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Chris R · 01-31-2002, 08:51 PM

Your bank should be able to give you a record of how much you deposited - see if you can figure it out from that. Also, check your paypal records.

I really wouldn't worry too much about it. You should be able to have enough deductions even with 25K that you won't owe that much. Just make your best guess. Your chances of being audited - especially if you include income that you were not 1099ed for are VERY small at that level.

If you honestly report the amount of money you think you made - you are not commiting a crime. You have to have intent. Of course they could say you were, but they are not idiots. If you were in the ballpark - they might slap on some fines - the fact that you are even reporting it shows you are honest - most people probably wouldn't report it at all.

See an accountant if you are really worried - they will put your mind at ease. It shouldn't cost you that much - mine charges $600 for a corporate return - I am sure yours wouldn't be much more than $100-200.

Don't worry. You'll be ok. They don't go after people at that level generally, it just isn't worth their time - I think the average the IRS finds that was underpaid after an audit is like 60,000. Yours isn't even gonna be $600 - they would have to audit 100 people in your situation to euqal their average (this is a guess - but it is probably in the ballpark).

In the future - you should get an accountant - I am kind of in the same boat - as I was running under a sole p, but am switching soon to a corporation. I didn't expect to be making as much as I am, and now I need to keep better records and such. There are some tax benefits to running a corporation, so you might want to talk to a lawyer and an accountant if you expect to make a profit this year as well.

01-31-2002, 08:51 PM
Chris R Confirmed User Join Date: May 2001 Location: Baltimore, MD USA Posts: 1,151	Your bank should be able to give you a record of how much you deposited - see if you can figure it out from that. Also, check your paypal records. I really wouldn't worry too much about it. You should be able to have enough deductions even with 25K that you won't owe that much. Just make your best guess. Your chances of being audited - especially if you include income that you were not 1099ed for are VERY small at that level. If you honestly report the amount of money you think you made - you are not commiting a crime. You have to have intent. Of course they could say you were, but they are not idiots. If you were in the ballpark - they might slap on some fines - the fact that you are even reporting it shows you are honest - most people probably wouldn't report it at all. See an accountant if you are really worried - they will put your mind at ease. It shouldn't cost you that much - mine charges $600 for a corporate return - I am sure yours wouldn't be much more than $100-200. Don't worry. You'll be ok. They don't go after people at that level generally, it just isn't worth their time - I think the average the IRS finds that was underpaid after an audit is like 60,000. Yours isn't even gonna be $600 - they would have to audit 100 people in your situation to euqal their average (this is a guess - but it is probably in the ballpark). In the future - you should get an accountant - I am kind of in the same boat - as I was running under a sole p, but am switching soon to a corporation. I didn't expect to be making as much as I am, and now I need to keep better records and such. There are some tax benefits to running a corporation, so you might want to talk to a lawyer and an accountant if you expect to make a profit this year as well.