swoyer
Well-known member
As to 1099. It's not a "eBay" threahold. It's an IRS one. Anyone who accepts 20k in charges and 200 transactions I. A calendar year via credit card or third party processor. Will receive a 1099-k. Previously such payments in excess of 600.00. Would be reportable on a 1099-misc. Now if you stay under that threshold. PayPal is not required to issue you a 1099, However you are still technically required to report all those sales as income. It's a big hole to his in as the IRS. Will not have and reporting on you if your under the threshold. However, If you get a random audit, The transactions are easily gotten from PayPal by the irs.
I'm not worried about taxes. I hand everything to the accountant and he'll take care of it. On 20k, your not really paying that much in income tax. If you know what your doing and keep good books, you can easily write off most of your expenses etc. hell, if I put my mileage on the books i would be non-profit nearly immediately.
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