Bad Paypal 1099

Roughly - say you get a 1099K for $5000 and you do nothing to try and adjust it…what math would some have to do to figure out how much more they would have to owe because of the additional $5k

I am just trying to get a feel for a “worst case scenario”

I have already moved towards Money Orders again 😂
 
BeaverTail_Hunter said:
Roughly - say you get a 1099K for $5000 and you do nothing to try and adjust it…what math would some have to do to figure out how much more they would have to owe because of the additional $5k

I am just trying to get a feel for a “worst case scenario”

I have already moved towards Money Orders again 😂
Click to expand...
Believe it would be taxed at whatever your income tax bracket % is.
 
I’ll be going to check or usps mo because of this mess. I think tomorrow will be a good day to shut down my Pp account.
I started my knife hobby using usps mo and bank checks and personal checks. I never had one problem, could’ve been luck. But still I had no problem paying or being paid that way. Most times at my cost I sent my payment priority mail with signature:) I like paying via pp but my debt card will work fine too.

I’ve been wondering where this thread was lol. I kept thinking I can’t be the only one ticked off by this !!!????? Lol. What a PIA this will be making. For old muscle car parts guess it’s back to the swap meets !!!!!!! BBQ and ice cold root beers and hot chocolate / coffee. Harder stuff once back home with scored parts 👍😁
 
www.forbes.com

IRS Delays Requiring Venmo, Cash App and Other Payment Apps To Report Payments Of $600 Or More

Payment apps such as Cash App and Venmo have been given extra time to implement a change that will require them to report more consumer payment information to the IRS. The current law requires the companies to report payments if they’re in the tens of thousands of dollars, and if numerous transac
www.forbes.com www.forbes.com


Request invoice, save records, and if you sell at a “profit” ( after $600 cumulative) be ready to pay the IRS taxes

“American Rescue Plan” 😂
 
So far as of January 2nd Paypal is still showing the $20K & 200 G&S transaction threshold for the IRS 1099 notification (unless you like in a few select states). Probably have not updated the page yet.
 

"Will PayPal report my business sales to the IRS?​



PayPal tracks the total payment volume on your account to determine whether it meets the IRS threshold in a calendar year:
  • $20,000 USD in total payment volume from sales of goods or services in a single calendar year and,
  • 200 payments for goods or services in the same year.
Some US States require merchant reporting at a lower threshold:
  • Vermont, Massachusetts, Virginia, Maryland: Have a $600 USD total payment volume threshold from sales of goods or services in a single calendar year. That’s regardless of the number of transactions.
  • Illinois: Has a $1,000 USD total payment volume threshold of goods or services in a single calendar year. And at least 4 payment transactions.
We may ask you to provide your Taxpayer Identification Number (TIN.) A Social Security Number (SSN), Individual Taxpayer Identification Number (ITIN), or Employer Identification Number (EIN), to your existing account, if you don’t already have one on your account. If your TIN fails verification, you’ll need to complete a substitute Form W-9.

If you’ve met the state or IRS threshold in a given calendar year, PayPal will send you a Form 1099-K in January of the following year and submit this form with the IRS in March.

You can access your Form 1099-K from your PayPal account by January 31. "
 
I guess the old adage is truer now: keep all receipts of every purchase. If you ever sell something you gotta show you sold at a loss to avoid taxation.

Be sure to save shipping cost, packaging, labor and merchant fees.

Also..that cash is king
 
Thomas Linton said:

"Will PayPal report my business sales to the IRS?​



PayPal tracks the total payment volume on your account to determine whether it meets the IRS threshold in a calendar year:
  • $20,000 USD in total payment volume from sales of goods or services in a single calendar year and,
  • 200 payments for goods or services in the same year.
Some US States require merchant reporting at a lower threshold:
  • Vermont, Massachusetts, Virginia, Maryland: Have a $600 USD total payment volume threshold from sales of goods or services in a single calendar year. That’s regardless of the number of transactions.
  • Illinois: Has a $1,000 USD total payment volume threshold of goods or services in a single calendar year. And at least 4 payment transactions.
We may ask you to provide your Taxpayer Identification Number (TIN.) A Social Security Number (SSN), Individual Taxpayer Identification Number (ITIN), or Employer Identification Number (EIN), to your existing account, if you don’t already have one on your account. If your TIN fails verification, you’ll need to complete a substitute Form W-9.

