For US sellers
Starting next year if you get more then 200 payments via any one processing service it will be reported to the IRS and your state and local tax and licensing authorities. So it would prob be advantageous for US sellers to have more then on payment processor.
It must be 200 transactions AND $20,000 to reach the threshold for a form 1099. If you're turning $20,000 a year, you better be running it like a business anyway
A possibly more problematic provision of the new law is the requirement for a form 1099 for any single sales over $600. Some of our purchases/sales are greater than $600. All of the current projector purchases are over this limit. Also, both of these provisions include the cost of shipping!
"Casual sales" may go away. My diode sales probably will. I don't even want to be a businessman. Also, what about when one of us runs a Group Buy? We can potentially have to pay taxes on money that simply passed through our hands without any profit from it
Finally add the fact that this taxation bill was "tacked onto" the health reform bill without any real public notice :gun:
Our hobby is about to change again
Oh yeah -- On topic = PayPal, Google Checkout, cash, money orders, checks, I even accepted a prepaid gift card once
Peace,
dave
It must be 200 transactions AND $20,000 to reach the threshold for a form 1099. If you're turning $20,000 a year, you better be running it like a business anyway
A possibly more problematic provision of the new law is the requirement for a form 1099 for any single sales over $600. Some of our purchases/sales are greater than $600. All of the current projector purchases are over this limit. Also, both of these provisions include the cost of shipping!
"Casual sales" may go away. My diode sales probably will. I don't even want to be a businessman. Also, what about when one of us runs a Group Buy? We can potentially have to pay taxes on money that simply passed through our hands without any profit from it
Finally add the fact that this taxation bill was "tacked onto" the health reform bill without any real public notice :gun:
Our hobby is about to change again
Oh yeah -- On topic = PayPal, Google Checkout, cash, money orders, checks, I even accepted a prepaid gift card once
Peace,
dave
I will take checks and money orders.
Finally add the fact that this taxation bill was "tacked onto" the health reform bill without any real public notice :gun:
Peace,
dave