1099 K From PayPal -

[MultiScaleMale]

Problem is that I receive 1099K from either Paypal or Ebay for my motorcycle parts business so I have to report that under Schedule C for that business sector.

Yeah, you're running a business then. Assume you've been filing?

 

[PolkaHero]

Yeah, you're running a business then. Assume you've been filing?

Been filing for 20 years now for 1099s I get for music gigs. The bike parts business I've been filing for the past 4 years. Two different Schedule Cs for each business entity. I've got an accounting degree so I do all my own taxes, never like tax accounting though. Not very rewarding.

 

[MultiScaleMale]

Been filing for 20 years now for 1099s I get for music gigs. The bike parts business I've been filing for the past 4 years. Two different Schedule Cs for each business entity. I've got an accounting degree so I do all my own taxes, never like tax accounting though. Not very rewarding.

It's a pain because I make enough to be taxed hard but not enough to use any of the loopholes. What's the quote? "Only the little people pay taxes."

 

[PolkaHero]

It's a pain because I make enough to be taxed hard but not enough to use any of the loopholes. What's the quote? "Only the little people pay taxes."

I know how to "cook the books" so I don't pay a lot in self employment taxes.

 

[jw23mind]

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