PayPal 1099-K tax form?

fronobulax

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Wait... Frono is a bot?

In an effort to explore the reaction of presumed humans to artificial intelligences there have been some experiments conducted by running modified versions of the Bot code currently behind adhorski, as fronobulax. The preliminary results were that no one noticed and even fewer people cared. In order to not jeopardize future experiments, the current status will not be revealed.

Move along. Nothing to see here. Aren't there some guitars that need to be reviewed?
 

GAD

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You didn't think such a depth of knowledge and degree of grammatical perfection could emanate from a human, did ya?

Huh...

keyboard_mash.png
 

adorshki

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In an effort to explore the reaction of presumed humans to artificial intelligences there have been some experiments conducted by running modified versions of the Bot code currently behind adhorski,

For a sentient bot, all it takes is little rearranging of the program's acronym to trip the AI threshold meter.
And once again WWIII is averted purely by chance.
I'd calculate the odds but I'm having more fun peddling flamethrowers on the internet.
It seems such an obvious marriage of form and function.

Siriously.
 

mavuser

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$600 is an income tax threshold i have heard of before. i am far from an expert, but have been told if I opened my own business, as soon as I make over $600 profit I need to pay taxes. I don't live in Mass (but NY may have a State thing, I just don't know the facts).

the Walrus situation sounds to me like, you are regulary selling smaller stuff. the fact that you are doing this 4 seasons a year, combined with the fact that you have exceeded the $600...congrats on running a successful business! you may have just been a Paypal red flag based on the regularity/number of sales.

not sure if i have ever exceeded $600 in G&S on Paypal, in one year, I do not believe I have. although I have collected $500-$600 in one lump sum a couple times here and there, its less than once a year.
 

fronobulax

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The $600 income limit is a reporting limit. I wrote for magazines for several years. All of my income from writing was supposed to be reported as income by me (Schedule C) and I was expected to pay taxes on all of it. However the publisher was not required to report their payment to me, to the IRS unless they paid me at least $600. In practice this gave me the opportunity to fail to report my writing income unless I a) wanted to report the income because of associated deductions or b) was going to get caught in tax evasion because I had at least $600 from one publisher.

The IRS publishes a lot of information about whether an activity is a hobby or a business. What must be reported as income or can be deducted as expenses depends upon whether the activity is a hobby or a business. Through tax year 2017 many people wanted their hobby to be a business because it seriously increased their deductions. If you are in the business of selling guitars then your "music room" in your house is probably deductible. One of the rules of thumb was whether the activity showed a profit in three of the last five years.

The 1099-K reporting requirement is an IRS regulation that PayPal complies with.

https://www.irs.gov/businesses/understanding-your-1099-k
 

griehund

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My wife works as a legal document editor. In other words she makes court reporters' transcripts legible (scopist). She gets paid by checks in the mail and PayPal. She uses Excel to track her billing and receipts. She gets 1099s from her clients and sends them along to the IRS with our return. This is the first time she received one from PayPal. So it will just go along with the rest of the stuff to the IRS. Going digital requires more paperwork don't you know.
 

fronobulax

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For a sentient bot, all it takes is little rearranging of the program's acronym to trip the AI threshold meter.
And once again WWIII is averted purely by chance.
I'd calculate the odds but I'm having more fun peddling flamethrowers on the internet.
It seems such an obvious marriage of form and function.

Siriously.

So now everybody knows how commands are sent to the bot...
 

Westerly Wood

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My wife works as a legal document editor. In other words she makes court reporters' transcripts legible (scopist). She gets paid by checks in the mail and PayPal. She uses Excel to track her billing and receipts. She gets 1099s from her clients and sends them along to the IRS with our return. This is the first time she received one from PayPal. So it will just go along with the rest of the stuff to the IRS. Going digital requires more paperwork don't you know.

Paypal is considered a 1099-K transaction type. Debit cards, credit cards, anything outside of a bank/routing or check is considered 1099K, for the most part.

hey QuickBooks Self-Employed is great for 1099 contractors to track personal vs biz expenses. it's like 10/month, totally online, use on phone etc, might be easier than excel.
 

griehund

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Paypal is considered a 1099-K transaction type. Debit cards, credit cards, anything outside of a bank/routing or check is considered 1099K, for the most part.

hey QuickBooks Self-Employed is great for 1099 contractors to track personal vs biz expenses. it's like 10/month, totally online, use on phone etc, might be easier than excel.

Have you met my wife? She works all day with her laptop and headset but she absolutely hates computer technology. Every upgrade comes with kicking, screaming and tears. In the dead of night while she visits the sand man I sneak in the darkness and update her software and put in new memory cards. Then I tell her in the morning what I have done and run for cover. Oh what a time we had when the dog ate her Iphone 4s. :black_eyed::love_heart:
 

Westerly Wood

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In the dead of night while she visits the sand man I sneak in the darkness and update her software and put in new memory cards. Then I tell her in the morning what I have done and run for cover. Oh what a time we had when the dog ate her Iphone 4s. :black_eyed::love_heart:

LOL Griehund. Totally get it. Good for you sneaking updates to her existing software to keep her safe etc...
 
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