Thursday, January 27, 2011

One more way for the big fella to dip the hands in the pot ... new regs for filling paypal earnings ... but is it $10.00 or $20, 000.00 ... no one really knows , and crafters don't make it rich ;) the worst part about it is they still haven't ironed out deductions and returns ... it is a big mess ... Just thought I would post for some fellow crafters out there who may be using paypal ... do your homework ! If you read up on the subject online you will find it is $20, 000.00 / 200 transactions. However ... within paypals merchant account disclaimer you are obligated to file the first $10.00 and if you look whether or not you will receive a 1099 from them it says if you have any net of $10.00 or more ... so pay your taxes and keep your records ... Best bet is to have an accountant , and be very organized with all your vendors you use for your supplies , expenditures , returns , shipping and income , as well if you have employee payments that is a whole other issue ... this is only what I have found so far and these are not meant to be facts you should go by ...do your own research on the subject ...PLEASE
<