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02-04-2009, 12:00 PM
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#1 |
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Guest
Posts: n/a
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PayPal Fees - Tax Related Question
Does it make sense to pay taxes on the complete amount of money received in PayPal and then write-off all the processing fees (total amount it costs to receive all funds) at the end of each year?
or Immediately deduct the processing fees from the gross pay received and just pay taxes on the remaining balance? =============== Is there an advantage (1 over the other?)... |
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02-04-2009, 12:05 PM
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#2 |
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In Tushy Land
Join Date: Oct 2002
Location: Nebraska
Posts: 40,149
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Less paperwork etc by just claiming the left over balance. It all balances out in the end anyways.
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02-04-2009, 12:05 PM
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#3 |
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Confirmed User
Join Date: Aug 2004
Location: On The Edge
Posts: 7,992
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If you receive 1099's, they are going to say the actual amount prior to PP fees.
So I report it all, then expense the fees.
__________________
~ Doer of Things at MetArtMoney Where Flawless Beauty Meets Art ~The MetArt Network ~ selena.delgado9 |
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02-04-2009, 12:07 PM
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#4 |
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Registered User
Industry Role:
Join Date: Feb 2006
Posts: 22,511
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yes .
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02-04-2009, 12:11 PM
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#5 |
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Guest
Posts: n/a
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Thank you to those of you who gave an intelligent answer (shame on you budsbabes).
GFY'ers - Any other experienced opinions/suggestions? |
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02-04-2009, 12:14 PM
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#6 |
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Confirmed User
Industry Role:
Join Date: Nov 2005
Posts: 8,170
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I report the gross amount then add the fee to my expense report.
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02-04-2009, 12:18 PM
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#7 | |
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Guest
Posts: n/a
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Alright. That seems to be the popular position thus far.
However - the purpose of taxes is to report income. The government really wants to know what you made. - So, the above statement about all balancing out in the end makes sense to me... which is why I started this thread. Is there any gain by choosing 1 over the other? Quote:
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02-04-2009, 12:26 PM
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#8 |
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<&(©¿©)&>
Industry Role:
Join Date: Jul 2002
Location: Chicago
Posts: 47,882
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Pay what you make after fees... there is no benefit to adding all the fees together at the end of the year....
__________________
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02-04-2009, 12:29 PM
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#9 |
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hi
Industry Role:
Join Date: Jun 2002
Posts: 16,731
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I always report the amount after fees. It seems like the easiest way as I don't know shit about taxes.
__________________
M3Server - NATS Hosting |
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02-04-2009, 12:54 PM
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#10 |
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Confirmed User
Industry Role:
Join Date: Mar 2007
Location: Phoenix, Arizona
Posts: 1,725
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Best bet would be to report all the income and the show the fees as expenses. :2cents
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