Quote:
Originally Posted by beta-tester
Do you report your "income" transferred from Paypal to your checking account for tax?
Or how does that tax thing work exactly?
|
They passed a new law that went into effect for that this year. It applies to the PP/EP electronic type dealios. Paypal will send you a 1099 at end of year for income statement (U.S.). Talk to your C.P.A. about it.
However, the short answer is yes. I can't very well have a ton of money going out for programmers, servers, and alike without money coming in. I simply do an export for the year, and give to the accountant. Simple and easy.