Taxes, $100k, and Paypal

19 replies
Hi,

So Tax season is around the corner.
The majority of my incomes has been made via paypal.

Unfortunately I have not been saving the monthly account statements as they were available--

But I hear there is a tax software that can simply import all of your Paypal stuff into it.

What is that software -- and what do you tax veterans recommend??

Happy New Year 2014 btw!


EDIT:
My 1099 is not available on Paypal, despite going to tax documents.

Why is that?
#$100k #paypal #tax software #taxes
  • Profile picture of the author GamerZag
    Just email Paypal's support. If you have a business account, they should be able to send you large excel files with all of that information.

    Also, Paypal has a business report generation system. You basically build your report, schedule it, and then wait for it to run and email you.
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  • Profile picture of the author GameMan
    Yeah, contact PayPal...

    However...

    I'm almost positive you COULD dig back yourself.

    Does PayPal not allow you to view 12 months history anymore?
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  • Profile picture of the author Humbee360
    Paypal used to restrict the amount of data you could search, but I think something changed that because I had to locate a purchase made three years ago and it found it, in fact I was able to download up to five years of data, so that is a definite plus.
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    "Everything goes where attention flows..."
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  • Profile picture of the author GarrieWilson
    I use QuickBooks.

    Garrie
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  • You can have your 1099s sent to you via PayPal
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    • Profile picture of the author IanM723
      I would also recommend QuickBooks. I use it for all of my offline and online stuff and it is pretty straightforward to use and navigate. It just makes stuff at tax time way easier to deal with.

      Ian
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      • Profile picture of the author mcwalker25
        Originally Posted by IanM723 View Post

        I would also recommend QuickBooks. I use it for all of my offline and online stuff and it is pretty straightforward to use and navigate. It just makes stuff at tax time way easier to deal with.

        Ian
        But does Quickbooks allow you to import your paypal data?
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    • Profile picture of the author mcwalker25
      Originally Posted by Dragonfire Wealth View Post

      You can have your 1099s sent to you via PayPal
      Now this is an answer that could be a life-saver
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  • Profile picture of the author onegoodman
    Exporting the last 12 month ( or even further ) is doable on paypal at any time and you don't need to contact their support. I think you can have more of 1 month at a time. I did it last year and had to export month by month.
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  • Profile picture of the author timpears
    If this was me, I wold download the Excel file that PayPal allows you to do, or ask them to send it to you, and outsource it to a CPA. Screw trying to do that myself. But next year, start keeping records.

    Been there, done that, and it sucks. But it was my fault, and so also is your fault. So find a decent bookkeeper to compile the results and then a CPA to do the taxes. If you find the CPA, they will more than likely have the bookkeeper on staff.
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    Tim Pears

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  • Profile picture of the author temlawn
    No No....
    Its Simple...
    Goto paypal...
    Download your statements..
    Give them to your tax advisor..
    Figure out your expenses, write offs, remember you can write off a room in your house (office)
    Paypal will give you all your expenses, profits, ect.

    Give them to your tax advisor, use the standard 1099 - you will be fine.
    Write off everything, mileage, % of room for office, lunch..ect.

    Try not to go over 6 figures.. it sucks...

    A couple of years ago I did about 106,000 just off paypal, god I got screwed..

    Puts you into a new tax bracket.. its called the bend over and take it like a man tax bracket...

    Thx
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    • Profile picture of the author Disruption
      Originally Posted by temlawn View Post

      No No....
      Its Simple...
      Goto paypal...
      Download your statements..
      Give them to your tax advisor..
      Figure out your expenses, write offs, remember you can write off a room in your house (office)
      Paypal will give you all your expenses, profits, ect.

      Give them to your tax advisor, use the standard 1099 - you will be fine.
      Write off everything, mileage, % of room for office, lunch..ect.

      Try not to go over 6 figures.. it sucks...

      A couple of years ago I did about 106,000 just off paypal, god I got screwed..

      Puts you into a new tax bracket.. its called the bend over and take it like a man tax bracket...

      Thx
      This. Why not just simply do this.
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  • Profile picture of the author Shane12
    Paypal should provide a 1099-K if you have exceeded $20,000 and 200 transactions.
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  • Profile picture of the author Sarevok
    Paypal generates forms if you're over 20k & 200 transactions.



    If not, you can manually download excel files.

    :]

    My advice?

    Outsource your tax preparation, or use TurboTax.
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  • Profile picture of the author temlawn
    My advice.. if you have a dollar in paypal... transfer it as quick as you can to your bank.
    Paypal is known for locking up accounts.
    Thx
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  • Profile picture of the author mcwalker25
    My 1099 is not available on Paypal, despite going to tax documents.

    Why is that?
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  • Profile picture of the author Shane12
    Businesses have until month end to prepare the forms.
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    • Profile picture of the author Mr Bill
      Originally Posted by temlawn View Post

      ...
      Figure out your expenses, write offs, remember you can write off a room in your house (office)
      Not sure a forum is the best place to get your tax advice from. For example this suggestion above could land you in a world of trouble. There definite reasons why you would NOT want to do this - check with a PROFESSIONAL accountant on the risks of claiming your house (even part of it) as a place of business.

      Originally Posted by temlawn View Post

      My advice.. if you have a dollar in paypal... transfer it as quick as you can to your bank.
      Paypal is known for locking up accounts.
      Thx
      Removing money from your Paypal account does not protect you from the permission you gave Paypal (when you joined) to go into your bank account and withdraw/return funds even after you've withdrawn it.

      This actually happened to me so I speak from direct experience. I found my account over drawn by thousands of dollars because Paypal reached back into my account and took back money they thought was suspicious back! They locked it up for about 2 months of fighting, phone calls, yelling, screaming...etc. I eventually got my money (there was nothing suspicious about it). In fact removing your money immediately from Paypal may make matters worse.

      The only way to "protect" yourself from this is to open a new bank account for each withdrawal, take the cash and close the account...and change banks - which is an absurd way of doing business. But don't think that withdrawing your money from Paypal is going to protect you from them. They have the right to ask the bank for the money back and the bank will give it to them.

      As for the "don't make 6 figures" recommendation - that's just plain...confounding.
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