WEB paypal, taxes, and expenses

Discussion in 'OT Technology' started by Falconer, Mar 1, 2010.

  1. Falconer

    Falconer OT Supporter

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    I hear Paypal doesn't report to the IRS as of 2009. Is that troof? Is not declaring Paypal income a grey area?

    Are there any expenses I may not be thinking of? This is my first year having self employment taxes. I've got:

    - Computer
    - Monitors
    - Domains
    - Hosting
    - Random software I either paid for or have subscriptions for
    - Internet bill
    - Office furniture (even though all of mine is like 10 years old so I can't really count it)
    - I don't have a phone line or anything, and I don't use my cell phone for business. Unless you count checking my business email from my cell phone's browser. Does that count?

    Anything else I'm not thinking of? Like I said I've never had to come up with this before so I might be overlooking some obvious stuff.
     
  2. Pepsi1975

    Pepsi1975 Mod of the Year

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    others may tell you different, but I was told to be careful on computers and monitors off on taxes, not to totally write them off, unless you got as home office dedicated to just work, that taking 50% off on the taxes will not send red flags to the irs
     
  3. Yahdude

    Yahdude New Member

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    There's a reason millions of people are paid to do this type of thing.

    Consult a CPA.
     
  4. Falconer

    Falconer OT Supporter

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    The lady I'm working with told me she would come up with some sort of depreciation schedule for my computer and stuff based on when I bought it.

    I'm just trying to think of any other stuff we may have forgotten.
     
  5. Pepsi1975

    Pepsi1975 Mod of the Year

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    I am not talking depreciation schedule man:rofl:
     
  6. Falconer

    Falconer OT Supporter

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    I dunno. I'm letting her do it, and if I get audited she will deal with it.

    Can I deduct my OT sub? I outsource to some OTers sometimes, so I use OT to conduct that business. Is that legit? :x: I need my $20 expense :mamoru:
     
  7. Pepsi1975

    Pepsi1975 Mod of the Year

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    do it the right way the first time and not worry about an audit :bowdown:
     
  8. redna

    redna New Member

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    You realize that when you get audited that YOU are getting audited... she can help you arrange shit (for a fee) but that won't stop the IRS from going back (up to) 7 years on both business and personal.
     
  9. JesterFX

    JesterFX New Member

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    advertising expenses? Training material? outsourced services?

    Everyone says to be careful about writing off equipment such as computers and desks and such but you shouldn't probably worry about it too much. You are probably too small time to really worry about an audit unless you really screw up the numbers.


    I wrote off just under $6k in domain renewals/regs this year lol.
     
  10. Falconer

    Falconer OT Supporter

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    damn dude you must have hundreds of websites :eek3:
     
  11. Josh

    Josh Guest

    i deduct anything i think i should :o
     
  12. redna

    redna New Member

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    haha... that should hold up in an audit. :mamoru:
     
  13. symptic

    symptic I run companies

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    Some things aren't worth sweating the details over. :dunno: Unless you're out hundreds/thousands, don't worry about it and just spend your time making more money.
     

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