Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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If you are buying for $200 and selling for $250, you must be making next to no profit. I work on small margins, but i wouldn't work to that. Its not worth it when you factor in returns, problems etc....
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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You just listed all the good ones :)
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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expense receipts won't line up obviously since your gross sales has to be more than your expense receipts (unless you're a lousy business person or shady on purpose).
any time you get a tax...
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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Dude you aren't gonna get audited. Request year end statements from all your credit cards and then use those to determine all your expenses. I keep all my receipts but use credit card statements vs...
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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OH SH!T !!!! I didn't know that.
Crap I will just be reasonable then.... ;)
thanks ! repped.
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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Sales tax is a local/state tax and not a federal thing. Its completely different.
If you were operating as a business, you really should have been registered with the state for sales tax...
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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1099k is the revenue you got.
Now deduct all relevant business expenses.
What is left is your profit and is taxable.
laptop purchase - is it a laptop purchased for use in the business?
car...
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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I do not...I don't know it only gave me the gross...and I lost all my receipts for my expense and cost of the products.
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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If I received a 1099-k for selling too much on ebay, do I need the Premier or the Home Business version?
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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You want a turbo tax with a Schedule C located in the Business Version.
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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Yes. Correct
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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That would be the Home & Business version right?
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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Yeah I will....just gotta find all my cost and expenses and receipts
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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I have a feeling canonikon is going to get audited this year.
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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LOL, well if I have all my receipts and expenses I should be fine..no?
I mean I got all the evidence to prove to them I didn't lie about my expenses.
Got all my receipts.
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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I doubt it, $20k isn't that much for the gov to be worried about assuming he doesn't throw up red flags with his deductions.
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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You mean the expense receipts?
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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So you have a car just to drive to the PO? And you also use metrocards to go to the PO? You better get your story straight because its one thing not reporting income, its another lying to the IRS.
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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You know how when vendors charge you sales tax if they ship it to their own state and if they ship it to another state they don't charge the customers sales tax? How does that work?
So since I...
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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So, be careful where you give your SSN. Paypal would have blocked you before you would have reached 20k or 200 transaction limit.
Never give SSN no matter what except for IRS and bank related...
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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Paypal just sent me an email saying that my 1099-K is ready...
Anyone know if I can write off my laptop purchase, car purchase, meals, dinners, gas, ebay & paypal fees, shipping cost, cost of...
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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you gotta make sure that jan 2012 gross receipts match your jan 2012 gross receipts. Otherwise, you will be in a heap of trouble trying to explain why your records don't match PayPal. Its a lot of...
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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If you did $1/2m a year, you could. But you purchased a car to take $20k's worth of packages? If they question that, they will dig deeper elsewhere too. And if they uncover a certain dollar amount...
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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You have no concept of how taxes work do you. How much profit did you make in 2012 on ebay?
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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Doh... Enjoy paying taxes on the gross revenue if you have no substantiation for your costs. How about CC statements?
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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Thanks for the heads up. Repped you.
Yes I have my online CC statements can those be used if I ever get audited?
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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I do online sales for a living. I don't work off receipts, there are waaaaay too many of them. I use my card for everything and work off of my statements. Makes life much easier at tax time.
How...
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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Can't I tell them I use my car and my metrocard (public transportation) to take my packages to the post office? I mean..how would they know anyway.
the 1099k gross is $20k and change.
...
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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What are the platforms? other than ebay, amazon, craigslist?
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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I don't sell a lot, I just buy stuff that's slickdeal on here and sell it on ebay for very little profit, sometimes I get stuff that's like $200 and sell it for $250.
Wow, online sales for a...
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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lol alright thank you for your info ! repped
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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No, I mean this...
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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Cool thanks man ! Repped.
Anyone else received a 1099-K?
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Thread created 01-19-2013 by ToToToToToRo
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And also keep in mind the IRS can just throw a figure at you and its up to you to prove they are wrong.
File your taxes as if you know you are going to get audited. Its just not worth trying to...
