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Why I am shutting down the TechDIY Store
Why I am shutting down the TechDIY Store
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Old 5th February 2012, 05:44 PM   #41
Wavebourn is offline Wavebourn  United States
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Why I am shutting down the TechDIY Store
Quote:
Originally Posted by Steve Eddy View Post
What paper pushing?

He says his beef is with the new 1099-K. I don't see how that results in any more paper pushing. At least not for him. It's more paper pushing for PayPal since they're the ones who have to actually file it with the IRS.

All the 1099-K does is report the total payments he's received through PayPal. Payments he would be reporting on his tax forms anyway. And all PayPal sends you is your copy for your records so you know what PayPal has reported to the IRS.

And that seems to be what his REAL beef is. Now the IRS knows how much he's received in payments through PayPal. Kind of hard to engage in tax evasion when the IRS knows what you've actually received.
It would be really convenient if PayPal reported what I _spent_ on e-bay -- it would simplify me calculation of my expenses, I buy parts for R/D on eBay. Otherwise it's still a game in a single gate: powerful Bureaucracy VS weak Individual.
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Old 5th February 2012, 05:46 PM   #42
Steve Eddy is offline Steve Eddy  United States
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Quote:
Originally Posted by tryonziess View Post
Jack,
I have run three group buys on DIY Audio since coming here some 5 years ago. Each year I got auditied for not showing the proceeds on my IRS return. It seems that big brother watches paypal transactions and questions anything dubious.
Either that or someone's taped a sign on your back that says "AUDIT ME!"

se
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Old 5th February 2012, 05:49 PM   #43
simon7000 is offline simon7000  United States
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If you don't want the IRS bothering you, then you do have to fill out a schedule C. It is 2 pages. You really only need to fill out about 10 lines or less, but you do need the paperwork to back up those entries.

If you think an IRS agent wants to waste time tracking down why forms reporting income to you don't match what you show, then.... IRS agents do well when they find folks who actually are cheating. Apparently a number of eBay folks don't show the income so the IRS looks at more folks who use PayPal than normal. Audits are really only done on 1% or less of returns.
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Old 5th February 2012, 05:52 PM   #44
JZatopa is offline JZatopa  United States
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I really hope this isn't true, TechDIY was the only way I was able to buy matched components for my F5 for a reasonable price. Without them I would have had to buy a bunch of equipment and components and for a newbie that is a daunting task. I hope you find some way to continue your business without added headache.
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Old 5th February 2012, 05:56 PM   #45
theAnonymous1 is offline theAnonymous1  United States
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Yes, let's all make assumtions and pick on a small business owner while corporations ruin this country.

F'ing puppets.
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Old 5th February 2012, 06:35 PM   #46
Steve Eddy is offline Steve Eddy  United States
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Quote:
Originally Posted by theAnonymous1 View Post
Yes, let's all make assumtions and pick on a small business owner while corporations ruin this country.
It wasn't corporations that started this thread nor were corporations the subject of this thread.

The thread was started by a small business owner concerning the new form 1099-K. Do you have anything to add to that subject?

se
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Old 5th February 2012, 07:06 PM   #47
astouffer is offline astouffer  United States
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Quote:
Originally Posted by Steve Eddy View Post
It wasn't corporations that started this thread nor were corporations the subject of this thread.

The thread was started by a small business owner concerning the new form 1099-K. Do you have anything to add to that subject?

se

Wonder who pushed for this new law? Surely it wasn't people who sold low dollar items on the side.

How about moving to Google Checkout?
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Old 5th February 2012, 07:29 PM   #48
Steve Eddy is offline Steve Eddy  United States
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Quote:
Originally Posted by astouffer View Post
Wonder who pushed for this new law? Surely it wasn't people who sold low dollar items on the side.
Perhaps those with an interest in reducing tax evasion?

Quote:
How about moving to Google Checkout?
The law doesn't apply just to PayPal. It applies all such entities providing such services.

Oh, and by the way, I've said everything I've said as someone who's sitting here looking at his own 1099-K he received from PayPal last week. The 1099-K doesn't change a thing for me. The only people I can possibly see it having any effect on are those who are wanting to cheat on their taxes.

se
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Old 5th February 2012, 08:01 PM   #49
jan.didden is offline jan.didden  Europe
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Quote:
Originally Posted by Wavebourn View Post
It would be really convenient if PayPal reported what I _spent_ on e-bay -- it would simplify me calculation of my expenses, I buy parts for R/D on eBay. Otherwise it's still a game in a single gate: powerful Bureaucracy VS weak Individual.
I sell most of Linear Audio through paypal, and I find it very convenient to set up a report on paypal that gives me a printable list of everything I sold in 2011, euro or US$, plus another report of everything I paid as author fees, etc etc.

I just print and file it, and when the Dutch IRS wants to see it, they're welcome.
The difference is that so far, as far as I know, paypal does no automatic reporting to our IRS, but I think they will eventually.
All banks in Netherlands already DO report everthing you have on an account to the Dutch IRS, plus anybody who pays you (your employer, pension whatever) is also automatically reported.
For tax purposes, I need to complete an on-line declaration. I say 'complete' because 95% of everything is already there. They just want you to put in anything they missed ;-).

jan didden
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Old 5th February 2012, 08:51 PM   #50
Juergen Knoop is offline Juergen Knoop  Germany
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can't comment on the US tax system, but I once had a small business too and dealing with the paperwork was always a real pita.
Quote:
Originally Posted by jackinnj View Post
The TechDIY store operates breakeven (at best) --
I suggest aiming for more profit! If you earn money with your business, doing proper accountancy will (hopefully) pay off and provide you with an intrinsic motivation.
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