If you’ve met the state or IRS threshold in a given calendar year, PayPal will send you a Form 1099-K in January of the following year and submit this form with the IRS in March.

You can access your Form 1099-K from your PayPal account by January 31. "
Click to expand...
I live in Florida, and started using PayPal this year. I intentionally stayed under $600. If the 20k rule applies, this is really good news.
 
duramax said:
I’ll be going to check or usps mo because of this mess. I think tomorrow will be a good day to shut down my Pp account.
I started my knife hobby using usps mo and bank checks and personal checks. I never had one problem, could’ve been luck. But still I had no problem paying or being paid that way. Most times at my cost I sent my payment priority mail with signature:) I like paying via pp but my debt card will work fine too.

I’ve been wondering where this thread was lol. I kept thinking I can’t be the only one ticked off by this !!!????? Lol. What a PIA this will be making. For old muscle car parts guess it’s back to the swap meets !!!!!!! BBQ and ice cold root beers and hot chocolate / coffee. Harder stuff once back home with scored parts 👍😁
Click to expand...
I was wondering what it would cost for a USPS money order with tracking, or the smallest 'if it fits it ships' envelope with automatic tracking? Thanks.
 
mwhich50 said:
I was wondering what it would cost for a USPS money order with tracking, or the smallest 'if it fits it ships' envelope with automatic tracking? Thanks.
Click to expand...
Hello ,

So usps mo is the amount you’d like to send plus the fee.
$0.00 - $500.00 = $1.45
$501.00 - $1,000.00 = $1.95
Military = 50cents

Priority flat rate envelope $7.95

First class stamp envelope 58 cents.

I’m pretty sure above is correct , but double check with USPS 👍😁

Hope those helps 👍
 
Peter Hartwig said:
I think flat rate has gone up to $9.20, but that may be seasonal
Click to expand...
As I understand it that price jump from $8.45 to $9.20 will take place on January 9. This will be for most of us though if you send through eBay or Etsy and I think the PayPal mailing service, among other commercial on line services, the cost will be $8.25 for a small flat rate box.
 
RayseM said:
As I understand it that price jump from $8.45 to $9.20 will take place on January 9. This will be for most of us though if you send through eBay or Etsy and I think the PayPal mailing service, among other commercial on line services, the cost will be $8.25 for a small flat rate box.
Click to expand...
Small flat rate box was $9.20 last month when I was at the post office. It may be cheaper to buy a label online and print.
 
r8shell said:
Small flat rate box was $9.20 last month when I was at the post office. It may be cheaper to buy a label online and print.
Click to expand...
Postal clerk last month told me it was peak season pricing. Last one I mailed a couple days ago was $8.45.
 
madcap_magician said:
Postal clerk last month told me it was peak season pricing. Last one I mailed a couple days ago was $8.45.
Click to expand...
Wow, that's interesting. I've never heard of seasonal pricing at the USPS before.


New for the Holidays: Prices, Shipping Rates and Dates - Newsroom - About.usps.com

WASHINGTON, DC — It looks to be another odd year for holiday celebrations. The biggest question likely on most minds is, do we make merry in person or virtually? No matter your plans, the Postal Service is ready to do its part to handle your special holiday greetings and gifts. But we also need...
about.usps.com
 
r8shell said:
Wow, that's interesting. I've never heard of seasonal pricing at the USPS before.


New for the Holidays: Prices, Shipping Rates and Dates - Newsroom - About.usps.com

WASHINGTON, DC — It looks to be another odd year for holiday celebrations. The biggest question likely on most minds is, do we make merry in person or virtually? No matter your plans, the Postal Service is ready to do its part to handle your special holiday greetings and gifts. But we also need...
about.usps.com
Click to expand...

I got an email from PirateShip (who took over Paypal's PayNow) stating that shipping would go back down after Christmas, so I also paid $8.45 last week. Before Christmas it was the $9.20 others were seeing. Looks like seasonal charge upticks will indeed be a thing going forward!
 
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