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| Discuss what's fucking going on, and which programs are best and worst. One-time "program" announcements from "established" webmasters are allowed. |
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04-10-2005, 02:42 PM
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#1 |
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Confirmed User
Join Date: Dec 2002
Location: Daytona Beach
Posts: 7,133
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WANRING BUSINESS THREAD AHEAD - Paypal / Epassporte Tax Question
Technically, these types of services are 'cash' accounts however, they function as 'banks'.
How did you classify them on your returns this year? Regards, Lee |
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04-10-2005, 02:43 PM
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#2 |
Join Date: May 2002
Location: Montreal
Posts: 6,797
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Lee, can you ICQ me tomorow? 161375873
thx, Ray
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04-10-2005, 02:43 PM
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#3 | |
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Confirmed User
Join Date: Dec 2002
Location: Daytona Beach
Posts: 7,133
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Quote:
Shoot me an email lee @ gamediacorp.com i dont do ICQ to well ;) Regards, Lee |
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04-10-2005, 02:44 PM
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#4 |
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Confirmed User
Join Date: Aug 2001
Posts: 474
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Officially, you should be reporting them (screen shots, transaction logs, ...), but they tend to be a paradise for those wanting to avoid paying taxes. And I agree, it's quite tempting with those virtual VISA cards : the money just 'disappears'.
But still, there's law and dreams...
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04-10-2005, 02:45 PM
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#5 | |
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Join Date: May 2002
Location: Montreal
Posts: 6,797
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Quote:
thx!
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04-10-2005, 02:46 PM
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#6 |
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No commissions, no fees.
Industry Role:
Join Date: Apr 2003
Location: USA
Posts: 17,706
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I don't think PayPal uses SSNs. Do they?
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04-10-2005, 02:49 PM
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#7 |
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Confirmed User
Join Date: Dec 2004
Location: www.adultlabel.com
Posts: 4,904
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Just added the income to turnover. It is pretty easy, when you transfer the funds to your bank account it just gets classed as a sale. Not exactly rocket science.
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04-10-2005, 02:57 PM
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#8 |
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Confirmed User
Join Date: May 2001
Posts: 2,944
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Assuming you wanted to keep your records properly, from an accounting point of view you would treat both just like bank accounts. The main difference is that your accountant/auditor would not be so easily able to independently verify the balance at your year-end. That might cause some issues if the sums involved were large: not in simple book-keeping terms, but as regards the accountant being willing to sign off that your accounts were "a fair and accurate statement... etc...".
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04-10-2005, 02:58 PM
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#9 | |
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Confirmed User
Join Date: Dec 2002
Location: Daytona Beach
Posts: 7,133
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Quote:
They get 'reinvested' into the business directly from Paypal or Epass  Im just trying to figure out the 'proper' way to report the transactions through either system. Regards, Lee |
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04-10-2005, 02:58 PM
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#10 | |
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Confirmed User
Join Date: Dec 2002
Location: Daytona Beach
Posts: 7,133
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Quote:
Regards, Lee |
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04-10-2005, 03:17 PM
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#11 |
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Confirmed User
Join Date: Dec 2004
Location: www.adultlabel.com
Posts: 4,904
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I kind of realised that you meant what do you do with the funds that are remaining in the account after I had posted. We just withdraw the money straight away.
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