Does the IRS want your paypal/moneybookers statements?

Does the IRS want your paypal/moneybookers statements? Because say you have a company,and people give you money into your paypal/moneybookers account,does the irs use these statements for tax purposes? Or do you have to show them your bank account aswell? Because you have to withdraw money from your paypal/moneybookers account into your bank account.

 

Obviously you have to claim what you make...but you don't have to submit your statements unless they request them...ie: an audit I'm not a tax guy but last year went off w/o a hitch...including paypal income

 

Just report any and all income you get. Get advice from an accountant.

 

paypal reports on their end, you are supposed to report on your end.

Just pay your friggin taxes, so that I don't have to pay your share for you.

Thanks.

 

I know you've heard it before but the IRS is cracking down this year.
You must declair any and all income on your taxes, you DO NOT want an audit!

 

Well there are two sides to this, with paypal anyways. They are not a real bank, if you do not sign up for money market then you do not give a SSN / taxid, also you do not need to use a real name. So if you just do it like this and make withdrawls with debit card instead of to bank no need to pay taxes. If you attached your SSN or transfer funds to your bank, there is a record so pay the taxes!

 

A big yes.
Paypal is basically a merchant account. it needs to be audited

 

if you generate any yeild... you have to pay tax on that as well, paypal will send you the info on what to deduct in december

 

does anyone know if business startup costs are classifieds as a business expense? Like if i got a web designer to make me a website for my business before my business launched,do I have to tell the IRS about this?

 

If you make under $10,000 a year from your online business you don't have to report it to the IRS right?

 

I believe this is true, but I am no expert.

http://www.irs.gov/

I don't speak law, so I don't understand 3/4 of what they say. But maybe someone does, and they can explain it here.

 

Yes they are, talk to your accountant when you file your taxes next year

 

check your local laws, but yes, the IRS will want to know what your making

 

If you own a lemonaid stand and made $80 you still have to report that income, let alone $10,000

 

In the UK yes, in two ways
#1 If you do self assessment, you can put it down
#2 If you manage to get it off the ground and produce accounts after the first year