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Hey IM'ers. Time for taxes!

by Ryan Shaw
16 replies
I was wondering if I could get some quick tips to doing taxes especially with paypal.


I'm trying to get all the reports from paypal and its so slow and the maximum time frame is 30 days.

Are there any tips to getting this info from them better than running a months sales report?

Clickbank sends me a 1099 which is cool; but most of my sales are my own products through paypal.

Still trying to figure this stuff out.
#hey #imers #paypal #taxes #time
  • Profile picture of the author RaptorGabe
    AHHHHH DO NOT SAY THAT WORD!! yeah I could use some tips on this myself, will be watching this thread
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    • Profile picture of the author jan roos
      Would love some tips especially on saving on taxes because I have a feeling my bill is going to be pretty high.

      Cheers
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      • Profile picture of the author Joe Mobley
        Jan buddy, give it a rest. If you are going to have a pretty high tax bill this year, it's because your mak'en some nice bucks.

        Hope your 2011 is even better.


        Joe Mobley


        Originally Posted by jan roos View Post

        Would love some tips especially on saving on taxes because I have a feeling my bill is going to be pretty high.

        Cheers
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  • Profile picture of the author samstephens
    Christmas time is a rough time to do taxes - we do ours at the end of June, which takes a bit of stress off!

    Not sure if this is helpful, but can you just download your entire Paypal history as a CSV, and then load it up in Excel, and edit it that way?

    That's how I track GST on sales.

    cheers
    Sam
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  • Profile picture of the author Danny Cutts
    I was just doing my accounts today... and I did it the exact way that sam stephens does it.

    I did not have to just go through paypal though every sing fricken affiliate network I am a member of and all the CPA networks... what a way to spend a sunday :-)
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  • Profile picture of the author Ryan Shaw
    I tried downloading the history in csv but it won't let you do more than 30 days at a time and I don't feel like sitting there doing that right now; wondering if I was missing something
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    • Profile picture of the author Dave Rodman
      Banned
      I don't have a simple answer for you since I don't deal with affiliates very often. But I will say that you should consider starting this more than 1 day before the 1099 deadline.
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    • Profile picture of the author samstephens
      Originally Posted by Ryan Shaw View Post

      I tried downloading the history in csv but it won't let you do more than 30 days at a time and I don't feel like sitting there doing that right now; wondering if I was missing something
      Hi Ryan,

      Next to the 30 days drop down box, there should be a radio button that lets you select your own date formats.

      I do mine in 3 month blocks, but you can probably do a yearly, if you want.

      Just make sure you select the custom date range option!

      cheers
      Sam
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  • Profile picture of the author E. Brian Rose
    I was having a good day until I read this post title. Save the tax posts for Fridays, when I am too drunk to worry about important stuff.
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  • Profile picture of the author jasonmorgan
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  • Profile picture of the author Joshua Rigley
    Banned
    You know, every time someone says "taxes", an accountant dies...

    Which is my tip. Hire someone who knows what the hell they're doing when it comes to IM and taxes.

    Joshua
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  • Profile picture of the author brandon2664
    I don't think I will make more than $2,000 dollars this year with my site. Do I still have to file? Do I file what I have made.

    To be honest i thought I was the only one in internet business who went through the articles of incorporation and all that other crap. Do most of you guys do things "right"?
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    • Profile picture of the author idoquickbooks
      Brandon,

      Yes, you have to file no matter how little you made. The forms you use depend upon your legal form of business. You said you incorporated, so that means your company has to file its own tax return to report income.

      How that affects your personal taxes depends upon what type of corporation you have.

      Sheryl

      P.S. Although many folks call LLCs limited liability corporations, they aren't really corporations at all. If you have an LLC, I'll give you a different answer.
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  • Profile picture of the author Adie
    Ow... here in Philippines, I think only people with employer and people with business pay taxes. Self-employed I think don't pay tax...
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    • Profile picture of the author donhx
      Originally Posted by Adie View Post

      Ow... here in Philippines, I think only people with employer and people with business pay taxes. Self-employed I think don't pay tax...

      You wish! Virtually all countries have an income tax for individuals whether employed by a company or self-employed. Here are the tax facts in the Philippines: Bureau of Internal Revenue Website As you see, they do want your money if you are self-employed!
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