consequences-not-filing-income-tax-returns.htm

I never said it was optional, just saying that the majority of people here won't report it due to various reasons.

 

[501st_Ordo]

I never said it was optional, just saying that the majority of people here won't report it due to various reasons.

Oh no argument there. But remember what momma always said: "Just because your friend jumps off a bridge doesn't mean you should."