Rick Dangerous

Members

7 Followers

Custom Status
Do The Math!
Gender
Male
Location
Summerville, SC
Interests
Retro Video Games, Collecting: Atari, Nintendo, Sega. Reading, Boating(power and sail,) Kayaking/Canoeing, Motorcycling, Tennis, Golf, Hiking, Camping, Beach lounging (basking.)
Currently Playing
Atari, Nintendo, Sega, 3DO, CD-i, and many others.

Mostly Switch and Jaguar/Lynx.
Playing Next
More of the same I suspect.

223,381 profile views

5.6k

Rick Dangerous

Is there a Paypal alternative that doesn't report to the IRS? Done with the unsolicited W2s being sent out.
- June 29, 2021
- 1
1. Show previous comments 5 more
2. John Stamos Mullet
  
  Only if you're filing as an independent small business. If you're a W2 employee for a company, PayPal income is supplementary taxable income.
  
  June 30, 2021
3. Rhomaios
  
  John, do you have relevant info on this somewhere that I can look up? I decided not to sell anything ebay anyway, but it would be good to see what the actual statutes are.
  
  June 30, 2021
4. John Stamos Mullet
  
  It's all in the PayPal/EBay sellers agreement docs.
  
  the point of the $20k threshold is that if that's your only, and primary source of income, then $20k is below the poverty/tax threshold for annual income. If your combined income exceeds that, you will owe taxes. It doesn't matter if it's W2 income, small business income, 1099 income, etc.
  
  to make it short: if you're a regular person with a normal salaried/hourly W2 day job, any income you make from selling products online is counted AFTER your day job income, so it's supplementary. You don't get to pick and choose what kind of income you pay taxes on or not based on how you made it.
  
  Income is income, period.
  
  June 30, 2021