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
posted by aligatorsue at
Thursday, January 27, 2011
