Do you have to include your income thru your paypal account??? - GoFuckYourself.com

11:11am · 02-23-2005, 09:09 PM

Taxes are coming soon, I need to knwo about paypal, or can i just hide it.... also what about WU in that matter?...

viki · 02-23-2005, 09:11 PM

Good question. I was told by two good sources (an accountant and a previous worker at H&R block) that you don't have to, but I'd like as many opinions as possible on the topic.

tungsten · 02-23-2005, 09:13 PM

bump, good question

$5 submissions · 02-23-2005, 09:13 PM

Ask the guys at www.sbsuite.com for free advise regarding this issue. US webmasters only please.

11:11am · 02-23-2005, 09:22 PM

yo i would like to knwo about canadian law for that matter!

Kevsh · 02-23-2005, 09:28 PM

Quote:

Originally Posted by 11:11am

yo i would like to knwo about canadian law for that matter!

I don't know canadian law regarding income tax, so take this for what it's worth but if you have a paypal/epassporte, etc. account and withdraw that money into your bank/atm exactly how will Revenue Canada know? They don't have access to your bank records and if you use ePassporte the funds may never see your bank.

Taxable income is only worth reporting if someone else reports it too (e.g. an employer). Then they have a record of what you made to compare to what you report.

Now, if you're living in a $500K home and your reported income is $35K/year it may raise a flag somewhere ...

02-23-2005, 09:34 PM

Of course you have to report it. You have to report all income.

But if you decide not to report it, then it comes down to whether or not you think you are due for an audit, and how well you think you did at hiding any tracks, and if you want to risk fines and interest charges.

If you want to sleep well at night, just report it and be done with it.

Tony Montana · 02-23-2005, 09:34 PM

Quote:

Originally Posted by viki

Good question. I was told by two good sources (an accountant and a previous worker at H&R block) that you don't have to, but I'd like as many opinions as possible on the topic.

Be sure to get them to sign that so when you get tax evasion you can blame it on them lol

LionDollars · 02-23-2005, 09:37 PM

Quote:

Originally Posted by Kevsh

how will Revenue Canada know? They don't have access to your bank records

Ummmm i don't live in Canada... but i do live on planet earth... and i would bet my left arm that they can pull your bank records in a heart beat.

get an epassport card with John Smith on it

MandyBlake · 02-23-2005, 09:39 PM

Quote:

Originally Posted by evildick

Of course you have to report it. You have to report all income.

But if you decide not to report it, then it comes down to whether or not you think you are due for an audit, and how well you think you did at hiding any tracks, and if you want to risk fines and interest charges.

If you want to sleep well at night, just report it and be done with it.

geez. i didn't think anyone would ever post this!
thank you!

02-23-2005, 09:40 PM

Quote:

Originally Posted by LionDollars

Ummmm i don't live in Canada... but i do live on planet earth... and i would bet my left arm that they can pull your bank records in a heart beat.

get an epassport card with John Smith on it

Definately. I've even heard of some people getting caught in their "cash" businesses because they were collecting air miles on various purchases, so they were able to pull their air miles account up and see the amount of points they were earning did not correlate to the income they were reporting. Sneaky bastards.

11:11am · 02-23-2005, 09:43 PM

so nobody knows for sure, then had some good points.... great

02-23-2005, 09:45 PM

Quote:

Originally Posted by 11:11am

so nobody knows for sure, then had some good points.... great

Yes I know for sure you HAVE to report it. If you decide not to report it then make sure there is no trail. (i.e. don't transfer the funds into your bank account)

Kevsh · 02-23-2005, 09:46 PM

Quote:

Originally Posted by LionDollars

Ummmm i don't live in Canada... but i do live on planet earth... and i would bet my left arm that they can pull your bank records in a heart beat.

get an epassport card with John Smith on it

They don't pull records on a whim and it's not as easy as picking up the phone. If they do an audit of you, fine. But if there are no red flags (like the example I mentioned) then I don't see too much cause for concern.

In the end, do what you can live with.

ProjectNaked · 02-23-2005, 09:47 PM

It's called INCOME TAX for a reason, you make money, you are supposed to record it. If you don't, the man comes looking for you -

Kevsh · 02-23-2005, 09:53 PM

Quote:

Originally Posted by ProjectNaked

It's called INCOME TAX for a reason, you make money, you are supposed to record it. If you don't, the man comes looking for you -

Okay, fine but the original question was "can i just hide it". You can.

ProjectNaked · 02-23-2005, 09:55 PM

you can hide anything you want to, just depends how big your balls are -

02-23-2005, 09:09 PM	#1
11:11am So Fucking Banned Join Date: Nov 2004 Location: Toronto Posts: 128	Do you have to include your income thru your paypal account??? Taxes are coming soon, I need to knwo about paypal, or can i just hide it.... also what about WU in that matter?...

02-23-2005, 09:11 PM	#2
viki Confirmed User Join Date: Jan 2005 Posts: 2,640	Good question. I was told by two good sources (an accountant and a previous worker at H&R block) that you don't have to, but I'd like as many opinions as possible on the topic. __________________ viki [at] realsexcash [dot] com 228 263 454

02-23-2005, 09:13 PM	#3
tungsten Too lazy to set a custom title Join Date: Mar 2004 Posts: 10,579	bump, good question __________________ VOYEUR /HOMEMADE, HENTAI / CARTOON, Reality, Amateur, Shemale, Hardcore, Cuckold, Celebrity, Retro/Vintage, ect...ALL OUR SITES >> Unbelievable Ratio \| High % of Rebills \| Bi-Monthly Payments (also to E-Passporte) Ton's of EXCLUSIVE Free content & FHG's \|=> GREAT REVENUE $$$ GUARANTEED!

02-23-2005, 09:13 PM	#4
$5 submissions I help you SUCCEED Industry Role: Join Date: Nov 2003 Location: The Pearl of the Orient Seas Posts: 32,195	Ask the guys at www.sbsuite.com for free advise regarding this issue. US webmasters only please. __________________ Need a NON-ADULT income stream? We build your YOUTUBE CHANNEL for only $20 per video! For Hire: $3/hour or $400 per month Marketing Specialist Virtual Assistants

02-23-2005, 09:22 PM	#5
11:11am So Fucking Banned Join Date: Nov 2004 Location: Toronto Posts: 128	yo i would like to knwo about canadian law for that matter!

02-23-2005, 09:34 PM	#7
evildick Guest Posts: n/a	Of course you have to report it. You have to report all income. But if you decide not to report it, then it comes down to whether or not you think you are due for an audit, and how well you think you did at hiding any tracks, and if you want to risk fines and interest charges. If you want to sleep well at night, just report it and be done with it.

02-23-2005, 09:43 PM	#12
11:11am So Fucking Banned Join Date: Nov 2004 Location: Toronto Posts: 128	so nobody knows for sure, then had some good points.... great

02-23-2005, 09:47 PM	#15
ProjectNaked Confirmed User Join Date: Jul 2004 Location: Detroit Areola Posts: 4,309	It's called INCOME TAX for a reason, you make money, you are supposed to record it. If you don't, the man comes looking for you -

02-23-2005, 09:55 PM	#17
ProjectNaked Confirmed User Join Date: Jul 2004 Location: Detroit Areola Posts: 4,309	you can hide anything you want to, just depends how big your balls are -