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May 26, 2019 09:25 PM
(This post was last modified: May 26, 2019 09:25 PM by Fugg.)
If i am receiving payments on a business account on cash app or paypal or something of that sort, which charges me a pertentage fee per transaction, does that clear me from any IRS audit or seizure of some sort or do I need to keep additional documentation? What sort of documentation would be necessary and what course of action do you think the IRS would take?
Thanks for your advice.
(May 26, 2019 09:25 PM)Fugg Wrote: If i am receiving payments on a business account on cash app or paypal or something of that sort, which charges me a pertentage fee per transaction, does that clear me from any IRS audit or seizure of some sort or do I need to keep additional documentation? What sort of documentation would be necessary and what course of action do you think the IRS would take?
Thanks for your advice.
You don't pay federal taxes on paypal/cashapp funds when they're sent to you. You need to keep all your statements every month. If you're making a substantial amount of money (over $5k/month i'd say), through these services you NEED to be able to have records of it, because the IRS will audit you eventually. It may take 8 years however lol
Best just to file for it now and pay it then deal with it later
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(May 26, 2019 09:27 PM)335i Wrote: You don't pay federal taxes on paypal/cashapp funds when they're sent to you. You need to keep all your statements every month. If you're making a substantial amount of money (over $5k/month i'd say), through these services you NEED to be able to have records of it, because the IRS will audit you eventually. It may take 8 years however lol
Best just to file for it now and pay it then deal with it later
Hm. okay. So how long do you think until they do something? For instance, if i send thousands of dollars through my account, report my earnings based on the % i made, and pay the taxes every year, will they fuck with me until the? For instance, if i deal 20k in the next 3 months, will I see any action being taken?
(May 26, 2019 09:35 PM)Fugg Wrote: Hm. okay. So how long do you think until they do something? For instance, if i send thousands of dollars through my account, report my earnings based on the % i made, and pay the taxes every year, will they fuck with me until the? For instance, if i deal 20k in the next 3 months, will I see any action being taken?
You'll definitely be on their radar if you do that and don't file it on your taxes.
The IRS is a completely shit level government program in terms of efficiency, so they probably won't catch up to you for years down the road from now. But they will, and when they do, they're going to MAKE you pay it lol
So better to just keep records and file for it. Use turbotax or H&R Block
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May 26, 2019 09:41 PM
(This post was last modified: May 26, 2019 09:42 PM by Fugg.)
(May 26, 2019 09:38 PM)335i Wrote: You'll definitely be on their radar if you do that and don't file it on your taxes.
The IRS is a completely shit level government program in terms of efficiency, so they probably won't catch up to you for years down the road from now. But they will, and when they do, they're going to MAKE you pay it lol
So better to just keep records and file for it. Use turbotax or H&R Block
Okay, so you are saying i need to keep record of how much money i am making per transaction, per week, etc. correct? When I file my taxes, report this income and pay the taxes. Everything will be fine?
I don't have to worry about being flagged or like seized or something for excessive transactions?
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dont mess with them people, rip
May 26, 2019 09:42 PM
(This post was last modified: May 26, 2019 09:43 PM by 335i.)
(May 26, 2019 09:41 PM)Fugg Wrote: Okay, so you are saying i need to keep record of how much money i am making per transaction, per week, etc. correct? When I file my taxes, report this income and pay the taxes. Everything will be fine?
Yeah I know paypal sends monthly statements, not 100% on cashapp/venmo. But you should definitely be able to get them.
Just save those in a folder on your PC or print them or something.
(May 26, 2019 09:41 PM)Fugg Wrote: I don't have to worry about being flagged or like seized or something for excessive transactions?
No, not by the IRS as long as you're paying taxes they PROBABLY won't care (although if they audit you they're gonna want to know where it came from)
But cashapp/paypal may have some say in your account standing, but that's unrelated form any government intervention
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(May 26, 2019 09:42 PM)335i Wrote: Yeah I know paypal sends monthly statements, not 100% on cashapp/venmo. But you should definitely be able to get them.
Just save those in a folder on your PC or print them or something.
No, not by the IRS as long as you're paying taxes they PROBABLY won't care (although if they audit you they're gonna want to know where it came from)
But cashapp/paypal may have some say in your account standing, but that's unrelated form any government intervention
Of course. So I can just take the monthly statement, let's say i made roughly 5% per transaction, then i can report 5% of the monthly statement as my income?
Also, good, IRS won't seize me or nothing. Any other government agencies I should be worried about?
Not really doing anything illegal i don't guess? That's why I am skeptical. Who knows what people are using BTC for now adays
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May 26, 2019 09:52 PM
(This post was last modified: May 26, 2019 10:14 PM by red.)
"The I.R.S. is owned by entities outside our country, and by its operation is a collection agency for the Federal Reserve and the C.I.A. As you may know, the Federal Reserve is not a governmental agency, but it is a private bank that lends our government money.Apr 14, 2014" -
For anybody saying the IRS is government owned.
This post got me an award that was 1/3 awards I got in my dream last night.
Lets gooo
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